10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2013
	OR
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 1-13006

Park National Corporation

(Exact name of Registrant as specified in its charter)

Ohio	31-1179518
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Shares, without par value	NYSE MKT LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

xYes ¨No

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

¨Yes xNo

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.

xYes ¨No

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

xYes ¨No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.)

Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).

¨Yes xNo

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant’s most recently completed second fiscal quarter: As of June 28, 2013, the aggregate market value of the Registrant’s common shares (the only common equity of the Registrant) held by non-affiliates of the Registrant was $1,060,189,898 based on the closing sale price as reported on NYSE MKT LLC. For this purpose, executive officers and directors of the Registrant are considered affiliates.

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at February 24, 2014
Common Shares, without par value	15,392,443 common shares

DOCUMENTS INCORPORATED BY REFERENCE

Document	Parts Into Which Incorporated
Portions of the Registrant’s 2013 Annual Report	Parts I and II
Portions of the Registrant’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on April 28, 2014	Part III

Exhibit Index on Page E-1

PART I

ITEM 1. BUSINESS.

General

Park National Corporation (“Park”) is a financial holding company subject to regulation under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”). Throughout the fiscal year ended December 31, 2013 (“Fiscal 2013”), Park was a bank holding company subject to the authority of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the Bank Holding Company Act. On January 8, 2014, Park filed a declaration with the Federal Reserve Bank of Cleveland electing to become a financial holding company, pursuant to Sections 4(k) and 4(l) of the Bank Holding Company Act, which was deemed complete as of January 27, 2014. As a result, Park is a financial holding company which remains subject to the authority of the Federal Reserve Board under the Bank Holding Company Act. Please see the discussion below in the section captioned “Supervision and Regulation of Park and its Subsidiaries.”

Park was incorporated under Ohio law in 1992. Park’s principal executive offices are located at 50 North Third Street, Newark, Ohio 43055, and its telephone number is (740) 349-8451. Park’s common shares, each without par value (“Common Shares”), are listed on NYSE MKT LLC (“NYSE MKT”), under the symbol “PRK.”

Park maintains an Internet site which can be accessed at http://www.parknationalcorp.com. Information contained in Park’s Internet site does not constitute part of, and is not incorporated into, this Annual Report on Form 10-K. Park makes available free of charge on or through its Internet site Park’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as Park’s definitive proxy statements filed pursuant to Section 14 of the Exchange Act, as soon as reasonably practicable after Park electronically files such material with, or furnishes it to, the Securities and Exchange Commission (the “SEC”).

Park’s principal business consists of owning and supervising its subsidiaries. Although Park directs the overall policies of its subsidiaries, including lending policies and financial resources, most day-to-day affairs are managed by the respective officers of Park’s subsidiaries.

Banking Operations

Throughout the fiscal year ended December 31, 2013 (“Fiscal 2013”), Park’s banking operations were conducted through The Park National Bank ("Park National Bank").

Park National Bank is a national banking association with its main office in Newark, Ohio and financial service offices in Ashland, Athens, Butler, Champaign, Clark, Clermont, Coshocton, Crawford, Darke, Fairfield, Fayette, Franklin, Greene, Hamilton, Hocking, Holmes, Knox, Licking, Madison, Marion, Mercer, Miami, Morrow, Muskingum, Perry, Richland, Tuscarawas and Warren Counties in Ohio and Boone County in Kentucky.

Park National Bank engages in the commercial banking and trust business, generally in small and medium population Ohio communities. Park National Bank operates 123 financial service offices in Ohio and Northern Kentucky through eleven banking divisions with: (i) the Park National Bank Division headquartered in Newark, Ohio; (ii) the Fairfield National Bank Division headquartered in Lancaster, Ohio; (iii) The Park National Bank of Southwest Ohio & Northern Kentucky Division headquartered in Cincinnati, Ohio; (iv) the Century National Bank Division headquartered in Zanesville, Ohio; (v) the Second National Bank Division headquartered in Greenville, Ohio; (vi) the Richland Bank Division headquartered in Mansfield, Ohio; (vii) the United Bank, N.A. Division headquartered in Bucyrus, Ohio; (viii) the First-Knox National Bank Division headquartered in Mount Vernon, Ohio; (ix) the Farmers Bank Division headquartered in Loudonville, Ohio; (x) the Security National Bank Division headquartered in Springfield, Ohio; and (xi) the Unity National Bank Division headquartered in Piqua, Ohio.

Park National Bank, Guardian Financial Services Company ("Guardian Finance") and SE Property Holdings, LLC ("SEPH") comprise Park’s reportable operating segments. All other operating segments are combined and disclosed in the "All Other" category. Financial information about Park’s reportable operating segments as of December 31, 2013 is included in Note 23 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report. That financial information is incorporated herein by reference.

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As of the date of this Annual Report on Form 10-K, Park National Bank operated 123 financial service offices and a network of 144 automated teller machines. Financial information about Park National Bank is included in the "PNB” category for purposes of the reportable segment information included in Note 23 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report.

Consumer Finance Subsidiary

Guardian Finance, an Ohio consumer finance company based in Hilliard, Ohio, operates as a separate subsidiary of Park. Guardian Finance provides consumer finance services in the central Ohio area. As of the date of this Annual Report on Form 10-K, Guardian Finance had six financial service offices spanning six counties in Ohio: Clark, Fairfield, Franklin, Licking, Montgomery and Richland. Financial information about Guardian Finance is included in the “GFSC” category for purposes of the reportable segment information included in Note 23 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report.

SE Property Holdings, LLC

SEPH is a limited liability company, organized in 2011 under the laws of the State of Ohio, and a direct subsidiary of Park. The initial purpose of SEPH was to purchase other real estate owned (“OREO”) from Vision Bank, a bank subsidiary of Park until February 16, 2012, and continue to market such properties for sale. By letter dated January 30, 2012, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) authorized Park to engage in the business of extending credit through SEPH. As a result, SEPH is permitted to engage in lending activities and was able to succeed to the rights and obligations of Vision Bank in respect of the loans held by Vision Bank when Vision Bank merged into SEPH on February 16, 2012 (the "Vision Bank-SEPH merger"). SEPH has operations in Ohio, Alabama, and Florida, with the sole purpose of such operations being to sell OREO in an effective and efficient manner and work out or sell problem loan situations with the respective borrowers.

Financial information about SEPH is included in the “SEPH” category for purposes of the reportable segment information included in Note 23 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report.

Leasing Subsidiary

Scope Leasing, Inc. (which does business as “Scope Aircraft Finance”), a subsidiary of Park National Bank, specializes in aircraft financing. The customers of Scope Aircraft Finance include small businesses and entrepreneurs intending to use the aircraft for business or pleasure. Scope Aircraft Finance serves customers throughout the United States of America (the “United States”) and Canada.

Title Agency Subsidiary

As of the date of this Annual Report on Form 10-K, Park National Bank held 49% of the ownership interest of Park Title Agency, LLC (“Park Title Agency”). Park Title Agency is a traditional title agency serving the central Ohio area.

Vision Bancshares Trust I

In connection with the merger of Vision Bancshares, Inc. (“Vision”) into Park in March of 2007 (the “Vision Merger”), Park entered into a First Supplemental Indenture, dated as of the effective time of the Vision Merger (the “First Supplemental Indenture”), with Vision and Wilmington Trust Company, a Delaware banking corporation, as Trustee. Under the terms of the First Supplemental Indenture, Park assumed all of the payment and performance obligations of Vision under the Junior Subordinated Indenture, dated as of December 5, 2005 (the “Indenture”), pursuant to which Vision issued $15.5 million of junior subordinated debentures to Vision Bancshares Trust I, a Delaware statutory trust (the “Vision Trust”). The junior subordinated debentures were issued by Vision in connection with the sale by the Vision Trust of $15.0 million of floating rate preferred securities to institutional investors on December 5, 2005.

Under the terms of the First Supplemental Indenture, Park also succeeded to and was substituted for Vision with the same effect as if Park had originally been named (i) as “Depositor” in the Amended and Restated Trust Agreement of the Vision Trust, dated as of December 5, 2005 (the “Trust Agreement”), among Vision, Wilmington Trust Company, as Property Trustee and as Delaware Trustee, and the Administrative Trustees named therein and (ii) as “Guarantor” in the Guarantee Agreement, dated as of December 5, 2005 (the “Guarantee Agreement”), between Vision and Wilmington Trust Company, as Guarantee Trustee. Through these contractual obligations, Park has fully and unconditionally guaranteed all of the Vision Trust’s obligations with respect to the floating rate preferred securities.

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Both the junior subordinated debentures and the floating rate preferred securities mature on December 30, 2035 (which maturity may be shortened), and carry a floating interest rate per annum, reset quarterly, equal to the sum of three-month LIBOR plus 148 basis points. Payment of interest on the junior subordinated debentures, and payment of cash distributions on the floating rate preferred securities, may be deferred at any time or from time to time for a period not to exceed twenty consecutive quarters, subject to specified conditions.

Under the terms of the Indenture and the related Guarantee Agreement, Park, as successor to Vision in accordance with the First Supplemental Indenture, is prohibited, subject to limited exceptions, from declaring or paying dividends or distributions on, or redeeming, repurchasing, acquiring or making any liquidation payments with respect to, any shares of Park’s capital stock (i) if an event of default under the Indenture has occurred and continues; (ii) if Park is in default with respect to the payment of any obligations under the Guarantee Agreement; or (iii) during any period in which the payment of interest on the junior subordinated debentures by Park (and the payment of cash distributions on the floating rate preferred securities by the Vision Trust) is being deferred. The floating rate preferred securities are considered Tier 1 Capital under regulatory capital standards.

Other Subsidiaries

Park Investments, Inc., which is a subsidiary of Park National Bank, operates as an asset management company. Its operations are not significant to the consolidated entity.

River Park Properties, LLC and Sunny Green, LLC are subsidiaries of Park National Bank that hold certain OREO properties. The operations of these subsidiaries are not significant to the consolidated entity.

87A Orange Beach LLC, Morningside Holding LLC, Swindall Holding LLC, Swindall Partnership Holdings LLC and Vision Park Properties, LLC are subsidiaries of SEPH that hold certain OREO properties. The operations of these subsidiaries are not significant to the consolidated entity.

Services Provided by Park’s Subsidiaries

Park National Bank and its divisions provide the following principal services:

• the acceptance of deposits for demand, savings and time accounts and the servicing of those accounts;

• commercial, industrial, consumer and real estate lending, including installment loans, credit cards (which are offered through a third party), home equity lines of credit and commercial leasing;

• trust and wealth management services;

• cash management;

• safe deposit operations;

• electronic funds transfers;

• Internet and mobile banking solutions with bill pay service; and

• a variety of additional banking-related services tailored to the needs of individual customers.

Park believes that the deposit mix of Park National Bank and its divisions is currently such that no material portion has been obtained from a single customer and, consequently, the loss of any one customer of Park National Bank (or its divisions) would not have a materially adverse effect on the business of Park National Bank (or the relevant division).

Guardian Finance also provides consumer finance services.

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Lending Activities

Park National Bank deals with consumers as well as with a wide cross-section of businesses and corporations located primarily in the 28 Ohio counties and one Kentucky county served by the financial service offices of Park National Bank. As a result of the Vision Bank – SEPH Merger, SEPH holds loans originated by Vision Bank located in the five Florida counties and one Alabama county previously serviced by the financial service offices of Vision Bank. It is expected that SEPH will originate loans only to further the collection efforts with respect to the loans transferred to SEPH by operation of law as a result of the Vision Bank - SEPH Merger. Such origination (or modification) volume is expected to be insignificant to the consolidated Park entity. Park National Bank also holds loans which were purchased from Vision Bank prior to the Vision Bank - SEPH merger.

Park National Bank makes lending decisions in accordance with the written loan policy adopted by Park which is designed to maintain acceptable loan quality. Park National Bank originates and retains for its own portfolio commercial and commercial real estate loans, residential real estate loans, home equity lines of credit, and installment loans. Park National Bank also generates fixed rate residential real estate loans for sale to the secondary market.

Guardian Finance originates and retains for its own portfolio consumer installment loans. Guardian Finance makes lending decisions in accordance with the written loan policy adopted and approved by the Guardian Finance Board of Directors.

There are certain risks inherent in making loans. These risks include changes in the credit worthiness of borrowers over the time period in which loans may be repaid, interest rate changes over the time period in which loans may be repaid, risks resulting from changes in the national and local economies, risks inherent in dealing with borrowers and, in the case of loans secured by collateral, risks resulting from uncertainties about the future value of the collateral.

Commercial Loans

At December 31, 2013, Park’s subsidiaries (including Scope Aircraft Finance) had approximately $1,940 million in commercial loans (commercial, financial and agricultural loans and commercial real estate loans) and commercial leases outstanding, representing approximately 42.0% of their total aggregate loan portfolio as of that date. Of this amount, approximately $825 million represented commercial, financial and agricultural loans, $1,112 million represented commercial real estate loans and $3 million represented commercial leases. At December 31, 2013, of the $1,940 million in commercial loans Park's subsidiaries had outstanding, SEPH had outstanding commercial loans of $14.1 million.

Commercial loans are made for a wide variety of general corporate purposes, including financing for industrial and commercial properties, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. Information concerning the loan maturity distribution within the commercial loan portfolio is provided in Table 10 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

The commercial loan portfolio of Park’s current subsidiaries includes loans to a wide variety of corporations and businesses across many industrial classifications in (i) the 28 Ohio counties and one Kentucky county where Park National Bank operates and (ii) the five Florida counties and one Alabama county where Vision Bank operated prior to the Vision Bank - SEPH merger. The primary industries represented by these customers include commercial real estate leasing, manufacturing, retail trade, health care and other services.

Commercial loans are evaluated for the adequacy of repayment sources at the time of approval and are regularly reviewed for any possible deterioration in the ability of the borrower to repay the loan. The credit information required generally includes, depending on the amount of money lent, fully completed financial statements, third-party prepared financial statements, two years of federal income tax returns and a current credit report. Loan terms include amortization schedules commensurate with the purpose of each loan, identification of the source of each repayment and the risk involved. In most instances, collateral is required to provide an additional source of repayment in the event of default by a commercial borrower. The structure of the collateral package, including the type and amount of the collateral, varies from loan to loan depending on the financial strength of the borrower, the amount and terms of the loan and the collateral available to be pledged by the borrower. Most often, the collateral is inventory, machinery, accounts receivable and/or real estate. The guarantee of the business owners/principals is generally required on loans made to closely-held business entities.

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Commercial real estate loans (“CRE loans”) include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate. Park National Bank generally requires that the CRE loan amount be no more than 85% of the purchase price or the appraised value of the commercial real estate securing the CRE loan, whichever is less. CRE loans made for Park National Bank’s portfolio generally have a variable interest rate. For more information concerning the loan maturity distribution in the CRE loan portfolio, please see Table 10 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” which is incorporated herein by reference.

The regulatory limit for loans made to one borrower by Park National Bank was $81.8 million at December 31, 2013. Participations in a loan by Park National Bank in an amount larger than $20.0 million are generally sold to third-party banks or financial institutions. While Park National Bank has a loan limit of $81.8 million, the total indebtedness of the largest single borrower within the commercial portfolio was $24.5 million at December 31, 2013.

Park has an independent, internal loan review program which annually evaluates substantially all (generally, about 90%) loan relationships with an outstanding balance greater than $300,000. If deterioration has occurred, the lending subsidiary takes prompt action designed to increase the likelihood of payment of the loan. Upon detection of the reduced ability of a borrower to service interest and/or principal on a loan, the subsidiary may downgrade the loan and, under certain circumstances, place the loan on nonaccrual status. The subsidiary then works with the borrower to develop a payment schedule which the subsidiary anticipates will permit service of the principal and interest on the loan by the borrower. Loans which deteriorate and show the inability of a borrower to repay principal are charged down to the net realizable value of collateral. A collection specialist/work-out officer is available to assist each subsidiary when a credit deteriorates. Information about Park’s policy for placing loans on nonaccrual status is included under the caption “Loans” in Note 1 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report, and is incorporated herein by reference.

Commercial loans are generally viewed as having a higher credit risk than consumer loans because commercial loans usually involve larger loan balances to a single borrower and are more susceptible to a risk of default during an economic downturn. Commercial loans generally have variable interest rates. The Park pricing strategy generally does not include low introductory or “teaser” rates. Park uses several indices for commercial loans. However, the national prime rate is the most common index Park uses. Credit risk for commercial loans arises from borrowers lacking the ability or willingness to pay principal or interest and, in the case of secured loans, by a shortfall in the collateral value in relation to the outstanding loan balance in the event of a default and subsequent liquidation of collateral. The underwriting of all commercial loans, regardless of type, includes cash flow analyses with rates shocked by 400 basis points. In the case of commercial loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of each borrower to collect amounts due from its customers. Other collateral securing commercial loans may depreciate over time, may be difficult to appraise and may fluctuate in value based on the success of the borrower’s business. Information concerning the loan loss experience and allowance for loan losses related to the commercial, financial and agricultural loan portfolio and the commercial real estate portfolio is provided in Tables 24 and 25 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

Aircraft Financing

Scope Aircraft Finance specializes in aircraft financing. The customers of Scope Aircraft Finance include small businesses and entrepreneurs intending to use the aircraft for business or pleasure. The customers of Scope Aircraft Finance are located throughout the United States. The lending officers of Scope Aircraft Finance are experienced in the aircraft financing industry and rely upon that experience and industry guides in determining whether to grant an aircraft loan or lease. At December 31, 2013, Scope Aircraft Finance had outstanding approximately $181 million in loans primarily secured by aircraft (which are included in the commercial loan portfolio).

Consumer Loans

At December 31, 2013, Park's subsidiaries had outstanding consumer loans (including automobile loans and leases and home equity lines of credit) in an aggregate amount of approximately $724 million, constituting approximately 15.7% of their aggregate total loan portfolio. These subsidiaries make installment credit available to customers and prospective customers in their primary market areas of central and southern Ohio and Northern Kentucky. At December 31, 2013, of the $724 million in consumer loans, GFSC had outstanding consumer loans of $39.1 million and SEPH had outstanding consumer loans of $15,000.

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Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. It is the policy of Park’s subsidiaries to adhere strictly to all laws and regulations governing consumer lending. A compliance officer is responsible for monitoring each subsidiary’s performance and advising and updating loan personnel in this area. Each subsidiary reviews its consumer loan portfolio monthly and charges off loans which do not meet Park’s standards. Information about Park’s policy for placing loans on nonaccrual status is included under the caption “Loans” in Note 1 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report, and is incorporated herein by reference. Park National Bank and its divisions also offer home equity lines of credit through the consumer lending department. These accounts are administered under the same standards as other consumer loans and leases.

Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans. Information concerning the loan loss experience and allowance for loan losses related to the consumer loan portfolio is provided in Tables 24 and 25 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

Residential Real Estate and Construction Loans

At December 31, 2013, Park National Bank and SEPH had outstanding approximately $1,957 million in construction real estate loans and residential real estate loans, representing approximately 42.3% of total loans outstanding. Of the $1,957 million, approximately $1,800 million was included within the residential real estate loan segment, which included $407 million of commercial loans, $1,145 million of mortgage loans, $214 million of home equity lines of credit and $34 million of installment loans. The remaining $157 million was included within the construction real estate loan segment, which included $117 million of commercial land and development (“CL&D”) loans and $40 million of 1-4 family residential construction loans. The market area for real estate lending by Park National Bank is concentrated in central and southern Ohio and Northern Kentucky. The market area for real estate lending by Vision Bank, which merged with and into SEPH on February 16, 2012, was concentrated in the Gulf Coast communities in Baldwin County, Alabama and the Florida panhandle. At December 31, 2013, of the $1,957 million in construction real estate and residential real estate loans, SEPH had outstanding construction real estate loans of $5.8 million and residential real estate loans of $18.0 million.

Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and a current appraisal providing the market value of the real estate securing the loan. Residential real estate loans are generally analyzed through an automated underwriting platform (system) to determine a risk classification. All loans receiving a risk classification of caution require review by a senior lender and generally require additional documentation if the loan is approved.

Park National Bank generally requires, and prior to February 16, 2012, Vision Bank generally required, that the residential real estate loan amount be no more than 80% of the purchase price or the appraised value of the real estate securing the loan, whichever is less, unless private mortgage insurance is obtained by the borrower. Loans in this lending category which are made to be held in the bank’s portfolio are generally adjustable rate, fully amortized mortgages. The rates used are generally fully-indexed rates. From time to time, Park may offer a limited-time promotional rate on funds advanced on newly originated home equity lines of credit. Park National Bank also originates fixed rate real estate loans for sale to the secondary market. These loans are generally sold immediately after closing. However, beginning in 2010, Park’s management made a decision to retain 15-year, fixed-rate residential mortgage loans, which previously would have been sold in the secondary market. At December 31, 2013 and 2012, Park reported $612 million and $471 million, respectively, of these loans on the Consolidated Balance Sheets. All real estate loans are secured by first mortgages with evidence of title in favor of the lender in the form of an attorney’s opinion of title or a title insurance policy. Park National Bank has also required, and prior to February 16, 2012, Vision Bank also required, proof of hazard insurance with the lender named as the mortgagee and as the loss payee. Independent appraisals are generally obtained for consumer real estate loans.

Home equity lines of credit are generally made as second mortgages by Park National Bank. The maximum amount of a home equity line of credit is generally limited to 85% of the appraised value of the property less the balance of the first mortgage. The home equity lines of credit are written with ten-year terms. A variable interest rate is generally charged on the home equity lines of credit.

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Information concerning the loan loss experience and allowance for loan losses related to the residential real estate portfolio is provided in Tables 24 and 25 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

Construction loans include commercial construction loans as well as residential construction loans. Construction loans may be in the form of a permanent loan or a short-term construction loan, depending on the needs of the individual borrower. Generally, the permanent construction loans have a variable interest rate although a permanent construction loan may be made with a fixed interest rate for a term generally not exceeding five years. Short-term construction loans are made with variable interest rates. Information concerning the loan maturity distribution within the construction financing portfolio is provided in Table 10 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the subsidiary holding the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the subsidiary holding the loan may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the subsidiary holding the loan must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. Park National Bank attempts to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer. For additional information concerning the loan loss experience, please see “ITEM 1A. RISK FACTORS – Changes in economic and political conditions could adversely affect our earnings, as our borrowers’ ability to repay loans and the value of the collateral securing our loans decline.” and “– Our allowance for loan losses may prove to be insufficient to absorb potential losses in our loan portfolio.” in this Annual Report on Form 10-K. Information concerning the loan loss experience and allowance for loan losses related to the construction financing portfolio is provided in Tables 24 and 25 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.

SE Property Holdings, LLC

SEPH is a non-bank subsidiary of Park, holding OREO property, non-performing loans and small number of performing loans. The loans are of higher risk as they are either on nonaccrual status or are accruing, but may have been classified by Park management. In addition to approximately $23 million in OREO property, SEPH also held approximately $38 million in loans as of December 31, 2013. SEPH has one office in Licking County, Ohio. The SEPH employees are dedicated solely to working with a third-party work-out specialist to ensure effective and efficient resolution to the non-performing loans and OREO, while working closely with the borrowers of the performing loans to maximize collection efforts. It is expected that the loans and OREO will reduce over time and result in cash in-flow to Park in the future.

Title Agency

Park Title Agency is a traditional title agency serving primarily residential and commercial customers of Park National Bank and other residents in the 28 Ohio counties and one Kentucky County served by Park National Bank who are seeking title insurance for purchases, construction and refinancing of real estate.

Competition

The financial services industry is highly competitive. Park’s subsidiaries compete with other local, regional and national service providers, including banks, savings associations, credit unions and other types of financial institutions, finance companies, insurance agencies and title agencies. Other competitors include securities dealers, brokers, mortgage bankers, investment advisors, insurance companies and financial services subsidiaries of commercial and manufacturing companies. Competition within the financial service industry continues to increase as a result of mergers between, and expansion of, financial service providers within and outside Park’s primary market area.

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The primary factors in competing for loans are interest rates charged and overall services provided to borrowers. The primary factors in competing for deposits are interest rates paid on deposits, account liquidity, convenience and hours of office locations and having trained and competent staff to deliver services. However, some competitors of Park’s subsidiaries may have greater resources and, as such, higher lending limits, which may adversely affect the ability of Park’s subsidiaries to compete. In addition, some of the financial service providers with which Park’s subsidiaries compete enjoy the benefits of fewer regulatory constraints and lower cost structures.

Employees

At December 31, 2013, Park and its subsidiaries had 1,836 full-time equivalent employees.

Supervision and Regulation of Park and its Subsidiaries

Park, Park National Bank and many of Park’s other subsidiaries are subject to extensive regulation by federal and state agencies. The regulation of financial holding companies and their subsidiaries is intended primarily for the protection of consumers, depositors, borrowers, the FDIC’s Deposit Insurance Fund and the banking system as a whole and not for the protection of shareholders. Applicable laws and regulations restrict permissible activities and investments and require actions to protect loan, deposit, brokerage, fiduciary and other customers, as well as the FDIC’s Deposit Insurance Fund. They also may restrict Park’s ability to repurchase its Common Shares or to receive dividends from Park National Bank and impose capital adequacy and liquidity requirements.

As a financial holding company, Park is subject to regulation by the Federal Reserve Board under the Bank Holding Company Act and to inspection, examination and supervision by the Federal Reserve Board. Park is also subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act, as administered by the SEC. Park’s Common Shares are listed on NYSE MKT under the trading symbol “PRK,” which subjects Park to the requirements under the applicable setions of the NYSE MKT Company Guide for listed companies.

Park National Bank, as a national banking association, is subject to regulation, supervision and examination primarily by the Office of the Comptroller of the Company (the “OCC”) and secondarily by the FDIC.

Guardian Finance, as an Ohio state-chartered consumer finance company, is subject to regulation, supervision and examination by the Ohio Division of Financial Institutions.

As a subsidiary of Park, SEPH is subject to inspection, examination and supervision by the Federal Reserve Board.

Park Title Agency, as an Ohio state-chartered title agency, is subject to regulation, supervision and examination by the Ohio Department of Insurance.

The following information describes selected federal and state statutory and regulatory provisions and is qualified in its entirety by reference to the full text of the particular statutory or regulatory provisions. These statutes and regulations are continually under review by the United States Congress and state legislatures and federal and state regulatory agencies. A change in statutes, regulations or regulatory policies applicable to Park and its subsidiaries could have a material effect on their respective businesses.

Regulation of Financial Holding Companies

As a financial holding company, Park’s activities are subject to extensive regulation by the Federal Reserve Board. Park is required to file reports with the Federal Reserve Board and such additional information as the Federal Reserve Board may require, and is subject to regular examinations by the Federal Reserve Board.

The Federal Reserve Board also has extensive enforcement authority over bank holding companies, including, among other things, the ability to:

• assess civil money penalties;

• issue cease and desist or removal orders; and

• require that a bank holding company divest subsidiaries (including a subsidiary bank).

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In general, the Federal Reserve Board may initiate enforcement actions for violations of laws and regulations and unsafe or unsound practices.

Under Federal Reserve Board policy, a financial holding company is expected to act as a source of financial strength to each subsidiary bank and to commit resources to support such subsidiary bank. Under this policy, the Federal Reserve Board may require a bank holding company to contribute additional capital to an undercapitalized subsidiary bank and may disapprove of the payment of dividends to the shareholders if the Federal Reserve Board believes the payment of such dividends would be an unsafe or unsound practice.

The Bank Holding Company Act requires the prior approval of the Federal Reserve Board in any case where a financial holding company proposes to:

• acquire direct or indirect ownership or control of more than 5% of the voting shares of any bank that is not already majority-owned by it;

• acquire all or substantially all of the assets of another bank or another financial or bank holding company; or

• merge or consolidate with any other financial or bank holding company.

The Gramm-Leach-Bliley Act of 1999 (“GLBA”) permits a qualifying bank holding company to become a financial holding company and thereby affiliate with securities firms and insurance companies and engage in other activities that are financial in nature and not otherwise permissible for a bank holding company. A bank holding company may become a financial holding company if each of its subsidiary banks is well capitalized under the Federal Deposit Insurance Corporation Act of 1991 prompt corrective action provisions, is well managed, and has at least a satisfactory rating under the Community Reinvestment Act, by filing a declaration that the bank holding company elects to become a financial holding company. Park’s declaration to become a financial holding company was deemed complete as of January 27, 2014 and Park is now a financial holding company subject to regulation by the Federal Reserve Board. No regulatory approval is required for a financial holding company to acquire a company, other than a bank or savings association, engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined by the Federal Reserve Board.

The Financial Services Modernization Act defines “financial in nature” to include:

• securities underwriting, dealing and market making;

• sponsoring mutual funds and investment companies;

• insurance underwriting and agency;

• merchant banking; and

• activities that the Federal Reserve Board has determined to be closely related to banking.

A national bank also may engage, subject to limitations on investment, in activities that are financial in nature, other than insurance underwriting, insurance company portfolio investment, real estate development and real estate investment, through a financial subsidiary of the bank, if the bank is well capitalized and well managed and has at least a satisfactory Community Reinvestment Act rating. A subsidiary bank of a financial holding company or a national bank with a financial subsidiary must continue to be well capitalized and well managed in order to continue to engage in activities that are financial in nature without regulatory actions or restrictions, which could include divestiture of the financial-in-nature subsidiary or subsidiaries. In addition, a financial holding company or a bank may not acquire a company that is engaged in activities that are financial in nature unless each of the subsidiary banks of the financial holding company or the bank has a Community Reinvestment Act rating of satisfactory or better.

Each subsidiary bank of a financial holding company is subject to certain restrictions imposed by the Federal Reserve Act on the maintenance of reserves against deposits, extensions of credit to the financial holding company or any of its subsidiaries, investments in the stock or other securities of the financial holding company or its subsidiaries and the taking of such stock or securities as collateral for loans to any borrower. Further, a financial holding company and its subsidiaries are prohibited from engaging in certain tying arrangements in connection with any extension of credit, lease or sale of property or furnishing of any services. Various consumer laws and regulations also affect the operations of these subsidiaries.

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Transactions with Affiliates, Directors, Executive Officers and Shareholders

Sections 23A and 23B of the Federal Reserve Act and Federal Reserve Board Regulation W generally:

• limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with any one affiliate;

• limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with all affiliates; and

• require that all such transactions be on terms substantially the same, or at least as favorable to the bank or subsidiary, as those provided to a non-affiliate.

An affiliate of a bank is any company or entity which controls, is controlled by or is under common control with the bank. The term “covered transaction” includes the making of loans to the affiliate, the purchase of assets from the affiliate, the issuance of a guarantee on behalf of the affiliate, the purchase of securities issued by the affiliate and other similar types of transactions.

A bank’s authority to extend credit to executive officers, directors and greater than 10% shareholders, as well as entities such persons control, is subject to Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O promulgated thereunder by the Federal Reserve Board. Among other things, these loans must be made on terms (including interest rates charged and collateral required) substantially the same as those offered to unaffiliated individuals or be made as part of a benefit or compensation program and on terms widely available to employees, and must not involve a greater than normal risk of repayment. In addition, the amount of loans a bank may make to these persons is based, in part, on the bank’s capital position, and specified approval procedures must be followed in making loans which exceed specified amounts.

Regulation of Nationally-Chartered Banks

As a national banking association, Park National Bank is subject to regulation under the National Banking Act and is periodically examined by the OCC. OCC regulations govern permissible activities, capital requirements, dividend limitations, investments, loans and other matters. Furthermore, Park National Bank is subject, as a member bank, to certain rules and regulations of the Federal Reserve Board, many of which restrict activities and prescribe documentation to protect consumers. Park National Bank is an insured depository institution and a member of the Deposit Insurance Fund. As a result, it is subject to regulation and deposit insurance assessments by the FDIC. In addition, the establishment of branches by Park National Bank is subject to prior approval of the OCC. The OCC has broad enforcement powers over national banks, including the power to impose fines and other civil and criminal penalties and to appoint a conservator or receiver if any of a number of conditions are met.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") established the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services and certain financial services providers. The CFPB is authorized to prevent unfair, deceptive or abusive acts or practices and ensures consistent enforcement of laws so that consumers have access to fair, transparent and competitive markets for consumer financial products and services. The CFPB has rulemaking and interpretive authority.

Regulation of Consumer Finance Companies

As a consumer finance company incorporated under Ohio law, Guardian Finance is subject to regulation and supervision by the Ohio Division of Financial Institutions. Division regulation and supervision designed to protect consumers affect the lending activities of Guardian Finance, including interest rates and certain loan terms, advertising and record retention. If grounds provided by law exist, the Ohio Division of Financial Institutions may suspend or revoke an Ohio consumer finance company’s ability to make loans.

Federal Deposit Insurance Corporation

The FDIC is an independent federal agency which insures the deposits, up to prescribed statutory limits, of federally-insured banks and savings associations and safeguards the safety and soundness of the financial institution industry.

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Insurance Premiums

Insurance premiums for each insured depository institution are determined based upon the institution’s capital level and supervisory rating provided to the FDIC by the institution’s primary federal regulator and other information the FDIC determines to be relevant to the risk posed to the Deposit Insurance Fund by the institution. The assessment rate determined by considering such information is then applied to the amount of the institution’s average assets minus average tangible equity to determine the institution’s insurance premium. An increase in the assessment rate could have a material adverse effect on the earnings of the affected institution(s), depending on the amount of the increase.

Insurance of deposits may be terminated by the FDIC upon a finding that the insured depository institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations, or has violated any applicable law, regulation, rule, order or condition enacted or imposed by the institution’s regulatory agency.

Federal Home Loan Bank

The Federal Home Loan Banks (“FHLBs”) provide credit to their members in the form of advances. Park National Bank is a member of the FHLB of Cincinnati. As an FHLB member, Park National Bank must maintain an investment in the capital stock of the FHLB of Cincinnati.

Upon the origination or renewal of a loan or advance, each FHLB is required by law to obtain and maintain a security interest in certain types of collateral. Each FHLB is required to establish standards of community investment or service that its members must maintain for continued access to long-term advances from the FHLB. The standards take into account a member’s performance under the Community Reinvestment Act and the member’s record of lending to first-time home buyers.

Regulatory Capital

The Federal Reserve Board has adopted risk-based capital guidelines for financial holding companies and other bank holding companies as well as state member banks. The OCC and the FDIC have adopted risk-based capital guidelines for national banks and state non-member banks, respectively. The guidelines provide a systematic analytical framework which makes regulatory capital requirements sensitive to differences in risk profiles among banking organizations, takes off-balance sheet exposures expressly into account in evaluating capital adequacy, and minimizes disincentives to holding liquid, low-risk assets. Capital levels as measured by these standards are also used to categorize financial institutions for purposes of certain prompt corrective action regulatory provisions.

The minimum guideline for the ratio of total capital to risk-weighted assets (including certain off-balance sheet items such as standby letters of credit) is 8%. At least half of the minimum total risk-based capital ratio (4%) must be composed of common shareholders’ equity, minority interests in certain equity accounts of consolidated subsidiaries and a limited amount of qualifying preferred stock and qualified trust preferred securities, less goodwill and certain other intangible assets, including the unrealized net gains and losses, after applicable taxes, on available-for-sale securities carried at fair value (commonly known as “Tier 1” risk-based capital). The remainder of total risk-based capital (commonly known as “Tier 2” risk-based capital) may consist of certain types and amounts of each of hybrid capital instruments, mandatory convertible debt, subordinated debt, preferred stock not qualifying as Tier 1 capital, allowance for loan losses and net unrealized gains on available-for-sale equity securities.

Under the guidelines, capital is compared to the relative risk related to the balance sheet. To derive the risk included in the balance sheet, one of four risk weights (0%, 20%, 50% and 100%) is applied to different balance sheet and off-balance sheet assets, primarily based on the relative credit risk of the counterparty. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

The Federal Reserve Board has established minimum leverage ratio guidelines for financial holding companies and other bank holding companies. The Federal Reserve Board guidelines provide for a minimum ratio of Tier 1 capital to average assets (excluding the allowance for loan losses, goodwill and certain other intangibles), or “leverage ratio,” of 3% for financial holding companies and bank holding companies that meet certain criteria, including having the highest regulatory rating, and 4% for all other financial holding companies and bank holding companies. The guidelines further provide that financial holding companies and bank holding companies making acquisitions will be expected to maintain strong capital positions substantially above the minimum levels. The OCC and the FDIC have each also adopted minimum leverage ratio guidelines for national banks and for state non-member banks, respectively.

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The federal banking agencies have established a system of prompt corrective action to resolve certain of the problems of undercapitalized institutions. This system is based on five capital level categories for insured depository institutions: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized.”

The federal banking agencies may (or in some cases must) take certain supervisory actions depending upon a bank’s capital level. For example, the banking agencies must appoint a receiver or conservator for a bank within 90 days after the bank becomes “critically undercapitalized” unless the bank’s primary regulator determines, with the concurrence of the FDIC, that other action would better achieve regulatory purposes. Banking operations otherwise may be significantly affected depending on a bank’s capital category. For example, a bank that is not “well capitalized” generally is prohibited from accepting brokered deposits and offering interest rates on deposits higher than the prevailing rate in its market, and the holding company of any undercapitalized depository institution must guarantee, in part, specific aspects of the bank’s capital plan for the plan to be acceptable.

In order to be “well-capitalized,” a bank must have total risk-based capital of at least 10%, Tier 1 risk-based capital of at least 6% and a leverage ratio of at least 5%, and the bank must not be subject to any written agreement, order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. Park’s management believes that Park National Bank meets the ratio requirements to be deemed “well-capitalized” according to the guidelines described above. See Note 22 of the Notes to Consolidated Financial Statements of Park’s 2013 Annual Report, which is incorporated herein by reference.

The risk-based capital guidelines adopted by the federal banking agencies are based on the “International Convergence of Capital Measurement and Capital Standards” (Basel I), published by the Basel Committee on Banking Supervision (the “Basel Committee”) in 1988. In 2004, the Basel Committee published a new capital adequacy framework (Basel II) for large, internationally active banking organizations and in December 2010 and January 2011, the Basel Committee issued an update to Basel II (“Basel III”). The Basel Committee frameworks did not become applicable to banks supervised in the United States until adopted into United States law or regulations. Although the United States banking regulators imposed some of the Basel II and Basel III rules on banks with $250 billion or more in assets or $10 billion of on-balance sheet foreign exposure, it was not until July 2013 that the United States banking regulators issued final (or, in the case of the FDIC, interim final) new capital rules applicable to smaller banking organizations which also implement certain of the provisions of the Dodd-Frank Act (the “Basel III Capital Rules”). Community banking organizations, including Park and Park National Bank, will begin transitioning to the new rules on January 1, 2015. The new minimum capital requirements are effective on January 1, 2015, whereas a new capital conservation buffer and deductions from common equity capital phase in from January 1, 2016, through January 1, 2019, and most deductions from common equity tier 1 capital will phase in from January 1, 2015, through January 1, 2019.

The following is a summary of the major changes from the current general risk-based capital rule:

1. higher minimum capital requirements, including a new common equity tier 1 capital ratio of 4.5 percent and criteria instruments must meet in order to be considered common equity tier 1 capital; a tier 1 capital ratio of 6.0 percent; the retention of a total capital ratio of 8.0 percent; and a minimum leverage ratio of 4.0 percent;

2. stricter eligibility criteria for regulatory capital instruments;

3. restrictions on the payment of capital distributions, including dividends, and certain discretionary bonus payments to executive officers, if the organization does not hold a capital conservation buffer of greater than 2.5 percent composed of common equity tier 1 capital above its minimum risk-based capital requirements, or if its eligible retained income is negative in that quarter and its capital conservation buffer ratio was less than 2.5 percent at the beginning of the quarter;

4. replacement of the external credit ratings approach to standards of creditworthiness with a simplified supervisory formula approach, implementing the requirements of Sectin 939A of the Dodd-Frank Act;

5. stricter limitations on the extent to which mortgage servicing assets, deferred tax assets and significant investments in unconsolidated financial institutions may be included in common equity tier 1 capital and the risk weight to be assigned to any amounts of such assets not deducted; and

6. increased risk weights for past-due loans, certain commercial real estate loans and some equity exposures, and selected other changes in risk weights and credit conversion factors.

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The Basel III Capital Rules are effective for Park and the Park National Bank on January 1, 2015 (subject to a phase-in period). The implementation of Basel III is not expected to have a material impact on Park's or Park National Bank's capital ratios.

Fiscal and Monetary Policies

The business and earnings of Park and its subsidiaries are affected significantly by the fiscal and monetary policies of the United States government and its agencies. Park National Bank is particularly affected by the policies of the Federal Reserve Board, which regulates the supply of money and credit in the United States. These policies are used in varying degrees and combinations to directly affect the availability of bank loans and deposits, as well as the interest rates charged on loans and paid on deposits.

Limits on Dividends and Other Payments

There are various legal limitations on the extent to which a subsidiary bank may finance or otherwise supply funds to its parent holding company. Under applicable federal and state laws, a subsidiary bank may not, subject to certain limited exceptions, make loans or extensions of credit to, or investments in the securities of, its financial holding company. A subsidiary bank is also subject to collateral security requirements for any loan or extension of credit permitted by such exceptions.

Park National Bank may not pay dividends out of its surplus if, after paying these dividends, it would fail to meet the required minimum levels under the risk-based capital guidelines and minimum leverage ratio requirements established by the OCC. In addition, Park National Bank must have the approval of the OCC if a dividend in any year would cause the total dividends for that year to exceed the sum of Park National Bank’s current year’s net income and the retained net income for the preceding two years, less required transfers to surplus. Payment of dividends by Park National Bank may be restricted at any time at the discretion of its regulatory authorities, if such regulatory authorities deem such dividends to constitute unsafe and/or unsound banking practices or if necessary to maintain adequate capital.

The ability of Park to obtain funds for the payment of dividends and for other cash requirements is largely dependent on the amount of dividends which may be declared by Park National Bank. However, the Federal Reserve Board expects Park to serve as a source of strength to Park National Bank, which may require Park to retain capital for further investment in Park National Bank, rather than pay dividends to the Park shareholders. Payment of dividends by Park National Bank may be restricted at any time at the discretion of the OCC if the OCC deems such dividends to constitute an unsafe and/or unsound banking practice. These provisions could have the effect of limiting Park’s ability to pay dividends on its Common Shares.

At December 31, 2013, approximately $65.6 million of the total shareholders’ equity of Park National Bank was available for payment to Park without the approval of the OCC. See Note 17 of the Notes to Consolidated Financial Statements of Park’s 2013 Annual Report.

The Federal Reserve Board has issued a policy statement with regard to the payment of cash dividends by financial holding companies and other bank holding companies. The policy statement provides that, as a matter of prudent banking, a financial holding company or bank holding company should not maintain a rate of cash dividends unless its net income available to common shareholders has been sufficient to fully fund the dividends, and the prospective rate of earnings retention appears to be consistent with the financial holding company or bank holding company’s capital needs, asset quality, and overall financial condition. Accordingly, a financial holding company or bank holding company should not pay cash dividends that exceed its net income or can only be funded in ways that weaken the financial holding company or bank holding company’s financial health, such as by borrowing.

Under the terms of the Indenture governing the $15.5 million of junior subordinated debentures issued by Vision to the Vision Trust and the related Guarantee Agreement, Park, as successor to Vision in accordance with the First Supplemental Indenture, is prohibited, subject to limited exceptions, from declaring or paying any dividends or distributions on any shares of its capital stock (i) if an event of default under the Indenture has occurred and continues, (ii) if Park is in default with respect to the payment of any obligations under the Guarantee Agreement or (iii) during any period in which the payment of interest on the junior subordinated debentures by Park (and the payment of cash distributions on the floating rate preferred securities of the Vision Trust) is being deferred.

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The Note Purchase Agreement entered into by Park on December 23, 2009 (the “2009 Note Purchase Agreement”) governs the 10% Subordinated Notes due December 23, 2019 issued by Park in December 2009. The Note Purchase Agreement entered into by Park on April 20, 2012 (the "2012 Note Purchase Agreement") governs the 7% Subordinated Notes due April 20, 2022 issued by Park in April 2012. If an event of default has occurred under the 2009 Note Purchase Agreement or under the 2012 Note Purchase Agreement and is continuing, Park’s ability to declare or pay dividends on any of its capital stock will be restricted.

Volcker Rule

In December 2013, five federal agencies adopted a final regulation implementing the Volcker Rule provision of the Dodd-Frank Act (the "Volcker Rule"). The Volcker Rule places limits on the trading activity of insured depository institutions and entities affiliated with a depository institution, subject to certain exceptions. The trading activity includes a purchase or sale as principal of a security, derivative, commodity future or option on any such instrument in order to benefit from short-term price movements or to realize short-term profits. The Volcker Rule exempts specified U.S. Government, agency and/or municipal obligations, and it excepts trading conducted in certain capacities, including as a broker or other agent, through a deferred compensation or pension plan, as a fiduciary on behalf of customers, to satisfy a debt previously contracted, repurchase and securities lending agreements and risk-mitigating hedging activities.

The Volcker Rule also prohibits a banking entity from having an ownership interest in, or certain relationships with, a hedge fund or private equity fund, with a number of exceptions. Park National Bank does not engage in any of the trading activities or have any ownership interest in or relationship with any of the types of funds regulated by the Volcker Rule.

Privacy Provisions of Gramm-Leach-Bliley Act

Under the GLBA, federal banking regulators were required to adopt rules that limit the ability of banks and other financial institutions to disclose non-public information about consumers to nonaffiliated third parties. These limitations require disclosure of privacy policies to consumers and, in some circumstances, allow consumers to prevent disclosure of certain personal information to a nonaffiliated third party.

Patriot Act

In response to the terrorist events of September 11, 2001, the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot Act”) was signed into law in October 2001. The Patriot Act gives the United States government powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing and broadened anti-money laundering requirements. Title III of the Patriot Act takes measures intended to encourage information sharing among bank regulatory agencies and law enforcement bodies. Further, certain provisions of Title III impose affirmative obligations on a broad range of financial institutions. Among other requirements, Title III and related regulations require regulated financial institutions to establish a program specifying procedures for obtaining identifying information from customers seeking to open new accounts and establish enhanced due diligence policies, procedures and controls designed to detect and report suspicious activity. Park National Bank has established policies and procedures that are believed to be compliant with the requirements of the Patriot Act.

Corporate Governance

As mandated by the Sarbanes-Oxley Act of 2002, the SEC has adopted rules and regulations governing, among other issues, corporate governance, auditing and accounting, executive compensation and enhanced and timely disclosure of corporate information. NYSE MKT has also adopted corporate governance rules. The Board of Directors of Park has taken a series of actions to strengthen and improve Park’s already strong corporate governance practices in light of the rules of the SEC and NYSE MKT. The Board of Directors has adopted charters for the Audit Committee, the Compensation Committee, the Executive Committee, the Investment Committee, the Nominating and Corporate Governance Committee (including as Exhibit A thereto, Corporate Governance Guidelines) and the Risk Committee as well as a Code of Business Conduct and Ethics governing the directors, officers and associates of Park and its affiliates.

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Dodd-Frank Act

On July 21, 2010, President Obama signed the Dodd-Frank Act into law. The Dodd-Frank Act has significantly changed the regulation of financial institutions and the financial services industry. The Dodd-Frank Act requires various federal agencies to adopt a broad range of regulations with significant discretion. Although some of the regulations have been adopted, many still have not, and the effect they will have on Park and its subsidiaries will not be known for years.

Among the provisions already implemented that have or may have an effect on Park or its subsidiaries are the following:

• the CFPB has been formed, which has broad powers to adopt and enforce consumer protection regulations;

• the federal law prohibiting the payment of interest on commercial demand deposit accounts was eliminated effective July 21, 2011;

• the standard maximum amount of deposit insurance per customer was permanently increased to $250,000;

• the assessment base for determining deposit insurance premiums has been expanded from domestic deposits to average assets minus average tangible equity;

• public companies in all industries are now required to provide shareholders the opportunity to cast a non-binding advisory vote on executive compensation;

• the Federal Reserve Board has imposed on financial institutions with assets of $10 billion or more a cap on the debit card interchange fees the financial institutions may charge. Although the cap is not applicable to Park National Bank, it may have an adverse effect on Park National Bank as the debit cards issued by Park National Bank and other smaller banks, which have higher interchange fees, may become less competitive; and

• new capital regulations have been adopted as discussed above in the section captioned "Regulatory Capital".

Additional provisions not yet implemented that may have an effect on Park or its subsidiaries are new corporate governance requirements applicable generally to all public companies in all industries, which will require other new compensation practices and disclosure requirements, including requiring companies to “claw back” incentive compensation under certain circumstances and to make additional disclosures in proxy statements with respect to compensation matters.

As many provisions of the Dodd-Frank Act have not yet been implemented and will require interpretation and rule making, the ultimate effect on Park and its subsidiaries cannot yet be determined. However, the implementation of certain provisions have already increased compliance costs and the implementation of future provisions will likely increase both compliance costs and fees paid to regulators, along with possibly restricting the operations of Park and its subsidiaries.

Executive and Incentive Compensation

In June 2010, the Federal Reserve Board, the OCC and the FDIC issued joint interagency guidance on incentive compensation policies (the “Joint Guidance”) intended to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of such organizations by encouraging excessive risk-taking. This principles-based guidance, which covers all employees that have the ability to materially affect the risk profile of an organization, either individually or as part of a group, is based upon the key principles that a banking organization’s incentive compensation arrangements should: (i) provide incentives that do not encourage risk-taking beyond the organization’s ability to effectively identify and manage risks; (ii) be compatible with effective internal controls and risk management; and (iii) be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors.

Pursuant to the Joint Guidance, the Federal Reserve Board will review as part of a regular, risk-focused examination process, the incentive compensation arrangements of financial institutions such as Park and Park National Bank. Such reviews will be tailored to each organization based on the scope and complexity of the organization’s activities and the prevalence of incentive compensation arrangements. The findings of the supervisory initiatives will be included in reports of examination and deficiencies will be incorporated into the institution’s supervisory ratings, which can affect the institution’s ability to make acquisitions and take other actions. Enforcement actions may be taken against an institution if its incentive compensation arrangements, or related risk-management control or governance processes, pose a risk to the organization’s safety and soundness and prompt and effective measures are not being taken to correct the deficiencies.

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On February 7, 2011, federal banking regulatory agencies jointly issued proposed rules on incentive-based compensation arrangements under applicable provisions of the Dodd-Frank Act (the “Proposed Joint Rules”). The Proposed Joint Rules generally apply to financial institutions with $1.0 billion or more in assets that maintain incentive-based compensation arrangements for certain covered employees. The Proposed Joint Rules: (i) prohibit covered financial institutions from maintaining incentive-based compensation arrangements that encourage covered persons to expose the institution to inappropriate risk by providing the covered person with “excessive” compensation; (ii) prohibit covered financial institutions from establishing or maintaining incentive-based compensation arrangements for covered persons that encourage inappropriate risks that could lead to a material financial loss; (iii) require covered financial institutions to maintain policies and procedures appropriate to their size, complexity and use of incentive-based compensation to help ensure compliance with the Proposed Joint Rules; and (iv) require covered financial institutions to provide enhanced disclosure to regulators regarding their incentive-based compensation arrangements for covered persons within 90 days following the end of the fiscal year.

Pursuant to rules adopted by the stock exchanges and approved by the SEC in January 2013 under the Dodd-Frank Act, public company compensation committee members must meet heightened independence requirements and consider the independence of compensation consultants, legal counsel and other advisors to the compensation committee. A compensation committee must have the authority to hire advisors and to have the public company fund reasonable compensation of such advisors.

Public companies will be required, once stock exchanges impose additional listing requirements under the Dodd-Frank Act, to implement "clawback" procedures for incentive compensation payments and to disclose the details of the procedures which allow recovery of incentive compensation that was paid on the basis of erroneous financial information necessitating a restatement due to material noncompliance with financial reporting requirements. This clawback policy is intended to apply to compensation paid within a three-year look-back window of the restatement and would cover all executives who received incentive awards.

Future Legislation

Various and significant legislation affecting financial institutions and the financial industry is from time to time introduced by the United States Congress, as evidenced by the sweeping reforms in the Dodd-Frank Act adopted in 2010. Such legislation may continue to change banking statutes and the operating environment of Park and its subsidiaries in substantial and unpredictable ways, and could significantly increase or decrease costs of doing business, limit or expand permissible activities or affect the competitive balance among financial institutions. With the enactment of the Dodd-Frank Act and the continuing implementation of final rules and regulations thereunder, the nature and extent of future legislative and regulatory changes affecting financial institutions remains very unpredictable.

Statistical Disclosure

The statistical disclosure relating to Park and its subsidiaries required under the SEC’s Industry Guide 3, “Statistical Disclosure by Bank Holding Companies,” is included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS” and in Note 1 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report, Note 4 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report, Note 5 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report, Note 8 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report and Note 9 of the Notes to Consolidated Financial Statements in Park’s 2013 Annual Report. This statistical disclosure is incorporated herein by reference.

Effect of Environmental Regulation

Compliance with federal, state and local provisions regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had a material effect upon the capital expenditures, earnings or competitive position of Park and its subsidiaries. Park believes the nature of the operations of its subsidiaries has little, if any, environmental impact. Park, therefore, anticipates no material capital expenditures for environmental control facilities for its current fiscal year or for the foreseeable future.

Park believes its primary exposure to environmental risk is through the lending activities of its subsidiaries. In cases where management believes environmental risk potentially exists, Park’s subsidiaries mitigate their environmental risk exposures by requiring environmental site assessments at the time of loan origination to confirm collateral quality as to commercial real estate parcels posing higher than normal potential for environmental impact, as determined by reference to present and past uses of the subject property and adjacent sites. In addition, environmental assessments are typically required prior to any foreclosure activity involving non-residential real estate collateral.

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ITEM 1A. RISK FACTORS.

Cautionary Statement Regarding Forward-Looking Information

Certain statements contained in this Annual Report on Form 10-K which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements specifically identified as forward-looking statements within this document. In addition, certain statements in future filings by Park with the SEC, in press releases, and in oral and written statements made by or with the approval of Park which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include: (i) projections of income or expense, earnings per share, the payment or non-payment of dividends, capital structure and other financial items; (ii) statements of plans and objectives of Park or our management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying those statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the forward-looking statements. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including those factors and events identified below. There is also the risk that Park’s management or Board of Directors incorrectly analyzes these risks and uncertainties or that the strategies Park develops to address them are unsuccessful.

Forward-looking statements speak only as of the date on which they are made, and, except as may be required by law, Park undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to Park or any person acting on Park’s behalf are qualified in their entirety by the following cautionary statements.

Changes in economic and political conditions could adversely affect our earnings, as our borrowers’ ability to repay loans and the value of the collateral securing our loans decline.

Our success depends, to a certain extent, upon economic and political conditions, local and national, as well as governmental fiscal and monetary policies. Conditions such as inflation, recession, unemployment, changes in interest rates, fiscal and monetary policy and other factors beyond our control may adversely affect our asset quality, deposit levels and loan demand and, therefore, our earnings and our capital. Economic turmoil in Europe may become global. In addition, the uncertainty over whether the United States Congress will fail to raise the federal government's debt ceiling may have a negative effect on the economy and the stock market. Because we have a significant amount of real estate loans, additional decreases in real estate values could adversely affect the value of property used as collateral and our ability to sell the collateral upon foreclosure. Adverse changes in the economy may also have a negative effect on the ability of our borrowers to make timely repayments of their loans, which would have an adverse impact on our earnings and cash flows. The substantial majority of the loans made by our subsidiaries are to individuals and businesses in Ohio. Consequently, a significant decline in the economy in Ohio could have a materially adverse effect on our financial condition and results of operations.

Legislative or regulatory changes or actions could adversely impact us or the businesses in which we are engaged.

The financial services industry is extensively regulated. We are subject to extensive state and federal regulation, supervision and legislation that govern almost all aspects of our operations. Laws and regulations may change from time to time and are primarily intended for the protection of consumers, depositors, borrowers, the FDIC’s Deposit Insurance Fund and the banking system as a whole, and not to benefit our shareholders. Regulations affecting banks and financial services businesses are undergoing continuous changes, and management cannot predict the effect of these changes. The impact of any changes to laws and regulations or other actions by regulatory agencies may negatively impact us or our ability to increase the value of our business. Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the imposition of restrictions on the operation of an institution, the classification of assets held by an institution and the adequacy of an institution’s allowance for loan losses. Additionally, actions by regulatory agencies against us

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could cause us to devote significant time and resources to defending our business and may lead to penalties that materially affect us and our shareholders.

In light of current conditions in the global financial markets and the global economy, regulators have increased their focus on the regulation of the financial services industry. Most recently, the United States Congress and the federal agencies regulating the financial services industry have acted on an unprecedented scale in responding to the stresses experienced in the global financial markets. Some of the laws enacted by the United States Congress and regulations promulgated by federal regulatory agencies subject us, and other financial institutions to which such laws and regulations apply, to additional restrictions, oversight and costs that may have an impact on our business, results of operations or the trading price of our Common Shares. In addition to laws, regulations and supervisory and enforcement actions directed at the operations of banks, proposals to reform the housing finance market consider winding down Fannie Mae and Freddie Mac, which could negatively affect our sales of loans.

In July 2013, Park's primary federal regulator, the Federal Reserve, published final rules (the “Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The rules implement the Basel Committee's December 2010 framework known as “Basel III” for strengthening international capital standards as well as certain provisions of the Dodd-Frank Act. The Basel III Capital Rules substantially revise the risk-based capital requirements applicable to financial holding company and other bank holding companies as well as depository institutions, including Park and Park National Bank, compared to the current U.S. risk-based capital rules. The Basel III Capital Rules define the components of capital and address other issues affecting the numerator in banking institutions' regulatory capital ratios. The Basel III Capital Rules also address risk weights and other issues affecting the denominator in banking institutions' regulatory capital ratios and replace the existing risk-weighting approach, which was derived from Basel I capital accords of the Basel Committee, with a more risk-sensitive approach based, in part, on the standardized approach in the Basel Committee's 2004 “Basel II” capital accords. The Basel III Capital Rules also implement the requirements of Section 939A of the Dodd-Frank Act to remove references to credit ratings from the federal banking agencies' rules. The Basel III Capital Rules are effective for Park and Park National Bank on January 1, 2015 (subject to a phase-in period). The implementation of Basel III is not expected to have a material impact on Park's or Park National Bank's capital ratios.

The Dodd-Frank Act and its progeny may adversely impact Park’s results of operations, financial condition or liquidity.

On July 21, 2010, the Dodd-Frank Act was signed into law. The Dodd-Frank Act represents a comprehensive overhaul of the financial services industry within the United States. There are a number of reform provisions that are likely to significantly impact the ways in which banks as well as financial holding companies and bank holding companies, including Park National Bank and Park, do business. A detailed discussion regarding the Dodd-Frank Act can be found under the caption “Supervision and Regulation of Park and its Subsidiaries” in “Item 1 – Business” of this Form 10-K.

Many provisions of the Dodd-Frank Act still have not been implemented and will require interpretation and rule making by federal regulators, including banking regulators and the SEC. In addition, the CFPB has only recently begun to implement its authority, and there is significant uncertainty as to how its regulations and other authority will affect Park's business. Park is closely monitoring all relevant sections of the Dodd-Frank Act to ensure continued compliance with laws and regulations. While the ultimate effect of the Dodd-Frank Act on Park and our subsidiaries cannot currently be determined, the law and its implemented rules and regulations have already resulted in increased compliance costs and are likely to result in increased fees paid to regulators, along with restrictions on the operations of Park and our subsidiaries, all of which may have a material adverse affect on Park’s operating results and financial condition.

Deposit insurance premiums assessed on Park may increase and have a negative effect on Park’s results of operations.

The Deposit Insurance Fund (the “DIF”) maintained by the FDIC to resolve bank failures is funded by fees assessed on insured depository institutions. The costs of resolving bank failures has increased during the last few years and decreased the DIF. The FDIC collected a special assessment in 2009 to replenish the DIF and also required a prepayment of an estimated amount of future deposit insurance premiums. If the costs of future bank failures increase, deposit insurance premiums may also increase.

A default by another larger financial institution could adversely affect financial markets generally.

The commercial soundness of many financial institutions may be closely interrelated as a result of relationships between and among the institutions. As a result, concerns about, or a default or threatened default by, one institution could lead to significant marketwide liquidity and credit problems, losses or defaults by other institutions. This is sometimes referred to as “systemic risk” and may adversely affect our business.

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Changes in the general economic conditions and real estate valuations in our primary market areas could adversely impact results of operations, financial condition and cash flows.

Our lending and deposit gathering activities are concentrated primarily in Ohio and, prior to February 16, 2012, in markets served through Vision Bank operations in Alabama and Florida. Our success depends on the general economic conditions of these areas, particularly given that a significant portion of our lending relates to real estate located in these regions. Real estate values in these Ohio and, more dramatically, Gulf Coast communities were negatively impacted by the recent economic crisis. Although there has been some improvement recently in a number of economic measures, including home prices and unemployment rates in Ohio, adverse changes in the regional and general economic conditions could reduce our growth rate, impair our ability to collect payments on loans, increase loan delinquencies, increase problem assets and foreclosures, increase claims and lawsuits, increase devaluations recognized within our OREO portfolio, decrease the demand for our products and services and decrease the value of collateral for loans, especially real estate values, which could have a material adverse effect on our financial condition, results of operations and cash flows.

Changes in interest rates could have a material adverse effect on our financial condition, results of operations and cash flows.

Our earnings and cash flows depend substantially on our interest rate spread, which is the difference between (i) the rates we earn on loans, investment securities and other interest earning assets and (ii) the interest rates we pay on deposits and our borrowings. These rates are highly sensitive to many factors beyond our control, including general economic conditions and the policies of various governmental and regulatory authorities. Changes in monetary policy influence the origination of loans, the prepayment speed of loans, the purchase of investments, the generation of deposits and rates of interest received and paid. While we have taken measures intended to manage the risks of operating in a changing interest rate environment, there can be no assurance that such measures will be effective in avoiding undue interest rate risk. Information pertaining to the impact changes in interest rates could have on our net income is included in Table 30 in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” and is incorporated herein by reference.  

We extend credit to a variety of customers based on internally set standards and the judgment of our loan officers and bank division presidents. We manage the credit risk through a program of underwriting standards, the review of certain credit decisions and an on-going process of assessing the quality of the credit already extended. Our credit standards and on-going process of credit assessment might not protect us from significant credit losses.

We take credit risk by virtue of making loans and leases, extending loan commitments and letters of credit and, to a lesser degree, purchasing non-governmental securities. Our exposure to credit risk is managed through the use of consistent underwriting standards that emphasize “in-market” lending while avoiding highly leveraged transactions as well as excessive industry and other concentrations. Our credit administration function employs risk management techniques to ensure that loans and leases adhere to corporate policy and problem loans and leases are promptly identified. While these procedures are designed to provide us with the information needed to implement policy adjustments where necessary, and to take proactive corrective actions, there can be no assurance that such measures will be effective in avoiding undue credit risk.

We may elect or be compelled to seek additional capital in the future, but that capital may not be available when it is needed.

We are required by federal and state regulatory authorities to maintain adequate levels of capital to support our operations. Federal banking agencies have adopted extensive changes to their capital requirements, including raising required amounts and eliminating the inclusion of certain instruments from the calculation of capital. If we experience significant loan losses, additional capital may need to be infused. In addition, we may elect to raise additional capital to support our business or to finance acquisitions, if any, or we may otherwise elect or be required to raise additional capital. Our ability to raise additional capital, if needed, will depend on our financial performance, conditions in the capital markets, economic conditions and a number of other factors, many of which are outside our control. Accordingly, there can be no assurance that we can raise additional capital if needed or on terms acceptable to us. If we cannot raise additional capital when needed, it may have a material adverse effect on our financial condition, results of operations and prospects.

Our allowance for loan losses may prove to be insufficient to absorb potential losses in our loan portfolio.

Lending money is a substantial part of our business. However, every loan we make carries a risk of non-payment. This risk is affected by, among other things: the cash flow of the borrower and/or the project being financed; in the case of a collateralized loan, the changes and uncertainties as to the future value of the collateral; the credit history of a particular borrower; changes in economic and industry conditions; and the duration of the loan.

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The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make significant estimates that affect the financial statements. One of our most critical estimates is the level of the allowance for loan losses. Due to the inherent nature of these estimates, we cannot provide absolute assurance that we will not be required to charge earnings for significant unexpected loan losses.

We maintain an allowance for loan losses that we believe is a reasonable estimate of known and inherent losses within the loan portfolio. We make various assumptions and judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of loans. Through a periodic review and consideration of the loan portfolio, management determines the amount of the allowance for loan losses by considering general market conditions, the credit quality of the loan portfolio, the collateral supporting the loans and the performance of customers relative to their financial obligations with us. The amount of future losses is susceptible to changes in economic, operating and other conditions, including changes in interest rates, which may be beyond our control, and these losses may exceed current estimates. We cannot fully predict the amount or timing of losses or whether the loan loss allowance will be adequate in the future. If our assumptions prove to be incorrect, our allowance for loan losses may not be sufficient to cover losses inherent in our loan portfolio, resulting in additions to the allowance for loan losses. Excessive loan losses and significant additions to our allowance for loan losses could have a material adverse impact on our financial condition and results of operations.

In addition, bank regulators periodically review our allowance for loan losses and may require us to increase our provision for loan losses or recognize further loan charge-offs. Moreover, the Financial Accounting Standards Board may change its requirements for establishing the allowance for loan losses. Any increase in our allowance for loan losses or loan charge-offs as required by these regulatory authorities might have a material adverse effect on our financial condition and results of operations.

We are exposed to operational risk.

Similar to any large organization, we are exposed to many types of operational risk, including reputational risk, legal and compliance risk, the risk of fraud or theft by employees or outsiders, unauthorized transactions by employees or operational errors, including clerical or record-keeping errors or those resulting from faulty or disabled computer or telecommunications systems.

Negative public opinion can result from our actual or alleged conduct in any number of activities, including lending practices, corporate governance and acquisitions, and from actions taken by governmental regulators and community organizations in response to those activities. Negative public opinion can adversely affect our ability to attract and keep customers and can expose us to potential litigation and regulatory action.

Given the volume of transactions we process, certain errors may be repeated or compounded before they are discovered and successfully rectified. Our necessary dependence upon automated systems to record and process our transaction volume may further increase the risk that technical system flaws or employee tampering or manipulation of those systems will result in losses that are difficult to detect. We may also be subject to disruptions of our operating systems arising from events that are wholly or partially beyond our control (for example, computer viruses or electrical or telecommunications outages), which may give rise to disruption of service to customers and to financial loss or liability. We are further exposed to the risk that our external vendors may be unable to fulfill their contractual obligations (or will be subject to the same risk of fraud or operational errors by their respective employees as we are) and to the risk that our (or our vendors’) business continuity and data security systems prove to be inadequate.

We depend upon the accuracy and completeness of information about customers and counterparties.

In deciding whether to extend credit or enter into other transactions with customers and counterparties, we may rely on information provided to us by customers and counterparties, including financial statements and other financial information. We may also rely on representations of customers and counterparties as to the accuracy and completeness of that information and, with respect to financial statements, on reports of independent auditors. For example, in deciding whether to extend credit to a business, we may assume that the customer’s audited financial statements conform with GAAP and present fairly, in all material respects, the financial condition, results of operations and cash flows of the customer. We may also rely on the audit report covering those financial statements. Our financial condition, results of operations and cash flows could be negatively impacted to the extent that we rely on financial statements that do not comply with GAAP or on financial statements and other financial information that are materially misleading.

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Changes in accounting standards, policies, estimates or procedures could impact Park’s reported financial condition or results of operations.

The accounting standard setters, including the Financial Accounting Standards Board, the Public Company Accounting Oversight Board, the SEC and other regulatory bodies, periodically change the financial accounting and reporting guidance that governs the preparation of our consolidated financial statements. The pace of change continues to accelerate and changes in accounting standards can be hard to predict and could materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively, resulting in the restatement of prior period financial statements.

The preparation of consolidated financial statements in conformity with GAAP requires management to make significant estimates that affect the financial statements. Due to the inherent nature of these estimates, actual results may vary materially from management’s estimates. Additional information regarding Park’s critical accounting policies and the sensitivity of estimates can be found in the section captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS - CRITICAL ACCOUNTING POLICIES” in Park’s 2013 Annual Report.

We may be a defendant from time to time in the future in a variety of litigation and other actions, which could have a material adverse effect on our financial condition, results of operations and cash flows.

We and our subsidiaries may be involved from time to time in the future in a variety of litigation arising out of our business. The risk of litigation increases in times of increased troubled loan collection activity. Our insurance may not cover all claims that may be asserted against us, and any claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Should the ultimate judgments or settlements in any litigation exceed our insurance coverage, they could have a material adverse effect on our financial condition, results of operations and cash flows. In addition, we may not be able to obtain appropriate types or levels of insurance in the future, nor may we be able to obtain adequate replacement policies with acceptable terms, if at all.

We are a financial holding company and depend on our subsidiaries for dividends, distributions and other payments.

As a financial holding company, we are a legal entity separate and distinct from our subsidiaries and affiliates. Our principal source of funds to pay dividends on our Common Shares and service our debt is dividends from these subsidiaries. In the event our subsidiaries become unable to pay dividends to us, we may not be able to service our debt, pay our other obligations or pay dividends on our Common Shares. Accordingly, our inability to receive dividends from our subsidiaries could also have a material adverse effect on our business, financial condition and results of operations.

Various federal and state statutory provisions and regulations limit the amount of dividends that Park National Bank and our other subsidiaries may pay to us without regulatory approval. Park National Bank generally may not, without prior regulatory approval, pay a dividend in an amount greater than its undivided profits. In addition, the prior approval of the OCC is required for the payment of a dividend by Park National Bank if the total of all dividends declared in a calendar year would exceed the total of its net income for the year combined with its retained net income for the two preceding years. The Federal Reserve Board and the OCC have issued policy statements that provide that insured banks as well as financial holding companies and other bank holding companies should generally only pay dividends out of current operating earnings. Thus, the ability of Park National Bank to pay dividends in the future is currently influenced, and could be further influenced, by bank regulatory policies and capital guidelines and may restrict our ability to declare and pay dividends.

Payment of dividends could also be subject to regulatory limitations if Park National Bank were to become “under-capitalized” for purposes of the applicable “prompt corrective action” regulations. “Under-capitalized” is currently defined as having a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 4.0%, or a core capital, or leverage, ratio of less than 4.0%. Throughout 2013 and 2014 to date, Park National Bank has been in compliance with all regulatory capital requirements and had sufficient capital under the “prompt corrective action” regulations to be deemed “well-capitalized.”

If any of our subsidiaries becomes insolvent, the direct creditors of that subsidiary will have a prior claim on that subsidiary’s assets. Our rights and the rights of our creditors will be subject to that prior claim, unless we are also a direct creditor of that subsidiary.

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Unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm our business.

As part of our financial institution business, we collect, process and retain sensitive and confidential client and customer information on behalf of our subsidiaries and other third parties. Despite the security measures we have in place, our facilities and systems, and those of our third-party service providers, may be vulnerable to security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors or other similar events. If information security is breached, information can be lost or misappropriated, resulting in financial loss or costs to us. Any security breach involving confidential customer information, whether by us or by our vendors, could severely damage our reputation, expose us to the risks of litigation and liability or disrupt our operations and have a material adverse effect on our business.

Derivative transactions may expose us to unexpected risk and potential losses.

We are party to a number of derivative transactions. Many of these derivative instruments are individually negotiated and non-standardized, which can make exiting, transferring or settling the position difficult. We carry borrowings which contain embedded derivatives. These borrowing arrangements require that we deliver underlying securities to the counterparty as collateral. We are dependent on the creditworthiness of the counterparties and are therefore susceptible to credit and operational risk in these situations.

Derivative contracts and other transactions entered into with third parties are not always confirmed by the counterparties on a timely basis. While the transaction remains unconfirmed, we are subject to heightened credit and operational risk and, in the event of a default, may find it more difficult to enforce the contract. In addition, as new and more complex derivative products are created, covering a wider array of underlying credit and other instruments, disputes about the terms of the underlying contracts could arise, which could impair our ability to effectively manage our risk exposures from these products and subject us to increased costs. Any regulatory effort to create an exchange or trading platform for credit derivatives and other over-the-counter derivative contracts, or a market shift toward standardized derivatives, could reduce the risk associated with such transactions, but under certain circumstances could also limit our ability to develop derivatives that best suit the needs of our clients and ourselves and adversely affect our profitability.

Changes in tax laws could adversely affect our performance.

We are subject to extensive federal, state and local taxes, including income, excise, sales/use, payroll, franchise, withholding and ad valorem taxes. Changes to our taxes could have a material adverse effect on our results of operations. In addition, our customers are subject to a wide variety of federal, state and local taxes. Changes in taxes paid by our customers may adversely affect their ability to purchase homes or consumer products, which could adversely affect their demand for our loans and deposit products. In addition, such negative effects on our customers could result in defaults on the loans we have made and decrease the value of mortgage-backed securities in which we have invested.

The effect of changes to the healthcare laws in the United States may increase the number of employees who choose to participate in our healthcare plans, which may significantly increase our healthcare costs and negatively impact our financial results.

We offer healthcare coverage to our eligible employees with a portion of the cost subsidized by Park. With recent changes to the healthcare laws in the United States, more of our employees may choose to participate in our health insurance plans, which could increase our costs for such coverage and adversely impact our costs of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

No response required.

ITEM 2. PROPERTIES.

Park’s principal executive offices are located at 50 North Third Street, Newark, Ohio 43055.

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Park National Bank

As of the date of this Annual Report on Form 10-K, Park National Bank, its divisions and its subsidiary Scope Leasing, Inc. have a total of 123 financial service offices in Ohio and one in Kentucky. Park National Bank has six financial service offices (including its main office) and its operations center in Newark in Licking County. In addition, within Ohio, Park National Bank has:

• financial service offices in Ashland, Loudonville and Perrysville in Ashland County;

• a financial service office in Athens in Athens County;

• a financial service office in West Chester in Butler County;

• financial service offices in Urbana (two offices), Mechanicsburg and North Lewisburg in Champaign County;

• financial service offices in Springfield (six offices), Enon, Medway, New Carlisle (two offices) and South Charleston in Clark County;

• financial service offices in Amelia (two offices), Cincinnati, Milford, New Richmond and Owensville in Clermont County;

• a financial service office in Coshocton in Coshocton County;

• financial service offices in Bucyrus, Crestline and Galion in Crawford County;

• financial service offices in Greenville (five offices), Arcanum and Versailles in Darke County;

• financial service offices in Baltimore, Pickerington (two offices) and Lancaster (six offices) in Fairfield County;

• a financial service office in Jeffersonville in Fayette County;

• financial service offices in Canal Winchester, Columbus (two offices), Gahanna, Reynoldsburg and Worthington in Franklin County;

• financial service offices in Jamestown, Xenia (two offices) and Yellow Springs in Greene County;

• a financial service office in Cincinnati in Hamilton County;

• a financial service office in Logan in Hocking County;

• a financial service office in Millersburg in Holmes County;

• financial service offices (3 offices) and an operations center in Mount Vernon as well as financial service offices in Centerburg, Danville and Fredericktown, all in Knox County;

• financial service offices in Granville, Heath (two offices), Hebron, Johnstown, Kirkersville, Pataskala, Reynoldsburg and Utica in Licking County;

• a financial service office in Plain City in Madison County;

• financial service offices in Caledonia, Marion (two offices) and Prospect in Marion County;

• financial service offices in Celina and in Fort Recovery in Mercer County;

• financial service offices (three offices) and an operations center in Piqua as well as financial service offices in Tipp City and Troy (two offices), all in Miami County;

• financial service offices in Mount Gilead (two offices) in Morrow County;

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• financial service offices in Zanesville (nine offices), New Concord and Dresden in Muskingum County;

• a financial service office in New Lexington in Perry County;

• financial service offices in Bellville, Mansfield (eight offices), Butler, Lexington, Ontario and Shelby in Richland County;

• a financial service office in Newcomerstown in Tuscarawas County; and

• a financial service office in Springboro in Warren County.

• Park National Bank also has one financial service office in Florence (Boone County), Kentucky.

The financial service offices in Athens, Coshocton, Hocking, Muskingum, Perry and Tuscarawas Counties comprise the Century National Bank Division. The financial service offices in Canal Winchester and Reynoldsburg in Franklin County and Fairfield County comprise the Fairfield National Bank Division. The financial service offices in Ashland County comprise the Farmers Bank Division. The financial service offices in Bellville in Richland County and in Holmes, Knox and Morrow Counties comprise the First-Knox National Bank Division. The financial service offices in Butler, Clermont and Hamilton Counties in Ohio and in Boone County, Kentucky comprise The Park National Bank of Southwest Ohio & Northern Kentucky Division. The financial service offices in Richland County (except the Bellville office) comprise the Richland Bank Division. The financial service offices in Darke and Mercer Counties comprise the Second National Bank Division. The financial service offices in Champaign, Clark, Fayette, Greene, Madison and Warren Counties comprise the Security National Bank Division. The financial service offices in Crawford and Marion Counties comprise the United Bank, N.A. Division. The financial service offices in Miami County comprise the Unity National Bank Division. Of the financial service offices described above, 30 are leased and the remainder are owned. Park National Bank also operates 29 off-site automated teller machines.

Scope Leasing, Inc. has an office located in Columbus in Franklin County, Ohio, which it leases.

Guardian Finance

As of the date of this Annual Report on Form 10-K, Guardian Finance has a total of six financial service offices, all of which are located in Ohio. Guardian Finance has its main office in Hilliard in Franklin County, a financial service office in Springfield in Clark County, a financial service office in Lancaster in Fairfield County where it leases space from the Fairfield National Bank Division of Park National Bank, a financial service office in Heath in Licking County, a financial service office in Centerville in Montgomery County and a financial service office in Mansfield in Richland County where it leases space from the Richland Bank Division of Park National Bank. All of Guardian Finance’s financial service offices are leased.

SE Property Holdings, LLC

SEPH has one office located in Newark in Licking County, Ohio, which it leases.

ITEM 3. LEGAL PROCEEDINGS.

There are no pending legal proceedings to which Park or any of its subsidiaries is a party or to which any of their property is subject, except for routine legal proceedings to which Park’s subsidiaries are parties incidental to their respective businesses. Park considers none of those proceedings to be material.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The information called for in this Item 5 by Items 201(a) through 201(c) of SEC Regulation S-K is incorporated herein by reference from “Table 35 – Market and Dividend Information” and the accompanying disclosure in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS.”

The following table provides information regarding purchases of Park's common shares made by or on behalf of Park or any "affiliated purchaser" as defined in Rule 10b-18(a)(3) under the Exchange Act during the fiscal quarter ended December 31, 2013. The table also provides information concerning the maximum number of common shares that may be purchased under Park’s previously announced stock repurchase authorization to fund the Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan"):

Period	Total Number of Common Shares Purchased	Average Price Paid per Common Share		Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number of Common Shares that May Yet Be Purchased under the Plans or Programs (2)
October 1 through October 31, 2013	—	—		—	600,000
November 1 through November 30, 2013	10,550	$	79.93	10,550	589,450
December 1 through December 31, 2013	—	—		—	589,450
Total	10,550	$	79.93	10,550

(1) All of the common shares reported were purchased in the open market under Park's publicly announced stock repurchase authorization to fund the 2013 Incentive Plan.

(2) The number shown represents, as of the end of each period, the maximum number of common shares that may yet be purchased as part of Park’s publicly announced stock repurchase authorization to fund the 2013 Incentive Plan which became effective on April 22, 2013.

At the 2013 Annual Meeting of Shareholders held on April 22, 2013, Park's shareholders approved the 2013 Incentive Plan. The 2013 Incentive Plan replaced the Park National Corporation 2005 Incentive Stock Option Plan (the "2005 Plan") as well as the Park National Corporation Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the “Directors' Stock Plan”), each of which terminated following the approval of the 2013 Incentive Plan by Park's shareholders. From and after April 22, 2013, no further awards may be granted by Park under the 2005 Plan or the Directors' Stock Plan.

The aggregate number of common shares with respect to which awards may be granted under the 2013 Incentive Plan will be 600,000. The common shares to be issued and delivered under the 2013 Incentive Plan may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares. No newly-issued common shares will be delivered under the 2013 Incentive Plan. On April 22, 2013, Park's Board of Directors authorized the purchase, from time to time, of up to 600,000 Park common shares to be held as treasury shares for subsequent issuance and delivery under the 2013 Incentive Plan. As of December 31, 2013, 10,550 common shares had been purchased for this purpose.

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ITEM 6. SELECTED FINANCIAL DATA.

The information called for in this Item 6 is incorporated herein by reference from “Table 32 – Consolidated Five-Year Selected Financial Data” and the accompanying disclosure in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS.”

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The information called for in this Item 7 is incorporated herein by reference from the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS.”

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As noted in Table 12 included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” Park’s tax equivalent net interest margin declined by 31 basis points in 2012 and by 22 basis points in 2013. Consistently, over the last several years, Park’s earnings simulation model has projected that changes in interest rates would have only a small impact on net income and the tax equivalent net interest margin. The tax equivalent net interest margin was 3.61%, 3.83% and 4.14% for each of the fiscal years ended December 31, 2013, 2012 and 2011 respectively. The discussion of interest rate sensitivity included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS – CAPITAL RESOURCES – Liquidity and Interest Rate Sensitivity Management” is incorporated herein by reference. In addition, the discussion of Park’s commitments, contingent liabilities and off-balance sheet arrangements included in Park’s 2013 Annual Report under the caption “MANAGEMENT'S DISCUSSION AND ANALYSIS – CONTRACTUAL OBLIGATIONS – Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements,” and in Note 18 of the Notes to Consolidated Financial Statements included in Park’s 2013 Annual Report, is incorporated herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The Consolidated Balance Sheets of Park and its subsidiaries at December 31, 2013 and 2012, the related Consolidated Statements of Income, of Comprehensive Income, of Changes in Shareholders’ Equity and of Cash Flows for the years ended December 31, 2013, 2012 and 2011, the related Notes to Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm (Crowe Horwath LLP) in Park’s 2013 Annual Report, are incorporated herein by reference. Quarterly Financial Data provided in “Table 33 – Quarterly Financial Data” and the accompanying disclosure included in the section of Park’s 2013 Annual Report captioned “MANAGEMENT'S DISCUSSION AND ANALYSIS,” is also incorporated herein by reference.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

No response required.

ITEM 9A. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

With the participation of the Chief Executive Officer and President (the principal executive officer) and the Chief Financial Officer, Secretary and Treasurer (the principal financial officer) of Park, Park’s management has evaluated the effectiveness of Park’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the fiscal year covered by this Annual Report on Form 10-K. Based on that evaluation, Park’s Chief Executive Officer and President and Park’s Chief Financial Officer, Secretary and Treasurer have concluded that:

• information required to be disclosed by Park in this Annual Report on Form 10-K and the other reports that Park files or submits under the Exchange Act would be accumulated and communicated to Park’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure;

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• information required to be disclosed by Park in this Annual Report on Form 10-K and the other reports that Park files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and

• Park’s disclosure controls and procedures were effective as of the end of the fiscal year covered by this Annual Report on Form 10-K.

Management’s Annual Report on Internal Control over Financial Reporting

The “MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING” included in Park’s 2013 Annual Report is incorporated herein by reference.

Attestation Report of the Registered Public Accounting Firm

The “REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM” included in Park’s 2013 Annual Report is incorporated herein by reference.

Changes in Internal Control over Financial Reporting

There were no changes in Park’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during Park’s fiscal quarter ended December 31, 2013, that have materially affected, or are reasonably likely to materially affect, Park’s internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

No response required.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Directors, Executive Officers and Persons Nominated or Chosen to Become Directors or Executive Officers

The information required by Item 401 of SEC Regulation S-K concerning the directors of Park and the nominees for election as directors of Park at the Annual Meeting of Shareholders to be held on April 28, 2014 (the “2014 Annual Meeting”) is incorporated herein by reference from the disclosure to be included under the caption “ELECTION OF DIRECTORS (Proposal 1)” in Park’s definitive Proxy Statement relating to the 2014 Annual Meeting to be filed pursuant to SEC Regulation 14A (“Park’s 2014 Proxy Statement”).

The information required by Item 401 of SEC Regulation S-K concerning the executive officers of Park is incorporated herein by reference from the disclosure to be included under the caption “EXECUTIVE OFFICERS” in Park’s 2014 Proxy Statement.

Compliance with Section 16(a) of the Exchange Act

The information required by Item 405 of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “BENEFICIAL OWNERSHIP OF PARK COMMON SHARES – Section 16(a) Beneficial Ownership Reporting Compliance” in Park’s 2014 Proxy Statement.

Committee Charters; Corporate Governance Guidelines; Code of Business Conduct and Ethics

Park’s Board of Directors has adopted charters for each of the Audit Committee, the Compensation Committee, the Executive Committee, the Investment Committee, the Nominating and Corporate Governance Committee and the Risk Committee. Park's Board of Directors has also adopted Corporate Governance Guidelines which are included as Exhibit A to the charter of the Nominating and Corporate Governance Committee.

In accordance with the requirements of Section 807 of the NYSE MKT Company Guide, the Board of Directors of Park has adopted a Code of Business Conduct and Ethics covering the directors, officers and employees of Park and its affiliates, including Park’s Chairman of the Board, Park's Chief Executive Officer and President (the principal executive

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officer), Park’s Chief Financial Officer, Secretary and Treasurer (the principal financial officer) and Park’s Chief Accounting Officer (the principal accounting officer). Park intends to disclose the following events, if they occur, in a current report on Form 8-K within four business days following their occurrence: (A) the date and nature of any amendment to a provision of Park’s Code of Business Conduct and Ethics that (i) applies to Park’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, (ii) relates to any element of the code of ethics definition enumerated in Item 406(b) of SEC Regulation S-K, and (iii) is not a technical, administrative or other non-substantive amendment; and (B) a description of any waiver (including the nature of the waiver, the name of the person to whom the waiver was granted and the date of the waiver), including an implicit waiver, from a provision of the Code of Business Conduct and Ethics granted to Park’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions that relates to one or more of the elements of the code of ethics definition set forth in Item 406(b) of SEC Regulation S-K. In addition, Park will disclose any waivers from the provisions of the Code of Business Conduct and Ethics granted to a director or executive officer of Park in a current report on Form 8-K within four business days following their occurrence in accordance with the requirements of Section 807 of the NYSE MKT Company Guide.

The text of each of the Code of Business Conduct and Ethics, the Audit Committee Charter, the Compensation Committee Charter, the Executive Committee Charter, the Investment Committee Charter, the Nominating and Corporate Governance Committee Charter (including the Corporate Governance Guidelines) and the Risk Committee Charter is posted on the “Governance Documents” section of the “Investor Relations” page of Park’s Internet site located at http://www.parknationalcorp.com. Interested persons may also obtain copies of the Code of Business Conduct and Ethics, the Audit Committee Charter, the Compensation Committee Charter, the Executive Committee Charter, the Investment Committee Charter, the Nominating and Corporate Governance Committee Charter and the Risk Committee Charter, without charge, by writing to the Chief Executive Officer and President of Park at Park National Corporation, 50 North Third Street, P.O. Box 3500, Newark, Ohio 43058-3500, Attention: David L. Trautman.

Procedures for Recommending Director Nominees

Information concerning the procedures by which shareholders of Park may recommend nominees to Park’s Board of Directors is incorporated herein by reference from the disclosure to be included under the caption “CORPORATE GOVERNANCE – Nominating Procedures” in Park’s 2014 Proxy Statement. These procedures have not materially changed from those described in Park’s definitive Proxy Statement for the 2013 Annual Meeting of Shareholders held on April 22, 2013.

Audit Committee

The information required by Items 407(d)(4) and 407(d)(5) of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “BOARD OF DIRECTORS STRUCTURE AND MEETINGS – Committees of the Board – Audit Committee” in Park’s 2014 Proxy Statement.

ITEM 11. EXECUTIVE COMPENSATION.

The information required by Item 402 of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the captions “EXECUTIVE COMPENSATION” and “DIRECTOR COMPENSATION” in Park’s 2014 Proxy Statement.

The information required by Item 407(e)(4) of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION” in Park’s 2014 Proxy Statement.

The information required by Item 407(e)(5) of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “EXECUTIVE COMPENSATION – Compensation Committee Report” in Park’s 2014 Proxy Statement.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Beneficial Ownership of Common Shares of Park

The information required by Item 403 of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “BENEFICIAL OWNERSHIP OF PARK COMMON SHARES” in Park’s 2014 Proxy Statement.

Equity Compensation Plan Information

The information required by Item 201(d) of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption "EQUITY COMPENSATION PLAN INFORMATION" in Park's 2014 Proxy Statement.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Certain Relationships and Related Person Transactions

The information required by Item 404 of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the captions “CORPORATE GOVERNANCE – Transactions with Related Persons” and “COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION” in Park’s 2014 Proxy Statement.

Director Independence

The information required by Item 407(a) of SEC Regulation S-K is incorporated herein by reference from the disclosure to be included under the caption “CORPORATE GOVERNANCE – Independence of Directors” in Park’s 2014 Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information called for in this Item 14 is incorporated herein by reference from the disclosure to be included under the captions “AUDIT COMMITTEE MATTERS – Pre-Approval of Services Performed by Independent Registered Public Accounting Firm” and “AUDIT COMMITTEE MATTERS – Fees of Independent Registered Public Accounting Firm” in Park’s 2014 Proxy Statement.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

(a)(1)     Financial Statements.

The consolidated financial statements (and report thereon) listed below are incorporated herein by reference from Park's 2013 Annual Report as noted:

Report of Independent Registered Public Accounting Firm (Crowe Horwath LLP) -- Incorporated by reference from Park's 2013 Annual Report

Consolidated Balance Sheets at December 31, 2013 and 2012 -- Incorporated by reference from Park's 2013 Annual Report

Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 -- Incorporated by reference from Park's 2013 Annual Report

Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, 2012 and 2011 - Incorporated by reference from Park's 2013 Annual Report

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Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2013, 2012 and 2011 -- Incorporated by reference from Park's 2013 Annual Report

Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011 -- Incorporated by reference from Park's 2013 Annual Report

Notes to Consolidated Financial Statements -- Incorporated by reference from Park's 2013 Annual Report

(a)(2)     Financial Statement Schedules.

All schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and have been omitted.

(a)(3)     Exhibits.

The documents listed below are filed/furnished with this Annual Report on Form 10-K as exhibits or incorporated into this Annual Report on Form 10-K by reference as noted:

Exhibit No.Description of Exhibit

2.1(a) Purchase and Assumption Agreement, made and entered into on November 16, 2011, by and between Vision Bank and Park National Corporation (collectively, “Seller”) and Centennial Bank and Home BancShares, Inc. (collectively, “Buyer”) (incorporated herein by reference to Exhibit 2.1 to Park National Corporation's Current Report on Form 8-K, dated and filed November 17, 2011 (File No. 1-13006))

Note: The disclosure schedules and other schedules (with the exception of Schedule S) referenced in the Purchase and Assumption Agreement have been omitted pursuant to Item 601(b)(2) of SEC Regulation S-K. Park National Corporation hereby undertakes to furnish a copy of the omitted disclosure schedules and other schedules upon request by the SEC.

2.1(b) First Amendment to Purchase and Assumption Agreement by and between Vision Bank and Park National Corporation and Centennial Bank and Home BancShares, Inc., effective as of January 25, 2012 (incorporated herein by reference to Exhibit 2.1(b) to Park National Corporation's Current Report on Form 8-K, dated and filed February 16, 2012 (File No. 1-13006))

2.1(c) Second Amendment to Purchase and Assumption Agreement by and between SE Property Holdings, LLC (as successor to Vision Bank) and Park National Corporation and Centennial Bank and Home BancShares, Inc., effective as of April 30, 2012 (incorporated herein by reference to Exhibit 2.1(c) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (File No. 1-13006))

2.2 Agreement and Plan of Merger, entered into as of January 25, 2012, by and between Vision Bank and SE Property Holdings, LLC (incorporated herein by reference to Exhibit 2.2 to Park National Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (File No. 1-13006))

3.1(a) Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on March 24, 1992 (incorporated herein by reference to Exhibit 3(a) to Park National Corporation's Form 8-B, filed on May 20, 1992 (File No. 0-18772) (“Park's Form 8-B”))

3.1(b) Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on May 6, 1993 (incorporated herein by reference to Exhibit 3(b) to Park National Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (File No. 0-18772))

3.1(c) Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 16, 1996 (incorporated herein by reference to Exhibit 3(a) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1996 (File No. 1-13006))

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3.1(d) Certificate of Amendment by Shareholders to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 22, 1997 (incorporated herein by reference to Exhibit 3(a)(1) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1997 (File No. 1-13006) (“Park's June 30, 1997 Form 10-Q”))

3.1(e) Certificate of Amendment by Shareholders or Members as filed with the Secretary of State of the State of Ohio on December 18, 2008 in order to evidence the adoption by the shareholders of Park National Corporation on December 18, 2008 of an amendment to Article FOURTH of Park National Corporation's Articles of Incorporation to authorize Park National Corporation to issue up to 200,000 preferred shares, without par value (incorporated herein by reference to Exhibit 3.1 to Park National Corporation's Current Report on Form 8-K dated and filed December 19, 2008 (File No. 1-13006))

3.1(f) Certificate of Amendment by Directors or Incorporators to Articles as filed with the Secretary of State of the State of Ohio on December 19, 2008, evidencing adoption of amendment by Board of Directors of Park National Corporation to Article FOURTH of Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Park National Corporation (incorporated herein by reference to Exhibit 3.1 to Park National Corporation's Current Report on Form 8-K dated and filed December 23, 2008 (File No. 1-13006) (“Park's December 23, 2008 Form 8-K”))

3.1(g) Certificate of Amendment by Shareholders or Members as filed with the Secretary of State of the State of Ohio on April 18, 2011 in order to evidence the adoption by Park National Corporation's shareholders of an amendment to Article SIXTH of Park National Corporation's Articles of Incorporation in order to provide that shareholders do not have preemptive rights (incorporated herein by reference to Exhibit 3.1 to Park National Corporation's Current Report on Form 8-K dated and filed April 19, 2011 (File No. 1-13006))

3.1(h) Articles of Incorporation of Park National Corporation (reflecting amendments through April 18, 2011) [for SEC reporting compliance purposes only - not filed with Ohio Secretary of State] (incorporated herein by reference to Exhibit 3.1(h) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011 (File No. 1-13006))

3.2(a) Regulations of Park National Corporation (incorporated herein by reference to Exhibit 3(b) to Park's Form 8-B)

3.2(b) Certified Resolution regarding Adoption of Amendment to Subsection 2.02(A) of the Regulations of Park National Corporation by Shareholders on April 21, 1997 (incorporated herein by reference to Exhibit 3(b)(1) to Park's June 30, 1997 Form 10-Q)

3.2(c) Certificate Regarding Adoption of Amendments to Sections 1.04 and 1.11 of Park National Corporation's Regulations by the Shareholders on April 17, 2006 (incorporated herein by reference to Exhibit 3.1 to Park National Corporation's Current Report on Form 8-K dated and filed on April 18, 2006 (File No. 1-13006))

3.2(d) Certificate Regarding Adoption by the Shareholders of Park National Corporation on April 21, 2008 of Amendment to Regulations to Add New Section 5.10 to Article FIVE (incorporated herein by reference to Exhibit 3.2(d) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 (File No. 1-13006) (“Park's March 31, 2008 Form 10-Q”))

3.2(e) Regulations of Park National Corporation (reflecting amendments through April 21, 2008) [For purposes of SEC reporting compliance only] (incorporated herein by reference to Exhibit 3.2 (e) to Park's March 31, 2008 Form 10-Q)

4.1(a) Junior Subordinated Indenture, dated as of December 5, 2005, between Vision Bancshares, Inc. and Wilmington Trust Company, as Trustee (incorporated herein by reference to Exhibit 10.16 to Vision Bancshares, Inc.'s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 (File No. 000-50719))

4.1(b) First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc. (incorporated herein by reference to Exhibit 4.1(b) to Park National Corporation's Current Report on Form 8-K dated and filed March 15, 2007 (File No. 1-13006) (“Park's March 15, 2007 Form 8-K”))

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4.2(a) Amended and Restated Trust Agreement, dated as of December 5, 2005, among Vision Bancshares, Inc., as Depositor; Wilmington Trust Company, as Property Trustee and as Delaware Trustee; and the Administrative Trustees named therein, in respect of Vision Bancshares Trust I (incorporated herein by reference to Exhibit 10.15 to Vision Bancshares, Inc.'s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 (File No. 000-50719))

Note: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as “Depositor”

4.2(b) Notice of Resignation of Administrative Trustees and Appointment of Successors, dated March 9, 2007, delivered to Wilmington Trust Company by the Resigning Administrative Trustees named therein, the Successor Administrative Trustees named therein and Park National Corporation (incorporated herein by reference to Exhibit 4.2(b) to Park's March 15, 2007 Form 8-K)

4.2(c) Notice of Removal of Administrative Trustee and Appointment of Successor, dated February 21, 2013, delivered to Wilmington Trust Company by the continuing Administrative Trustee named therein and Park National Corporation (incorporated herein by reference to Exhibit 4.2(c) to Park National Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (File No. 1-13006) ("Park's 2012 Form 10-K"))

4.3 Guarantee Agreement, dated as of December 5, 2005, between Vision Bancshares, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, in respect of Vision Bancshares Trust I (incorporated herein by reference to Exhibit 10.17 to Vision Bancshares, Inc.'s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 (File No. 000-50719))

Note: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as “Guarantor”

4.4 Warrant to Purchase 227,376 Shares of Common Stock (Common Shares) of Park National Corporation issued to the United States Department of the Treasury on December 23, 2008 (incorporated herein by reference to Exhibit 4.1 to Park's December 23, 2008 Form 8-K)

Note: Repurchased on May 2, 2012. See Exhibit 4.7 to this Annual Report on form 10-K.

4.5 Letter Agreement, dated December 23, 2008, including Securities Purchase Agreement - Standard Terms attached thereto as Exhibit A, between Park National Corporation and the United States Department of the Treasury (incorporated herein by reference to Exhibit 10.1 to Park's December 23, 2008 Form 8-K) [NOTE: Annex A to Securities Purchase Agreement is not included therewith; filed as Exhibit 3.1 to Park's December 23, 2008 Form 8-K and incorporated by reference at Exhibit 3.1(f) of this Annual Report on Form 10-K]

4.6 Letter Agreement, dated April 25, 2012, between Park National Corporation and the United States Department of the Treasury related to the repurchase of the 100,000 Fixed Rate Cumulative Perpetual Preferred Shares, Series A, issued by Park National Corporation (incorporated herein by reference to Exhibit 10.1 to Park National Corporation's Current Report on Form 8-K, dated and filed April 25, 2012 (File No. 1-13006))

4.7 Letter Agreement, dated May 2, 2012, between Park National Corporation and the United States Department of the Treasury related to the repurchase of the Warrant to purchase 227,376 Common Shares issued by Park National Corporation (incorporated herein by reference to Exhibit 10.1 to Park National Corporation's Current Report on Form 8-K, dated and filed May 2, 2012 (File No. 1-13006))

4.8 Note Purchase Agreement, dated December 23, 2009, between Park National Corporation and 38 accredited investors (incorporated herein by reference to Exhibit 4.1 to Park National Corporation's Current Report on Form 8-K dated and filed on December 28, 2009 (File No. 1-13006) (“Park's December 28, 2009 Form 8-K”))

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4.9 Form of 10% Subordinated Note due December 23, 2019 (incorporated herein by reference to Exhibit 4.2 to Park's December 28, 2009 Form 8-K)

4.10 Note Purchase Agreement, dated April 20, 2012, between Park National Corporation and 56 accredited investors (incorporated herein by reference to Exhibit 4.1 to Park National Corporation's Current Report on Form 8-K dated and filed on April 20, 2012 (File No. 1-13006) (“Park's April 20, 2012 Form 8-K”))

4.11 Form of 7% Subordinated Note due April 20, 2022 (incorporated herein by reference to Exhibit 4.2 to Park's April 20, 2012 Form 8-K)

4.12 Agreement to furnish instruments and agreements defining rights of holders of long-term debt (filed herewith)

10.1† Summary of Base Salaries for Executive Officers of Park National Corporation (filed herewith)

10.2(a)† Split-Dollar Agreement, dated May 17, 1993, between William T. McConnell and The Park National Bank (incorporated herein by reference to Exhibit 10(f) to Park National Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (File No. 0-18772))

10.2(b)† Schedule identifying Split-Dollar Agreements covering executive officers of The Park National Bank who are also directors and executive officers of Park National Corporation, which Split-Dollar Agreements are identical to the Split-Dollar Agreement, dated May 17, 1993, between William T. McConnell and The Park National Bank (filed herewith)

10.3(a)† Description of Park National Corporation Supplemental Executive Retirement Benefits as in effect since February 18, 2008 (filed herewith)

10.3(b)† Supplemental Executive Retirement Benefits Agreement, made as of February 18, 2008, between Park National Corporation and David L. Trautman (incorporated herein by reference to Exhibit 10.1 to Park National Corporation's Current Report on Form 8-K dated and filed February 19, 2008 (File No. 1-13006) (“Park's February 19, 2008 Form 8-K”))

10.3(c)† Form of Amended and Restated Supplemental Executive Retirement Benefits Agreement, made as of February 18, 2008, between Park National Corporation and each of C. Daniel DeLawder and William T. McConnell (incorporated herein by reference to Exhibit 10.2 to Park's February 19, 2008 Form 8-K)

10.4† Employment Agreement, made and entered into as of December 22, 1999, and the Amendment thereto, dated March 23, 2001, between The Security National Bank and Trust Co. (now known as the Security National Bank Division of The Park National Bank) and Harry O. Egger (incorporated herein by reference to Exhibit 10(e) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2001 (File No. 1-13006))

10.5† Summary of Certain Compensation for Directors of Park National Corporation (filed herewith)

10.6(a)† Form of Split-Dollar Agreement, made and entered into effective as of December 28, 2007, covering Non-Employee Directors of Park National Corporation (incorporated herein by reference to Exhibit 10.2(a) to Park National Corporation's Current Report on Form 8-K dated and filed on January 2, 2008 (File No. 1-13006))

10.6(b)† Schedule identifying Non-Employee Directors of Park National Corporation covered by form of Split-Dollar Agreement, made and entered into effective as of December 28, 2007 (filed herewith)

10.7† Split-Dollar Agreement, made and entered into effective as of May 19, 2008, between The Park National Bank and David L. Trautman (incorporated herein by reference to Exhibit 10.1 to Park National Corporation's Current Report on Form 8-K dated and filed on May 20, 2008 (File No. 1-13006))

10.8† Split-Dollar Agreement, made and entered into effective as of January 1, 2010, between The Park National Bank and Brady T. Burt (incorporated herein by reference to Exhibit 10.11 to Park’s 2012 Form 10-K)

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10.9† Park National Corporation 2013 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.1 to Park National Corporation’s Current Report on Form 8-K dated and filed on April 23, 2013 (File No. 1-13006))

10.10† Form of Park National Corporation 2013 Long-Term Incentive Plan Performance-Based Restricted Stock Unit Award Agreement used and to be used to evidence awards of Performance-Based Restricted Stock Units to employees of Park National Corporation and its subsidiaries granted on and after January 24, 2014 (incorporated herein by reference to Exhibit 10.1 to Park National Corporation’s Current Report on Form 8-K dated and filed on January 27, 2014 (File No. 1-13006))

13 2013 Annual Report (not deemed filed except for portions thereof which are specifically incorporated by reference in this Annual Report on Form 10-K) (specified portions filed herewith)

14 Code of Business Conduct and Ethics, as amended July 22, 2013 and updated July 23, 2013 (filed herewith)

21 Subsidiaries of Park National Corporation (filed herewith)

23 Consent of Crowe Horwath LLP (filed herewith)

24 Powers of Attorney of Directors and Executive Officers of Park National Corporation (filed herewith)

31.1 Rule 13a-14(a)/15d-14(a) Certifications - Principal Executive Officer (filed herewith)

31.2 Rule 13a-14(a)/15d-14(a) Certifications - Principal Financial Officer (filed herewith)

32 Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code - Principal Executive Officer and Principal Financial Officer (furnished herewith)

101 The following materials from Park National Corporation's 2013 Annual Report and incorporated therefrom into Park National Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of December 31, 2013 and 2012; (ii) the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011; (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, 2012 and 2011; (iv) the Consolidated Statements of Changes in Shareholders' Equity for the years ended December 31, 2013, 2012 and 2011; (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011; and (vi) the Notes to Consolidated Financial Statements (electronically submitted herewith)

† Management contract or compensatory plan or arrangement.

(b)    Exhibits.

The documents listed in Item 15(a)(3) are filed/furnished with this Annual Report on Form 10-K as exhibits or incorporated into this Annual Report on Form 10-K by reference.

(c)    Financial Statement Schedules.

None

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

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	PARK NATIONAL CORPORATION
Date: February 25, 2014	By:	/s/ David L. Trautman
		David L. Trautman,
		Chief Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 25th day of February, 2014.

Name	Capacity
/s/ David L. Trautman David L. Trautman	Chief Executive Officer, President and Director
/s/ C. Daniel DeLawder C. Daniel DeLawder	Chairman of the Board and Director
/s/ Brady T. Burt Brady T. Burt	Chief Financial Officer, Secretary and Treasurer
/s/ Matthew R. Miller Matthew R. Miller	Chief Accounting Officer
/s/ Donna M. Alvarado* Donna M. Alvarado	Director
/s/ Maureen Buchwald* Maureen Buchwald	Director
/s/ Harry O. Egger* Harry O. Egger	Director
/s/ F. William Englefield IV* F. William Englefield IV	Director
/s/ Stephen J. Kambeitz* Stephen J. Kambeitz	Director
/s/ William T. McConnell* William T. McConnell	Director

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Name	Capacity
/s/ Timothy S. McLain* Timothy S. McLain	Director
/s/ Dr. Charles W. Noble, Sr.* Dr. Charles W. Noble Sr.	Director
/s/ John J. O’Neill* John J. O’Neill	Director
/s/ Robert E. O’Neill* Robert E. O’Neill	Director
/s/ Rick R. Taylor* Rick R. Taylor	Director
/s/ Leon Zazworsky* Leon Zazworsky	Director

__________________________

* The above-named directors of the Registrant sign this Annual Report on Form 10-K by David L. Trautman, their attorney-in-fact, pursuant to Powers of Attorney signed by the above-named directors, which Powers of Attorney are filed with this Annual Report on Form 10-K as exhibits, in the capacities indicated and on the 25th day of February, 2014.

By:	/s/ David L. Trautman
	David L. Trautman
	Chief Executive Officer and President

-36-

EX-4.12

Exhibit 4.12

PARK NATIONAL CORPORATION

50 North Third Street

Post Office Box 3500

Newark, Ohio 43058-3500

(740) 349-8451

www.parknationalcorp.com

February 25, 2014

United States Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

Re:     Park National Corporation

Commission File Number: 1-13006

Annual Report on Form 10-K for the Fiscal Year

Ended December 31, 2013

Ladies and Gentlemen:

Park National Corporation, an Ohio corporation (“Park”), is today filing with the Securities and Exchange Commission (the “SEC”) the Annual Report on Form 10-K of Park for the fiscal year ended December 31, 2013 (“Park's 2013 Form 10-K”).

Neither (i) Park nor (ii) any of Park's consolidated subsidiaries has outstanding any instrument or agreement with respect to its long-term debt under which the total amount of long‑term debt authorized exceeds 10% of the total assets of Park and Park's subsidiaries on a consolidated basis. In accordance with the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Park hereby agrees to furnish to the SEC, upon request, a copy of each instrument or agreement defining (i) the rights of holders of long-term debt of Park or (ii) the rights of holders of long-term debt of a consolidated subsidiary of Park, in each case which is not being filed or incorporated by reference as an exhibit to Park's 2013 Form 10-K.

Very truly yours,

PARK NATIONAL CORPORATION

/s/ Brady T. Burt

Brady T. Burt

Chief Financial Officer, Secretary and Treasurer

EX-10.1

Exhibit 10.1

Summary of Base Salaries

for

Executive Officers of Park National Corporation

On December 18, 2013, the Compensation Committee of the Board of Directors of Park National Corporation (“Park”) approved the base salaries for the fiscal year ending December 31, 2014, for each of the executive officers of Park: (a) C. Daniel DeLawder, Chairman of the Board of Park and Chairman of the Board and full-time executive officer of The Park National Bank, a subsidiary of Park; (b) David L. Trautman, Chief Executive Officer and President of each of Park and The Park National Bank; and (c) Brady T. Burt, Chief Financial Officer, Secretary and Treasurer of Park and Senior Vice President and Chief Financial Officer of The Park National Bank. Those base salaries are:

* David L. Trautman -- $775,000

* C. Daniel DeLawder -- $563,250

* Brady T. Burt -- $325,000

EX-10.2

Exhibit 10.2(b)

Schedule identifying Split-Dollar Agreements covering executive officers

of The Park National Bank who are also directors and executive officers

of Park National Corporation, which Split-Dollar Agreements

are identical to the Split-Dollar Agreement, dated

May 17, 1993, between William T. McConnell and The Park National Bank

The following individuals entered into the Split-Dollar Agreements identified below, which Split-Dollar Agreements are identical to the Split-Dollar Agreement, dated May 17, 1993, between William T. McConnell, who is a director of each of Park National Corporation (“Park”) and The Park National Bank (“Park National Bank”), and Park National Bank, filed as Exhibit 10(f) to Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (File No. 0-18772):

Name and Positions Held With Park and Park National Bank	Date of Split- Dollar Agreement	Subsidiary of Park which is Party to Split-Dollar Agreement
C. Daniel DeLawder - Chairman of the Board and a director of Park; Chairman of the Board, a director and a full-time executive employee of Park National Bank	May 26, 1993	Park National Bank
David L. Trautman - President, Chief Executive Officer and a director of Park; President, Chief Executive Officer and a director of Park National Bank	September 23, 1993	Park National Bank

EX-10.3

Exhibit 10.3(a)

Description of Park National Corporation

Supplemental Executive Retirement Benefits

as in effect since February 18, 2008

Park National Corporation (“Park”) adopted the Park National Corporation Supplemental Executive Retirement Plan (the “SERP”) in December 1996. During the fiscal year ended December 31, 2013 (the “2013 fiscal year”), the SERP benefited 31 current and former officers of Park and Park's subsidiaries, including: (a) William T. McConnell, who serves as a director of each of Park and The Park National Bank, the national bank subsidiary of Park (“PNB”); (b) C. Daniel DeLawder, who serves as Chairman of the Board of each of Park and PNB; and (c) David L. Trautman, who serves as Chief Executive Officer and President of each of Park and PNB. Each of the SERP participants, other than Mr. Trautman, had been a party to a Supplemental Executive Retirement Plan Agreement effective December 27, 1996 (a “1996 SERP Agreement”) with Park, which was amended and restated by an Amended and Restated Supplemental Executive Retirement Benefits Agreement (the “Amended SERP Agreement”) entered into with Park as of February 18, 2008, as discussed below. Mr. Trautman became a participant in the SERP and entered into a Supplemental Executive Retirement Benefits Agreement (the “Trautman SERP Agreement”) with Park effective as of February 18, 2008, as discussed below. Where the context is appropriate, the 1996 SERP Agreements, the Amended SERP Agreements and the Trautman SERP Agreement are referred to collectively as the “SERP Agreements” and individually as a “SERP Agreement.”

The 1996 SERP Agreements represented unfunded, non-qualified benefit arrangements designed to restore benefits lost due to limitations under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), on the amount of compensation covered by and the benefits payable under the Park National Corporation Defined Benefit Pension Plan (the “Park Pension Plan”). Park and Park's subsidiaries had no obligation to set aside any funds with which to pay their respective obligations under the 1996 SERP Agreements. The participants, their beneficiaries and any successors in interest were to be general creditors of Park and Park's subsidiaries in the same manner as any other creditor having a general claim for matured and unpaid compensation.

Park purchased split-dollar life insurance policies with respect to 26 of the then participants in the SERP, including Messrs. DeLawder and McConnell, in order to fund Park's obligations under the 1996 SERP Agreement to which each such participant was a party. Those life insurance policies remained in effect in order to fund Park's obligations under the related Amended SERP Agreements. Each life insurance policy also provides a life insurance benefit for the SERP participant to whom the policy relates if such SERP participant should die before age 84. The amount of this life insurance benefit is equal to the present value of the stream of future benefits which would have been paid to the SERP participant until age 84 but had not been paid at the time of the individual's death. If the amount of this life insurance benefit were computed as of December 31, 2013, the life insurance benefit for Mr. DeLawder would have been approximately $2,908,453, and the life insurance benefit for Mr. McConnell would have been approximately $476,473.

At its meeting on February 18, 2008, the Compensation Committee approved Amended SERP Agreements for the 30 current and former officers of Park and Park's subsidiaries then participating in the SERP, including Messrs. DeLawder and McConnell. As of December 31, 2013, Amended SERP Agreements remained in effect for 30 of these individuals. Each Amended SERP Agreement amended and restated the terms of the 1996 SERP Agreement to which each SERP participant was a party by changing the calculation of benefits payable to the SERP participant from a defined contribution (indexed) formula to a defined benefit formula. Due to the manner in which they were calculated, payments under the 1996 SERP Agreements had been quite variable in amount for the SERP participants from year to year -- sometimes being much larger or sometimes being much smaller than the targeted amount. Under the Amended SERP Agreements, payments are to be made in the same amount each year. The present values of the future payments under the defined benefit formula provisions of the Amended SERP Agreements are projected to be the same as under the defined contribution (indexed) formula provisions of the 1996 SERP Agreements.

Pursuant to each Amended SERP Agreement, a SERP participant is entitled to receive an annual supplemental retirement benefit (the “Full Benefit” as defined in his Amended SERP Agreement) beginning, subject to compliance with the requirements of Section 409A of the Internal Revenue Code, at age 62 (his “Payment Commencement Date”) and payable each year thereafter until the SERP participant's death. The annual Full Benefit for each SERP participant under his Amended SERP Agreement is the same amount as the annual targeted benefit for the SERP participant under his 1996 SERP Agreement. Mr. DeLawder will be entitled to receive an annual Full Benefit of $127,900, subject to compliance with the requirements of Section 409A of the Internal Revenue Code, since he attained age 62 in October of 2011. Mr. McConnell, who has reached age 62 and was receiving an annual targeted benefit under his 1996 SERP Agreement of $53,200, is entitled to continue receiving an annual Full Benefit under his Amended SERP Agreement of the same amount.

At its meeting on February 18, 2008, the Compensation Committee also approved the Trautman SERP Agreement. The Trautman SERP Agreement represents an unfunded, non-qualified benefit arrangement designed to constitute a portion of aggregate retirement benefits for Mr. Trautman which would provide him with the equivalent of approximately 40% of his projected annual compensation at age 62. The 40% retirement benefit is computed by adding to the supplemental retirement benefit provided by the Trautman SERP Agreement: (i) the projected benefit for Mr. Trautman under the Park Pension Plan; (ii) the projected benefit for Mr. Trautman related to contributions made by Park to the Park National Corporation Employees Stock Ownership Plan (the “Park KSOP”) on Mr. Trautman's behalf to match pre-tax elective deferral contributions made by him; and (iii) projected Social Security benefits to be received by Mr. Trautman. Under the Trautman SERP Agreement, Mr. Trautman will be entitled to receive an annual supplemental retirement benefit of $125,000 (his “Full Benefit”) beginning at age 62, subject to compliance with the requirements of Section 409A of the Internal Revenue Code, in March of 2023 (his “Payment Commencement Date”) and payable each year thereafter until his death.

If a SERP participant separates from service (within the meaning of the Treasury regulations applicable to Section 409A of the Internal Revenue Code) with Park and Park's subsidiaries for any reason prior to his Payment Commencement Date, he forfeits any right to payment under his SERP Agreement. Notwithstanding the foregoing, in the event that a SERP participant becomes substantially disabled (as defined in the SERP Agreements) while employed by Park or one of Park's subsidiaries prior to his Payment Commencement Date, he will be entitled to receive a reduced benefit (the “Limited Benefit” as defined in his SERP Agreement), the amount of which varies depending on the year in which the SERP participant becomes substantially disabled. In the event a change in control occurs before a SERP participant experiences a separation from service with Park and Park's subsidiaries, the SERP participant will become fully vested in his annual Full Benefit as though he remained continuously employed with Park or one of Park's subsidiaries until his Payment Commencement Date, and payments will begin on his Payment Commencement Date as described above. For purposes of each SERP Agreement, a change in control is deemed to occur upon: (a) the execution of an agreement for the sale of all or a material portion of the assets of Park; (b) a merger or recapitalization in which Park is not the surviving entity; or (c) the acquisition of the beneficial ownership of 25% or more of the outstanding voting securities of Park by any person, trust, entity or group.

If a SERP participant experiences a separation from service with Park and Park's subsidiaries for cause (as defined in the SERP Agreements) or if Park determines, following a SERP participant's Payment Commencement Date or the SERP participant's becoming substantially disabled, that cause existed to terminate the SERP participant, his SERP Agreement will terminate and the SERP participant will forfeit any right to receive future payments and must return all payments previously received under his SERP Agreement within 30 days. In addition, a SERP participant will forfeit the right to receive future payments under his SERP Agreement if he violates certain non-competition, non-solicitation of customers and non-solicitation of employees covenants set forth in each SERP Agreement during a period of 12 months following his separation from service with Park and our subsidiaries.

Each SERP Agreement terminates upon a SERP participant's death.

At its meeting on May 19, 2008, the Board of Directors of PNB approved a Split-Dollar Agreement (the “Trautman Split-Dollar Agreement”) between Mr. Trautman and PNB. Under the terms of the Trautman Split-Dollar Agreement, PNB owns the life insurance policy to which the Trautman Split-Dollar Agreement relates and controls all rights of ownership with respect to the policy. Mr. Trautman has the right to designate the beneficiary (beneficiaries) to whom a portion of the death proceeds of the policy are to be paid in accordance with the terms of the Trautman Split-Dollar Agreement. Upon Mr. Trautman's death, his beneficiary (beneficiaries) will be entitled to an amount equal to the lesser of (a) the “Death Benefit” described in the Trautman Split-Dollar Agreement or (b) 100% of the difference between the total death proceeds payable under the policy and the cash surrender value of the policy (such difference being referred to as the “Net at Risk Amount”). The Death Benefit will be $1,342,000 if Mr. Trautman dies while a full-time employee of PNB until the later of age 62 or his retirement. If Mr. Trautman dies after retiring or attaining age 62, the Death Benefit will be reduced each year and will be $0 if Mr. Trautman dies after attaining age 84. In no event will the amount payable to Mr. Trautman's beneficiary (beneficiaries) exceed the Net at Risk Amount in the policy as of the date of Mr. Trautman's death. PNB will be entitled to any death proceeds payable under the policy remaining after payment to Mr. Trautman's beneficiary (beneficiaries). PNB and Mr. Trautman's beneficiary (beneficiaries) will share in any interest due on the death proceeds of the policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest.

EX-10.5

Exhibit 10.5

Summary of Certain Compensation for

Directors of Park National Corporation

Annual Retainers and Meeting Fees

Annual Retainers Payable in Common Shares

From 2004 to 2012, each director of Park National Corporation (“Park”) who was not an employee of Park or one of Park’s subsidiaries (a “non-employee director”) received, on the date of the regular meeting of the Park Board of Directors held during the fourth fiscal quarter, an annual retainer in the form of common shares awarded under the Park National Corporation Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the “Directors’ Stock Plan”). After the Park National Corporation 2013 Long-Term Incentive Plan (the “2013 LTIP”) was approved by Park’s shareholders on April 22, 2013, the Directors’ Stock Plan was terminated and the annual retainer in the form of Park common shares is to be awarded under the 2013 LTIP. The number of common shares awarded as the annual retainer for the fiscal year ended December 31, 2013 (the “2013 fiscal year”) was 200 common shares. These common shares were delivered on the date of the regular meeting of the Park Board of Directors held during the fourth quarter of the 2013 fiscal year.

Each non-employee director of Park also serves on the board of directors of either The Park National Bank (“Park National Bank”) or one of the divisions of Park National Bank, and from 2004 to 2012, received, on the date of the regular meeting of the Park Board of Directors held during the fourth fiscal quarter, an annual retainer in the form of 60 common shares of Park awarded under the Directors’ Stock Plan. After the 2013 LTIP was approved by Park’s shareholders on April 22, 2013, the full Board of Directors of Park determined that the number of Park common shares to be awarded in the form of annual retainers for the 2013 fiscal year was to be: (a) 150 common shares for members of the board of directors of Park National Bank; and (b) 100 common shares for members of the board of directors of a division of Park National Bank. These common shares were delivered on the date of the regular meeting of the Park Board of Directors held during the fourth quarter of the 2013 fiscal year.

Cash Compensation

The following table sets forth the cash compensation paid by Park to Park’s non-employee directors for the 2013 fiscal year, starting April 22, 2013, and to be paid by Park to Park’s non-employee directors for the fiscal year ending December 31, 2014 (the “2014 fiscal year”):

Meeting Fees:
Each meeting of Board of Directors attended (1)		$1,200
Each meeting of Executive Committee attended		$900
Each meeting of Audit Committee attended		$900
Each meeting of each other Board Committee attended		$600
Annual Retainers:
Annual Retainer for Committee Chairs:
	Audit Committee	$7,500
	Nominating Committee	$5,000
	Compensation Committee	$5,000
	Risk Committee	$5,000
Annual Retainer for Other Committee Members:
	Executive Committee	$5,000
	Audit Committee	$5,000
	Risk Committee	$2,500
	Compensation Committee	$2,500
	Investment Committee	$2,500
	Nominating Committee	$2,500
Lead Director Additional Annual Retainer		$15,000

(1)    If the date of a meeting of the full Board of Directors is changed from that provided for by resolution of the Board and a Park non-employee director is not able to attend the rescheduled meeting, he or she receives the meeting fee as though he or she attended the meeting.

Each non-employee of Park also serves on the board of directors of either Park National Bank or one of the divisions of Park National Bank and, in some cases, receives a specified amount of cash for such service as well as fees for attendance at meetings of the board of directors of Park National Bank or the applicable division of Park National Bank (and committees of the respective boards).

In addition to the annual retainers and meeting fees discussed above, non-employee directors also receive reimbursement of all reasonable travel and other expenses of attending board and committee meetings.

C. Daniel DeLawder, Harry O. Egger, William T. McConnell and David L. Trautman receive no compensation for: (i) serving as a member of the Board of Directors of Park; (ii) serving as a member of the board of directors of Park National Bank or one of its divisions; or (iii) serving as a member of any committee of the respective boards.

Other Compensation

William T. McConnell is employed by Park National Bank in a non-executive officer capacity. In such capacity, he received the amount of $33,000 during the 2013 fiscal year. Harry O. Egger is employed by the Security National Bank Division of Park National Bank in a non-executive officer capacity. In such capacity, he received the amount of $33,000 during the 2013 fiscal year.

EX-10.6

Exhibit 10.6(b)

Schedule identifying Non-Employee Directors

of Park National Corporation covered by form

of Split-Dollar Agreement,  made and

  entered into effective as of December 28, 2007  

The following directors of Park National Corporation (“Park”) are covered by Split-Dollar Agreements (the “Split-Dollar Agreements”) as identified below, which Split-Dollar Agreements are identical to the form of Split-Dollar Agreement, to be made and entered into effective as of December 28, 2007, filed as Exhibit 10.2(a) to Park’s Current Report on Form 8-K dated and filed on January 2, 2008 (File No. 1-13006):

Name of Director	Subsidiary of Park which is a Party to Split-Dollar Agreement	Date of Split- Dollar Agreement
Donna M. Alvarado	The Park National Bank	December 28, 2007
Maureen H. Buchwald	The Park National Bank (as successor by merger to The First-Knox National Bank of Mount Vernon)	December 28, 2007
F. William Englefield IV	The Park National Bank	December 28, 2007
Dr. Charles W. Noble, Sr.	The Park National Bank	December 28, 2007
John J. O’Neill	The Park National Bank	December 28, 2007
Robert E. O’Neill	The Park National Bank	December 28, 2007
Rick R. Taylor	The Park National Bank (as successor by merger to The Richland Trust Company)	December 28, 2007
Leon Zazworsky	The Park National Bank	December 28, 2007

EX-13

Exhibit 13

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's discussion and analysis presents the financial condition and results of operations for Park National Corporation and its subsidiaries (unless the context otherwise requires, collectively, "Park" or the "Corporation").  This discussion should be read in conjunction with the consolidated financial statements and related notes and the five-year summary of selected financial data.  Management’s discussion and analysis contains forward-looking statements that 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 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 increase 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, the American Taxpayer Relief Act of 2012 and the Basel III regulatory capital reforms; 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 SEC 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, 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.

OVERVIEW

Net income for 2013 was $77.2 million, compared to $78.6 million in 2012 and $82.1 million in 2011. Net income available to common shareholders was $77.2 million for 2013, compared to $75.2 million in 2012 and $76.3 million in 2011. Diluted earnings per common share were $5.01, $4.88 and $4.95 for 2013, 2012 and 2011, respectively.  

Net income for 2012 included the gain from the sale of the Vision Bank ("Vision") business of $22.2 million ($14.4 million after-tax). Results for 2011 included gains of $28.8 million ($18.7 million after-tax) from the sale of investment securities. Excluding the gain from the sale of the Vision business and gains from the sale of securities, net income for 2012 and 2011, would have been $64.2 million and $63.4 million, respectively.

1

The table below reflects the net income (loss) by segment for each of the fiscal years ended December 31, 2013, 2012 and 2011. Park's segments include The Park National Bank (“PNB”), Guardian Financial Services Company (“GFSC”), SE Property Holdings, LLC (“SEPH”) and Park Parent Company. For 2011, the table includes the net loss at Vision, also considered an operating segment until the sale of the Vision business.

Table 1 - Net Income (Loss) By Segment
(In thousands)	2013			2012			2011
PNB	$	75,594		$	87,106		$	106,851
GFSC	2,888			3,550			2,721
Park Parent Company	(1,397		)	195			(1,595		)
Ohio-based operations	$	77,085		$	90,851		$	107,977
Vision Bank	—			—			(22,526		)
SEPH	142			(12,221		)	(3,311		)
Total Park	$	77,227		$	78,630		$	82,140

The “Park Parent Company” above excludes the results for SEPH, an entity which is winding down commensurate with its primary objective of problem asset disposition. Management considers the “Ohio-based operations” results to reflect the business of Park and its subsidiaries going forward. The discussion below provides additional information regarding Park's operating segments.

Tables 2 through 6 show the components of net income for 2013, 2012 and 2011 for Park National Corporation and its wholly - owned subsidiaries. The subsidiaries that will be reviewed in the tables are PNB, SEPH (including Vision through February 16, 2012), GFSC and Parent Company for Park (excludes SEPH results). We have also included summary balance sheet information.

Table 2 - PNB – Summary Income Statement
For the years ended December 31,
(In thousands)	2013		2012		2011
Net interest income	$	210,781	$	221,758	$	236,282
Provision for loan losses	14,039		16,678		30,220
Other income	70,841		70,739		67,348
Security gains	—		—		23,634
Operating expenses	165,665		156,516		146,235
Income before taxes	$	101,918	$	119,303	$	150,809
Federal income taxes	26,324		32,197		43,958
Net income	$	75,594	$	87,106	$	106,851
Net income excluding security gains	$	75,594	$	87,106	$	91,489

Balances at December 31,
(In thousands)	2013		2012		2011
Assets	$	6,524,098	$	6,502,579	$	6,281,747
Loans	4,559,406		4,369,173		4,172,424
Deposits	4,896,405		4,814,107		4,611,646

Net income for PNB of $75.6 million was a decrease of $11.5 million from the $87.1 million of net income in 2012. The majority of the decrease was a result of a decline in net interest income and increased operating expenses, offset by a decline in the provision for loan losses. Excluding the after-tax impact of security gains in 2011, PNB's net income was $91.5 million, compared to $87.1 million in 2012.  The $4.4 million decrease in net income in 2012, compared to net income excluding the

2

after-tax impact of security gains in 2011, was due to decreased net interest income and an increase in operating expenses, offset by a decline in the provision for loan losses and an increase to fee income.   

Table 3 - GFSC –Summary Income Statement
For the years ended December 31,
(In thousands)	2013		2012		2011
Net interest income	$	8,741	$	9,156	$	8,693
Provision for loan losses	1,175		859		2,000
Other income	11		—		—
Operating expenses	3,133		2,835		2,506
Income before taxes	$	4,444	$	5,462	$	4,187
Federal income taxes	1,556		1,912		1,466
Net income	$	2,888	$	3,550	$	2,721

Balances at December 31,
(In thousands)	2013		2012		2011
Assets	$	47,115	$	49,926	$	46,682
Loans	47,228		50,082		47,111
Deposits	7,159		8,358		8,013

Net income for GFSC was $2.9 million for the year ended December 31, 2013, a decrease of $662,000, or 18.6%, from $3.5 million for 2012. The decrease in income was primarily due to a decline in net interest income and an increase in provision for loan losses.

The table below provides financial results for SEPH for the years ended December 31, 2013, 2012 and 2011. The results for fiscal year 2012 include the results for Vision through February 16, 2012, the date that Vision was merged with and into SEPH. Also included below are the financial results for Vision for the year ended December 31, 2011.

Table 4 - SEPH/Vision - Summary Income Statement
For the years ended December 31,
(In thousands)	SEPH 2013			SEPH 2012			SEPH 2011			Vision 2011
Net interest (expense) income	$	(1,325	)	$	(341	)	$	(974	)	$	27,078
(Recovery of) provision for loan losses	(11,799		)	17,882			—			31,052
Other income (loss)	1,956			(736		)	(3,039		)	1,422
Security gains	—			—			—			5,195
Gain on sale of Vision business	—			22,167			—			—
Operating expenses	12,211			22,032			1,082			31,379
Income (loss) before taxes (benefit)	$	219		$	(18,824	)	$	(5,095	)	$	(28,736	)
Federal income taxes (benefit)	77			(6,603		)	(1,784		)	(6,210		)
Net income (loss)	$	142		$	(12,221	)	$	(3,311	)	$	(22,526	)
Net income (loss), excluding security gains and gain on sale of Vision business	$	142		$	(26,630	)	$	(3,311	)	$	(25,903	)

3

Balances at December 31,
(In thousands)	SEPH 2013		SEPH 2012		SEPH 2011		Vision 2011
Assets	$	72,781	$	104,428	$	34,989	$	650,935
Assets held for sale (1)	—		—		—		382,462
Loans	38,014		59,178		—		123,883
OREO	23,224		21,003		29,032		—
Deposits	—		—		—		32
Liabilities held for sale (2)	—		—		—		536,186

(1) The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012. 

(2) The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

SEPH's assets primarily include performing and nonperforming loans, as well as OREO assets, that were not sold to Centennial as part of the sale of the Vision business on February 16, 2012. Net income for SEPH was $142,000 for the year ended December 31, 2013, compared to a net loss of $12.2 million for the year ended December 31, 2012, and a net loss for the combined SEPH/Vision of $25.8 million for the year ended December 31, 2011. The primary drivers of income/loss for SEPH are (1) charge-offs on loans retained following the sale of the Vision business which result in a dollar for dollar provision for loan loss, (2) recoveries on loans previously charged off, (3) gain/loss on the sale of OREO properties, (4) OREO devaluation adjustments based on appraisals received annually and (5) the expense associated with working down the portfolio of loans and OREO, including legal and third-party workout specialist costs.

The table below reflects the results for Park's Parent Company (excludes results for SEPH, which is a separate reportable segment) for the fiscal years ended December 31, 2013, 2012 and 2011. Park's Parent Company, included within "All Other" in Note 23 in the Notes to the Consolidated Financial Statements, also includes eliminations between Park's other segments.

Table 5 - Park Parent Company - Summary Income Statement
For the years ended December 31,
(In thousands)	2013			2012			2011
Net interest income	$	2,828		$	4,742		$	2,155
Provision for loan losses	—			—			—
Other income	469			233			350
Operating expenses	7,520			6,585			7,115
Loss before income tax benefit	$	(4,223	)	$	(1,610	)	$	(4,610	)
Federal income tax benefit	(2,826		)	(1,805		)	(3,015		)
Net (loss) income	$	(1,397	)	$	195		$	(1,595	)

For the year ended December 31, 2013, Park's Parent Company had a net loss of $1.4 million, compared to net income of $195,000 for the year ended December 31, 2012, and a net loss of $1.6 million in 2011. Net interest income for Park's Parent Company included interest income on loans from Park to SEPH and on subordinated debt investments by Park with PNB, which were eliminated in the consolidated Park totals. Additionally, net interest income included interest expense related to the $35.25 million (10 percent coupon with a maturity date of December 23, 2019 and an earliest prepayment date of December 23, 2014) and $30 million (7 percent coupon with a maturity date of April 20, 2022 and an earliest prepayment date of April 20, 2017) of subordinated notes issued by Park in December 2009 and April 2012, respectively.

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Table 6 - Park – Summary Income Statement
For the years ended December 31,
(In thousands)	2013		2012		2011
Net interest income	$	221,025	$	235,315	$	273,234
Provision for loan losses	3,415		35,419		63,272
Other income	73,277		70,236		66,081
Gain on sale of Vision business	—		22,167		—
Security gains	—		—		28,829
Operating expenses	188,529		187,968		188,317
Income before taxes	$	102,358	$	104,331	$	116,555
State income taxes	—		—		6,088
Federal income taxes	25,131		25,701		28,327
Net income	$	77,227	$	78,630	$	82,140
Net income, excluding security gains and gain on sale of Vision business	$	77,227	$	64,221	$	63,401

Balances at December 31,
(In thousands)	2013		2012		2011
Assets	$	6,638,347	$	6,642,803	$	6,972,245
Assets held for sale (1)	—		—		382,462
Loans	4,620,505		4,450,322		4,317,099
Deposits	4,789,994		4,716,032		4,465,114
Liabilities held for sale (2)	—		—		536,186

(1) The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012. 

(2) The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

ISSUANCE OF PREFERRED SHARES AND EMERGENCY ECONOMIC STABILIZATION ACT

On October 3, 2008, Congress passed the Emergency Economic Stabilization Act of 2008 (“EESA”), which created the Troubled Asset Relief Program (“TARP”) and provided the Secretary of the Treasury with broad authority to implement certain actions to help restore stability and liquidity to U.S. markets. The Capital Purchase Program (the “CPP”) was announced by the U.S. Department of the Treasury (the “U.S. Treasury”) on October 14, 2008 as part of TARP.  

On December 23, 2008, Park completed the sale to the U.S. Treasury of $100 million of newly-issued Park non-voting preferred shares as part of the CPP.  Park entered into a Securities Purchase Agreement and a Letter Agreement with the U.S. Treasury on December 23, 2008. Pursuant to these agreements, Park issued and sold to the U.S. Treasury (i) 100,000 of Park’s Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value and having a liquidation preference of $1,000 per share (the “Series A Preferred Shares”), and (ii) a warrant (the “Warrant”) to purchase 227,376 Park common shares at an exercise price of $65.97 per share, for an aggregate purchase price of $100 million.  The Warrant had a ten-year term.  All of the proceeds from the sale of the Series A Preferred Shares and the Warrant by Park to the U.S. Treasury under the CPP qualified as Tier 1 capital for regulatory purposes.

The allocation between the Series A Preferred Shares and the Warrant at December 23, 2008, the date of issuance, was $95.7 million and $4.3 million, respectively.  The discount on the Series A Preferred Shares of $4.3 million was accreted through retained earnings using the level yield method over a 60-month period.  GAAP requires Park to measure earnings per share using earnings available to common shareholders.  Therefore, the Consolidated Statements of Income reflect a line item for “Preferred share dividends and accretion” and a line item for “Income available to common shareholders”.  

On April 25, 2012, Park entered into a Letter Agreement with the U.S. Treasury pursuant to which Park repurchased the 100,000 Series A Preferred Shares for a purchase price of $100 million plus pro rata accrued and unpaid dividends. Total consideration of $101.0 million included accrued and unpaid dividends of $1.0 million. In addition to the accrued and unpaid

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dividends of $1.0 million, the charge to retained earnings, resulting from the repurchase of the Series A Preferred Shares, was $1.6 million on April 25, 2012.

On May 2, 2012, Park entered into a Letter Agreement pursuant to which Park repurchased from the U.S. Treasury the Warrant to purchase 227,376 Park common shares for consideration of $2.8 million, or $12.50 per Park common share.

The dividends and accretion on the Series A Preferred Shares totaled $3.4 million for 2012 and $5.9 million for 2011. The accretion of the discount was $1.9 million in 2012 and $856,000 in 2011. Income available to common shareholders is net income minus the preferred share dividends and accretion.  Income available to common shareholders was $77.2 million for 2013, $75.2 million for 2012, and $76.3 million for 2011.

See Note 25 of the Notes to Consolidated Financial Statements for additional information on the Series A Preferred Shares.

DIVIDENDS ON COMMON SHARES

Cash dividends declared on common shares were $3.76 in 2013, 2012 and 2011. The quarterly cash dividend on common shares was $0.94 per share for each quarter of 2013, 2012 and 2011. 

CRITICAL ACCOUNTING POLICIES

The significant accounting policies used in the development and presentation of Park’s consolidated financial statements are listed in Note 1 of the Notes to Consolidated Financial Statements.  The accounting and reporting policies of Park conform with GAAP and general practices within the financial services industry.  The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes.  Actual results could differ from those estimates.

The determination of the allowance for loan and lease losses ("ALLL") involves a higher degree of judgment and complexity than Park's other significant accounting policies.  The ALLL is calculated with the objective of maintaining a reserve level believed by management to be sufficient to absorb probable incurred credit losses in the loan portfolio.  Management’s determination of the adequacy of the ALLL is based on periodic evaluations of the loan portfolio and of current economic conditions.  However, this evaluation is inherently subjective as it requires material estimates, including expected default probabilities, the loss given default, the amounts and timing of expected future cash flows on impaired loans, and estimated losses based on historical loss experience and current economic conditions.  All of these factors may be susceptible to significant change.  To the extent that actual results differ from management estimates, additional loan loss provisions may be required that would adversely impact earnings for future periods. Refer to the “CREDIT EXPERIENCE - Provision for Loan Losses” section for additional discussion.

Other real estate owned (“OREO”), property acquired through foreclosure, is recorded at estimated fair value less anticipated selling costs (net realizable value). If the net realizable value is below the carrying value of the loan on the date of transfer of the OREO, the difference is charged off against the ALLL. Subsequent declines in value (OREO devaluations) are reported as adjustments to the carrying amount of OREO and are expensed within other income. Gains or losses not previously recognized, resulting from the sale of OREO, are recognized within other income on the date of sale.  At December 31, 2013, OREO totaled $34.6 million, a decrease of 3.1%, compared to $35.7 million at December 31, 2012.

In accordance with GAAP, management utilizes the fair value hierarchy, which has the objective of maximizing the use of observable market inputs.  The accounting guidance also requires disclosures regarding the inputs used to calculate fair value. These inputs are classified as Level 1, 2, and 3. Level 3 inputs are those with significant unobservable inputs that reflect a company’s own assumptions about the market for a particular instrument. Some of the inputs could be based on internal models and/or cash flow analyses. The large majority of Park’s financial assets valued using Level 2 inputs consist of available-for-sale (“AFS”) securities. The fair value of these AFS securities is obtained largely by the use of matrix pricing, which is a mathematical technique widely used in the financial services industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities.

The accounting for goodwill and other intangible assets also involves a higher degree of judgment than most other significant accounting policies. GAAP establishes standards for the amortization of acquired intangible assets and the impairment assessment of goodwill. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. Park’s goodwill relates to the value inherent in the banking industry and that value is

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dependent upon the ability of PNB, Park’s bank subsidiary, to provide quality, cost-effective banking services in a competitive marketplace. The goodwill value is supported by revenue that is in part driven by the volume of business transacted. A decrease in earnings resulting from a decline in the customer base, the inability to deliver cost-effective services over sustained periods or significant credit problems can lead to impairment of goodwill that could adversely impact earnings in future periods. GAAP requires an annual evaluation of goodwill for impairment, or more frequently if events or changes in circumstances indicate that the asset might be impaired by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then performance of the second step of the impairment test is required. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. At December 31, 2013, on a consolidated basis, Park had $72.3 million of goodwill, which was not subject to periodic amortization.

The determination of pension plan obligations and related expenses requires the use of assumptions to estimate the amount of benefits that employees earn while working, as well as the present value of those benefits. Annual pension expense is principally based on four components: (1) the value of benefits earned by employees for working during the year (service cost), (2) the increase in the liability due to the passage of time (interest cost), and (3) other gains and losses, reduced by (4) the expected return on plan assets for our pension plan.

Significant assumptions used to measure our annual pension expense include:

• the interest rate used to determine the present value of liabilities (discount rate);

• certain employee-related factors, such as turnover, retirement age and mortality;

• the expected return on assets in our funded plans; and

• for pension expense, the rate of salary increases for plans where benefits are based on earnings

Our assumptions reflect our historical experience and management’s best judgment regarding future expectations. Due to the significant management judgment involved, our assumptions could have a material impact on the measurement of our pension plan expense and obligation.

ABOUT OUR BUSINESS

Through its Ohio-based banking divisions, Park is engaged in the commercial banking and trust business, generally in small to medium population Ohio communities. Management believes there is a significant number of consumers and businesses which seek long-term relationships with community-based financial institutions of quality and strength.  While not engaging in activities such as foreign lending, nationally syndicated loans or investment banking, Park attempts to meet the needs of its customers for commercial, real estate and consumer loans, consumer and commercial leases, and investment, fiduciary and deposit services.

Park’s subsidiaries compete for deposits and loans with other banks, savings associations, credit unions and other types of financial institutions.  At December 31, 2013, Park operated 129 financial service offices (including those of GFSC) and a network of 144 automated teller machines in 28 Ohio counties and one county in northern Kentucky.  

A summary of financial data, average loans and average deposits, for Park’s bank subsidiaries and their divisions for 2013, 2012 and 2011 is shown in Table 7.  See Note 23 of the Notes to Consolidated Financial Statements for additional financial information for the Corporation’s operating segments.  Please note that the financial statements for various divisions of PNB are not reported on a separate basis and, therefore, net income is not included in the summary financial data below.

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Table 7  -  Park Affiliate Financial Data
	2013						2012						2011
(In thousands)	Average Loans			Average Deposits			Average Loans			Average Deposits			Average Loans			Average Deposits
Park National Bank:
Park National Bank Division	$	1,348,466		$	1,355,805		$	1,286,751		$	1,354,196		$	1,206,520		$	1,387,223
Security National Bank Division	432,259			780,525			412,388			767,560			394,605			685,428
First-Knox National Bank Division	540,452			538,142			513,976			507,237			493,158			482,537
Century National Bank Division	618,144			482,002			604,382			480,536			573,056			460,825
Richland Bank Division	240,692			444,364			248,421			439,420			244,687			422,261
Fairfield National Bank Division	251,567			398,260			245,064			394,239			236,467			383,358
Second National Bank Division	323,880			308,970			302,185			290,870			281,749			281,347
Park National SW & N KY Bank Division	324,386			216,134			291,297			218,407			329,690			240,213
United Bank, N.A. Division	85,761			193,823			92,258			196,841			95,528			193,685
Unity National Bank Division	160,123			153,814			147,956			149,537			146,965			145,051
Farmers & Savings Bank Division	100,189			84,802			95,661			75,684			97,228			71,386
Scope Aircraft Finance	182,794			7			175,019			9			156,681			9
SEPH/Vision Bank	47,625			18			133,306			67,737			582,221			575,784
GFSC	49,687			8,172			48,987			8,524			45,957			8,093
Parent Company, including consolidating entries	(191,244		)	(105,098		)	(186,990		)	(115,400		)	(171,001		)	(144,711		)
Consolidated Totals	$	4,514,781		$	4,859,740		$	4,410,661		$	4,835,397		$	4,713,511		$	5,192,489

SOURCE OF FUNDS

Deposits: Park’s major source of funds is deposits from individuals, businesses and local government entities.  These deposits consist of non-interest bearing and interest bearing deposits.

Average total deposits were $4,860 million in 2013, compared to $4,835 million in 2012, and $5,192 million in 2011.

Total deposits were $4,790 million at December 31, 2013, compared to $4,716 million at December 31, 2012. This represents an increase in total deposits of $74 million or 1.6% in 2013.  The increase in total deposits in 2013 was predominately in Park's non-interest bearing checking accounts, interest bearing transaction accounts, and interest bearing savings accounts.

Table 8 - Year-End Deposits
December 31,
(In thousands)	2013		2012		Change
Non-interest bearing checking	$	1,193,553	$	1,137,290	$	56,263
Interest bearing transaction accounts	1,145,525		1,088,617		56,908
Savings	1,124,994		1,038,356		86,638
All other time deposits	1,324,659		1,450,424		(125,765		)
Other	1,263		1,345		(82		)
Total	$	4,789,994	$	4,716,032	$	73,962

The average interest rate paid on interest bearing deposits was 0.35% in 2013, compared to 0.49% in 2012, and 0.66% in 2011.  The average cost of interest bearing deposits for each quarter of 2013 was 0.31% for the fourth quarter, 0.33% for the third quarter, 0.36% for the second quarter and 0.39% for the first quarter. 

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Short-Term Borrowings: Short-term borrowings consist of securities sold under agreements to repurchase, Federal Home Loan Bank advances, federal funds purchased and other borrowings.  These funds are used to manage the Corporation’s liquidity needs and interest rate sensitivity risk.  The average rate paid on short-term borrowings generally moves closely with changes in market interest rates for short-term investments.  The average rate paid on short-term borrowings was 0.22% in 2013, compared to 0.26% in 2012 and 0.28% in 2011.

The year-end balance for short-term borrowings was $242 million at December 31, 2013, compared to $344 million at December 31, 2012 and $264 million at December 31, 2011. The decrease from 2012 to 2013 and the increase from 2011 to 2012 were due to investment security purchases at year-end 2012 that were temporarily funded through the use of short-term borrowings. 

Long-Term Debt: Long-term debt primarily consists of borrowings from the Federal Home Loan Bank and repurchase agreements with investment banking firms.  The average balance of long-term debt and the average cost of long-term debt includes the subordinated debentures and subordinated notes discussed in the following section.  In 2013, average long-term debt was $871 million, compared to $908 million in 2012 and $882 million in 2011.  Average total debt (long-term and short-term) was $1,124 million in 2013, compared to $1,166 million in 2012 and $1,179 million in 2011.  Average total debt decreased by $42 million or 3.6% in 2013 compared to 2012 and decreased by $13 million or 1.1% in 2012 compared to 2011. Average long-term debt was 77% of average total debt in 2013, compared to 78% in 2012 and 75% in 2011.

On November 30, 2012, Park's bank subsidiary, PNB, restructured $300 million of fixed rate repurchase agreement borrowings with a third-party investment banking firm. The restructuring reduced the weighted average interest rate paid on the debt from 4.04% to 1.75% and extended the weighted average maturity from 4.4 years to 5.0 years. A $25 million prepayment penalty was paid by PNB to the third-party investment banking firm as part of the restructuring which will be amortized over the five-year remaining term of the restructured borrowing. The effective rate on the restructured borrowing is 3.40%, including the impact of the prepayment penalty amortization.

The average interest rate paid on long-term debt was 3.26% for 2013, compared to 3.45% for 2012 and 3.42% for 2011.

Subordinated Debenture/Notes: Park assumed, with the 2007 Vision acquisition, $15.5 million of floating rate junior subordinated notes.  The $15.5 million of junior subordinated notes were purchased by Vision Bancshares Trust I ("Trust I") following the issuance of Trust I's $15.0 million of floating rate preferred securities. The interest rate on these junior subordinated notes adjusts every quarter at 148 basis points above the three-month LIBOR interest rate.  The maturity date for the junior subordinated notes is December 30, 2035 and the junior subordinated notes may be prepaid after December 30, 2010.  These junior subordinated notes qualify as Tier 1 capital under current Federal Reserve Board guidelines.

Park’s bank subsidiary, PNB, issued a $25 million subordinated debenture on December 28, 2007.  The interest rate on this subordinated debenture adjusted every quarter, while it was outstanding, at 200 basis points above the three-month LIBOR interest rate.  The maturity date for the subordinated debenture was December 29, 2017 and the subordinated debenture was eligible to be prepaid after December 28, 2012.  On January 2, 2008, Park entered into a “pay fixed-receive floating” interest rate swap agreement for a notional amount of $25 million with a maturity date of December 28, 2012.  This interest rate swap agreement was designed to hedge the cash flows pertaining to the $25 million subordinated debenture until December 28, 2012.  Management converted the cash flows related to this subordinated debenture to a fixed interest rate of 6.01% through the use of the interest rate swap.  This subordinated debenture qualified as Tier 2 capital under the applicable regulations of the Office of the Comptroller of the Currency of the United States of America (the “OCC”) and the Federal Reserve Board. This subordinated debenture was paid off in full on December 31, 2012.

On December 23, 2009, Park issued an aggregate principal amount of $35.25 million of subordinated notes to 38 purchasers.  These subordinated notes have a fixed annual interest rate of 10% with quarterly interest payments.  The maturity date of these subordinated notes is December 23, 2019.  These subordinated notes may be prepaid by Park at any time after December 23, 2014.  The subordinated notes qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board.  Each subordinated note was purchased at a purchase price of 100% of the principal amount by an accredited investor.

On April 20, 2012, Park issued an aggregate principal amount of $30.0 million of subordinated notes to 56 purchasers.  These subordinated notes have a fixed annual interest rate of 7% with quarterly interest payments. The maturity date of these subordinated notes is April 20, 2022.   The subordinated notes may be prepaid by Park at any time after April 20, 2017. The subordinated notes qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. Each subordinated note was purchased at a purchase price of 100% of the principal amount by an accredited investor.

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See Note 11 of the Notes to Consolidated Financial Statements for additional information about the subordinated notes.

Shareholders' Equity: The ratio of tangible shareholders’ equity [shareholders’ equity ($651.7 million) less goodwill and other intangible assets($72.3 million)] to tangible assets [total assets ($6,638 million) less goodwill and other intangible assets ($72.3 million)] was 8.82% at December 31, 2013, compared to 8.79% at December 31, 2012 and 9.68% at December 31, 2011.

The ratio of tangible shareholders’ equity to tangible assets for the fiscal year ended December 31, 2011 reflected the issuance of $100 million of Park Series A Preferred Shares to the U.S. Treasury on December 23, 2008, which remained outstanding. As previously discussed, Park repurchased the $100 million of Park Series A Preferred Shares from the U.S. Treasury on April 25, 2012.  Excluding the balance of Series A Preferred Shares, the ratio of tangible common shareholders’ equity to tangible assets was 8.25% at December 31, 2011.

In accordance with GAAP, Park reflects any unrealized holding gain or loss on available for sale ("AFS") securities, change in funded status of pension plan or unrealized net holding gain/loss on cash flow hedge, net of income taxes, as accumulated other comprehensive income (loss) which is part of Park’s shareholders’ equity.  

The unrealized net holding loss, net of income taxes, on AFS securities was $29.8 million at year-end 2013, compared to unrealized net holding gains, net of income taxes, of $9.6 million at year-end 2012 and $12.7 million at year-end 2011.  The unrealized net holding loss at December 31, 2013 was the result of increases in long-term interest rates during the year.

In accordance with GAAP, Park adjusts accumulated other comprehensive income (loss) to recognize the net actuarial gain or loss reflected in the funding status of Park’s pension plan.  See Note 13 of the Notes to Consolidated Financial Statements for information on the accounting for Park’s pension plan.

Pertaining to the funding status of the pension plan, Park recognized net comprehensive income of $21.5 million in 2013 and net comprehensive loss of $6.2 million and $5.0 million in 2012 and 2011, respectively.  The net comprehensive income in 2013 was due to positive investment returns in 2013 and changes in actuarial assumptions, primarily an increase in the discount rate from 4.47% at December 31, 2012 to 5.30% at December 31, 2013. The net comprehensive loss in each of 2012 and 2011 was due to changes in actuarial assumptions, primarily changes in the discount rate.  The actuarial loss more than offset the positive investment returns to the pension plan in each of 2011 and 2012. At year-end 2013, the balance in accumulated other comprehensive income/(loss) pertaining to the pension plan was $(5.6) million, compared to $(27.1) million at December 31, 2012 and $(20.9) million at December 31, 2011.

Park also recognized net comprehensive income with respect to the unrealized net holding gain of $0.6 million and $0.5 million for the years ended December 31, 2012 and 2011, respectively, due to the mark-to-market of the $25 million (notional amount) cash flow hedge that expired on December 28, 2012.  See Note 19 of the Notes to Consolidated Financial Statements for information on the accounting for Park’s derivative instruments, including this cash flow hedge.

INVESTMENT OF FUNDS

Loans:  Average loans were $4,515 million in 2013, compared to $4,411 million in 2012, and $4,714 million in 2011.  The average yield on loans was 5.02% in 2013, compared to 5.35% in 2012, and 5.61% in 2011.  The average prime lending rate was 3.25% in each of 2013, 2012 and 2011.  Approximately 50% of Park’s loan balances mature or reprice within one year (see Table 30).  The yield on average loan balances for each quarter of 2013 was 4.95% for each of the fourth quarter and third quarter, 5.08% for the second quarter and 5.13% for the first quarter.   At December 31, 2013, loan balances were $4,621 million, compared to $4,450 million at year-end 2012, an increase of $171 million or 3.8%. The loan growth of $171 million in 2013 was due to increases in loans of $190 million at PNB, offset by a decline of $2.8 million at GFSC and a decline in legacy Vision loans held by SEPH of $21 million. The increase in loans experienced at PNB in 2013 was primarily related to continued demand for 1-4 family mortgages, which increased by $87 million. PNB also had a $68 million increase in the consumer loan portfolio and a $35 million increase in the commercial loan portfolio.

Year-end residential real estate loans were $1,800 million, $1,713 million, and $1,629 million in 2013, 2012, and 2011, respectively. Residential real estate loans increased by $87 million or 5.1% in 2013 and increased by $84 million or 5.2% in 2012. The increases in 2012 and 2013 were primarily due to management's decision to continue to retain certain of the 15-year, fixed-rate mortgage loans originated during the year. The balance of 15-year, fixed-rate mortgage loans was $329 million at December 31, 2011, with a weighted average interest rate of 3.79%.  This 15-year, fixed-rate mortgage loan product increased by $142 million to $471 million at December 31, 2012, and had a weighted average interest rate of 3.62%. At December 31,

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2013, the 15-year, fixed-rate mortgage loan product increased by $141 million to $612 million and had a weighted average interest rate of 3.50%.

The long-term, fixed-rate residential mortgage loans that Park originates are generally sold in the secondary market and Park typically retains servicing on these loans.  As mentioned above, during 2010, Park began to retain on its balance sheet certain of the 15-year, fixed-rate residential mortgage loans that it originated.  The balance of sold fixed-rate residential mortgage loans, in which Park has maintained the servicing rights, was $1,326 million at year-end 2013, compared to $1,311 million at year-end 2012 and $1,347 million at year-end 2011.  

Year-end consumer loans were $724 million, $652 million, and $617 million in 2013, 2012 and 2011, respectively.  Consumer loans increased by $72 million or 11.0% in 2013 and increased by $35 million or 5.7% in 2012. The increase in consumer loans in 2013 and 2012 was primarily due to an increase in automobile lending in Ohio.

On a combined basis, year-end commercial, financial and agricultural loans, construction real estate loans and commercial real estate loans totaled $2,094 million, $2,082 million, and $2,070 million for 2013, 2012 and 2011, respectively.  These combined loan totals increased by $12 million or 0.6% in each of 2013 and 2012. The increase in 2013 was primarily due to increases in commercial real estate loans of $20.2 million and commercial, financial and agricultural loans of $1.5 million, offset by a decline in construction real estate loans of $9.4 million. The increase in 2012 was primarily due to an increase in commercial, financial and agricultural loans of $80.1 million, offset by declines in construction real estate loans of $52.0 million and commercial real estate loans of $16.4 million.  

Table 9 reports year-end loan balances by type of loan for the past five years.

Table 9  -  Loans by Type
December 31,
(In thousands)	2013		2012		2011		2010		2009
Commercial, financial and agricultural	$	825,432	$	823,927	$	743,797	$	737,902	$	751,277
Construction real estate	156,116		165,528		217,546		406,480		495,518
Residential real estate	1,799,547		1,713,645		1,628,618		1,692,209		1,555,390
Commercial real estate	1,112,273		1,092,164		1,108,574		1,226,616		1,130,672
Consumer	723,733		651,930		616,505		666,871		704,430
Leases	3,404		3,128		2,059		2,607		3,145
Total Loans	$	4,620,505	$	4,450,322	$	4,317,099	$	4,732,685	$	4,640,432

Table 10 - Selected Loan Maturity Distribution
	One Year or Less (1)		Over One Through Five Years		Over  Five  Years		Total
December 31, 2013
(In thousands)
Commercial, financial and agricultural	$	348,481	$	331,033	$	145,918	$	825,432
Construction real estate	63,817		17,122		75,177		156,116
Commercial real estate	91,545		122,817		898,011		1,112,373
Total	$	503,843	$	470,972	$	1,119,106	$	2,093,921
Total of these selected loans due
after one year with:
Fixed interest rate			296,107		146,246		$	442,353
Floating interest rate			174,865		972,860		$	1,147,725

(1)  Nonaccrual loans of $76.3 millionare included within the one year or less classification above.

Investment Securities: Park’s investment securities portfolio is structured to minimize credit risk, provide liquidity and contribute to earnings. As conditions change over time, Park’s overall interest rate risk, liquidity needs and potential return on the investment portfolio will change.  Management regularly evaluates the securities in the investment portfolio as

11

circumstances evolve.  Circumstances that could result in the sale of a security include: to better manage interest rate risk; to meet liquidity needs; or to improve the overall yield in the investment portfolio.

Park classifies the majority of its securities as AFS (see Note 4 of the Notes to Consolidated Financial Statements).  These securities are carried on the books at their estimated fair value with the unrealized holding gain or loss, net of federal taxes, accounted for as accumulated other comprehensive income (loss).  The securities that are classified as AFS are free to be sold in future periods in carrying out Park’s investment strategies.

Park classifies certain types of U.S. Government sponsored entity collateralized mortgage obligations (“CMOs”) that it purchases as held-to-maturity.  A classification of held-to-maturity means that Park has the positive intent and the ability to hold these securities until maturity.  Park classifies certain types of CMOs as held-to-maturity because these securities are generally not as liquid as the other U.S. Government sponsored entities' asset-backed securities that Park classifies as AFS.  At year-end 2013, Park’s held-to-maturity securities portfolio was $182 million, compared to $401 million at year-end 2012, and $820 million at year-end 2011.  Park purchased $208 million of CMOs in 2013, $388 million of CMOs in 2012, and $628 million of CMOs in 2011. All of the CMOs, mortgage-backed securities, and callable notes in Park’s investment portfolio were issued by a U.S. Government sponsored entity.

Average taxable investment securities were $1,377 million in 2013, compared to $1,610 million in 2012 and $1,841 million in 2011.  The average yield on taxable securities was 2.67% in 2013, compared to 3.14% in 2012 and 3.74% in 2011.  Average tax-exempt investment securities were $1.0 million in 2013, compared to $3.1 million in 2012 and $8 million in 2011.  The average tax-equivalent yield on tax-exempt investment securities was 7.07% in 2013, compared to 7.03% in 2012 and 7.17% in 2011.

Total investment securities (at amortized cost) were $1,470 million at December 31, 2013, compared to $1,567 million and $1,689 million at December 31, 2012 and December 31, 2011, respectively.  Management purchased investment securities totaling $583 million in 2013, $1,227 million in 2012 and $1,268 million in 2011. Proceeds from repayments and maturities of investment securities were $605 million in 2013, $1,348 million in 2012 and $1,013 million in 2011.  The increase in proceeds from repayments and maturities in 2012 was primarily due to accelerated prepayments of U.S. Government sponsored entities' mortgage-backed securities and U.S. Government sponsored entity CMOs and also from U.S. Government sponsored entity callable notes being called.

Proceeds from sales of investment securities were $75 million in 2013. These securities were sold at book value; thus, there was no gain or loss recognized. There were no sales of investment securities in 2012. Proceeds from sales of investment securities were $610 million in 2011.  Park realized net gains on the sale of these securities on a pre-tax basis of $28.8 million in 2011.

At year-end 2013, 2012 and 2011, the average tax-equivalent yield on the total investment portfolio was 2.53%, 2.76% and 3.31%, respectively.  The weighted average remaining maturity of the total investment portfolio was 6.5 years at December 31, 2013, 2.1 years at December 31, 2012 and 1.7 years at December 31, 2011.  Obligations of the U.S. Treasury and other U.S. Government sponsored entities and U.S. Government sponsored entities' asset-backed securities were approximately 95.2% of the total investment portfolio at year-end 2013, approximately 95.7% of the total investment portfolio at year-end 2012 and approximately 95.7% of the total investment portfolio at year-end 2011. 

The average maturity of the investment portfolio would lengthen if long-term interest rates increase as the principal repayments from mortgage-backed securities and CMOs would be reduced and callable U.S. Government sponsored entity notes would extend to their maturity dates.  At year-end 2013, management estimated that the average maturity of the investment portfolio would lengthen to 6.9 years with a 100 basis point increase in long-term interest rates and to 7.3 years with a 200 basis point increase in long-term interest rates.  Likewise, the average maturity of the investment portfolio would shorten if long-term interest rates decrease as the principal repayments from mortgage-backed securities and CMOs would increase as borrowers would refinance their mortgage loans and the callable U.S. Government sponsored entity notes would shorten to their call dates.  At year-end 2013, management estimated that the average maturity of the investment portfolio would decrease to 2.5 years with a 100 basis point decrease in long-term interest rates and to 1.8 years with a 200 basis point decrease in long-term interest rates.

12

Table 11 sets forth the carrying value of investment securities, as well as the percentage held within each category at year-end 2013, 2012 and 2011:

Table 11  -  Investment Securities
December 31,
(In thousands)	2013			2012			2011
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	525,136		$	695,727		$	371,657
Obligations of states and political subdivisions	240			1,573			4,652
U.S. Government asset-backed securities	830,292			816,322			1,262,527
Federal Home Loan Bank stock	59,031			59,031			60,728
Federal Reserve Bank stock	6,876			6,876			6,876
Equities	2,659			2,222			2,033
Total	$	1,424,234		$	1,581,751		$	1,708,473
Investments by category as a percentage of total investment securities
Obligations of U.S. Treasury and other U.S. Government sponsored entities	36.9		%	44.0		%	21.8		%
Obligations of states and political subdivisions	—		%	0.1		%	0.3		%
U.S. Government asset-backed securities	58.3		%	51.7		%	73.9		%
Federal Home Loan Bank stock	4.1		%	3.7		%	3.5		%
Federal Reserve Bank stock	0.5		%	0.4		%	0.4		%
Equities	0.2		%	0.1		%	0.1		%
Total	100.0		%	100.0		%	100.0		%

ANALYSIS OF EARNINGS

Park’s principal source of earnings is net interest income, the difference between total interest income and total interest expense.  Net interest income results from average balances outstanding for interest earning assets and interest bearing liabilities in conjunction with the average rates earned and paid on them.  (See Table 12 for three years of history on the average balances of the balance sheet categories and the average rates earned on interest earning assets and the average rates paid on interest bearing liabilities.)

Net interest income decreased by $14.3 million or 6.1% to $221.0 million for 2013, compared to a decrease of $37.9 million or 13.9% to $235.3 million for 2012.  The tax equivalent net yield on interest earning assets (net interest margin) was 3.61% for 2013, compared to 3.83% for 2012 and 4.14% for 2011.  The net interest rate spread (the difference between rates received for interest earning assets and the rates paid for interest bearing liabilities) was 3.43% for 2013, compared to 3.62% for 2012 and 3.94% for 2011.  The decrease in net interest income in 2013 was due to the decline in the net interest spread to 3.43%, while total interest earning assets only declined by approximately $25 million. The decrease in net interest income in 2012 was due to the decline in the net interest spread to 3.62% from 3.94% and due to the sale of the Vision business on February 16, 2012. The average balance of interest earning assets decreased by $451 million, or 6.8%, to $6,190 million in 2012, largely as a result of the sale of the Vision business.

The average yield on interest earning assets was 4.29% in 2013, compared to 4.64% in 2012 and 5.03% in 2011. On a quarterly basis for 2013, the average yield on interest earning assets was 4.24% for the fourth quarter, 4.19% for the third quarter, 4.31% for the second quarter and 4.41% for the first quarter.  

The average rate paid on interest bearing liabilities was 0.86% in 2013, compared to 1.02% in 2012 and 1.09% in 2011.  On a quarterly basis for 2013, the average rate paid on interest bearing liabilities was 0.83% for the fourth quarter, 0.84% for the third quarter, 0.88% for the the second quarter and 0.90% for the first quarter. 

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Table 12 - Distribution of Assets, Liabilities and Shareholders' Equity
December 31,	2013							2012							2011
(In thousands)	Daily Average			Interest		Average Rate		Daily Average			Interest		Average Rate		Daily Average			Interest		Average Rate
ASSETS
Interest earning assets:
Loans (1) (2)	$	4,514,781		$	226,816	5.02	%	$	4,410,661		$	236,184	5.35	%	$	4,713,511		$	264,192	5.60	%
Taxable investment securities	1,376,913			36,686		2.66	%	1,610,044			50,549		3.14	%	1,840,842			68,873		3.74	%
Tax-exempt investment securities (3)	974			69		7.07	%	3,087			217		7.03	%	8,038			575		7.15	%
Money market instruments	272,851			678		0.25	%	166,319			408		0.25	%	78,593			178		0.23	%
Total interest earning assets	6,165,519			264,249		4.29	%	6,190,111			287,358		4.64	%	6,640,984			333,818		5.03	%
Non-interest earning assets:
Allowance for loan losses	(56,860		)					(61,995		)					(128,512		)
Cash and due from banks	110,796							119,410							124,649
Premises and equipment, net	56,303							54,917							69,507
Other assets	427,215							464,363							499,543
TOTAL	$	6,702,973						$	6,766,806						$	7,206,171
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest bearing liabilities:
Transaction accounts	$	1,251,305		$	927	0.07	%	$	1,239,417		$	1,411	0.11	%	$	1,430,492		$	2,686	0.19	%
Savings deposits	1,098,860			846		0.08	%	1,006,321			1,072		0.11	%	946,406			1,126		0.12	%
Time deposits	1,392,196			11,235		0.81	%	1,540,863			15,921		1.03	%	1,816,506			23,842		1.31	%
Total interest bearing deposits	3,742,361			13,008		0.35	%	3,786,601			18,404		0.49	%	4,193,404			27,654		0.66	%
Short-term borrowings	253,123			544		0.22	%	258,661			678		0.26	%	297,537			823		0.28	%
Long-term debt (4)	870,538			28,370		3.26	%	907,704			31,338		3.45	%	881,921			30,169		3.42	%
Total interest bearing liabilities	4,866,022			41,922		0.86	%	4,952,966			50,420		1.02	%	5,372,862			58,646		1.09	%

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Table 12 - Continued
Non-interest bearing liabilities:
Demand deposits	1,117,379						1,048,796						999,085
Other	74,039						75,312						90,351
Total non-interest bearing liabilities	1,191,418						1,124,108						1,089,436
Shareholders' equity	645,533						689,732						743,873
TOTAL	$	6,702,973					$	6,766,806					$	7,206,171
Net interest earnings			$	222,327					$	236,938					$	275,172
Net interest spread					3.43	%					3.62	%					3.94	%
Net yield on interest earning assets (net interest margin)					3.61	%					3.83	%					4.14	%

(1) Loan income includes loan related fee income of $1.9 million in 2013, $3.1 million in 2012 and $2,.4 million in 2011.  Loan income also includes the effects of taxable equivalent adjustments using a 35% tax rate in 2013, 2012 and 2011.  The taxable equivalent adjustment was $1.3 million in 2013, $1.5 million in 2012, and $1.7 million in 2011.

(2) For the purpose of the computation, nonaccrual loans are included in the daily average loans outstanding.

(3) Interest income on tax-exempt investment securities includes the effects of taxable equivalent adjustments using a 35% tax rate in 2013, 2012 and 2011. The taxable equivalent adjustments were $24 thousand in 2013, $77 thousand in 2012, and $204 thousand in 2011.

(4) Includes subordinated debenture and subordinated notes.

The following table displays (for each quarter of 2013) the average balance of interest earning assets, the net interest income and the tax equivalent net interest margin.

Table 13  - Quarterly Net Interest Margin
(In thousands)	Average Interest Earning Assets		Net Interest Income		Tax Equivalent Net Interest Margin
First Quarter	$	6,125,403	$	55,453	3.70	%
Second Quarter	6,112,621		54,712		3.61	%
Third Quarter	6,219,809		54,960		3.52	%
Fourth Quarter	6,202,796		55,900		3.59	%
2013	$	6,165,519	$	221,025	3.61	%

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In the following table, the change in tax equivalent interest due to both volume and rate has been allocated to volume and rate changes in proportion to the relationship of the absolute dollar amounts of the change in each.

Table 14  -  Volume/Rate Variance Analysis
	Change from 2012 to 2013									Change from 2011 to 2012
(In thousands)	Volume			Rate			Total			Volume			Rate			Total
Increase (decrease) in:
Interest income:
Total loans	$	5,464		$	(14,832	)	$	(9,368	)	$	(16,271	)	$	(11,737	)	$	(28,008	)
Taxable investments	(6,744		)	(7,119		)	(13,863		)	(8,038		)	(10,286		)	(18,324		)
Tax-exempt investments	(149		)	1			(148		)	(348		)	(10		)	(358		)
Money market instruments	270			—			270			213			17			230
Total interest income	(1,159		)	(21,950		)	(23,109		)	(24,444		)	(22,016		)	(46,460		)
Interest expense:
Transaction accounts	$	13		$	(497	)	$	(484	)	$	(307	)	$	(968	)	$	(1,275	)
Savings accounts	95			(321		)	(226		)	58			(112		)	(54		)
Time deposits	(1,458		)	(3,228		)	(4,686		)	(3,289		)	(4,632		)	(7,921		)
Short-term borrowings	(16		)	(118		)	(134		)	(94		)	(51		)	(145		)
Long-term debt	(1,266		)	(1,702		)	(2,968		)	898			271			1,169
Total interest expense	(2,632		)	(5,866		)	(8,498		)	(2,734		)	(5,492		)	(8,226		)
Net variance	$	1,473		$	(16,084	)	$	(14,611	)	$	(21,710	)	$	(16,524	)	$	(38,234	)

Other Income:  Total other income was $73.3 million in 2013, compared to $92.4 million in 2012 and $94.9 million in 2011. Other income in 2012 included $22.2 million related to the gain on the sale of the Vision business. Other income in 2011 included $28.8 million related to net gains on the sale of investment securities. Excluding these gains, other income was $70.2 million and $66.1 million in 2012 and 2011, respectively. The increase in other income to $73.3 million in 2013, compared to $70.2 million excluding the gain on the sale of the Vision business in 2012 was primarily due to a $1.2 million increase in income from fiduciary activities and a $3.7 million decline in OREO devaluations, offset by a $1.3 million decline in gain on the sale of OREO, net. The increase in other income to $70.2 million excluding the gain on the sale of the Vision business in 2012, compared to $66.1 million excluding the net gain on the sale of securities in 2011 was primarily due to a $1.0 million increase in income from fiduciary activities, a $3.0 million increase in other service income and a $1.3 million decline in OREO devaluations, offset by a $1.6 million decline in service charges on deposits and a $2.1 million decline in miscellaneous other income.

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The following table displays total other income for Park in 2013, 2012 and 2011.

Table 15 - Other Income
Year Ended December 31,
(In thousands)	2013			2012			2011
Income from fiduciary activities	$	17,133		$	15,947		$	14,965
Service charges on deposits	16,316			16,704			18,307
Gain on sale of Vision business	—			22,167			—
Net gains on sales of securities	—			—			28,829
Other service income	12,913			13,631			10,606
Checkcard fee income	12,955			12,541			12,496
Bank owned life insurance income	5,041			4,754			5,089
ATM fees	2,632			2,359			2,703
Gain on the sale of OREO, net	3,110			4,414			1,312
OREO devaluations	(3,180		)	(6,872		)	(8,219		)
Miscellaneous	6,357			6,758			8,822
Total other income	$	73,277		$	92,403		$	94,910

The following table breaks out the change in total other income for the year ended December 31, 2013 compared to the year ended December 31, 2012 and for the year ended December 31, 2012 compared to the year ended December 31, 2011 between Park's Ohio-based operations and SEPH/Vision.

Table 16 - Other Income Breakout
	Change from 2012 to 2013									Change from 2011 to 2012
(In thousands)	Ohio-based operations			SEPH/VB			Total			Ohio-based operations			SEPH/VB			Total
Income from fiduciary activities	$	1,189		$	(3	)	$	1,186		$	1,106		$	(124	)	$	982
Service charges on deposits	(234		)	(154		)	(388		)	(615		)	(988		)	(1,603		)
Gain on sale of Vision business	—			(22,167		)	(22,167		)	—			22,167			22,167
Net gains on sales of securities	—			—			—			(23,634		)	(5,195		)	(28,829		)
Other service income	(620		)	(98		)	(718		)	4,499			(1,474		)	3,025
Checkcard fee income	532			(118		)	414			802			(757		)	45
Bank owned life insurance income	305			(18		)	287			(240		)	(95		)	(335		)
ATM fees	282			(9		)	273			(282		)	(62		)	(344		)
Gain on the sale of OREO, net	(655		)	(649		)	(1,304		)	176			2,926			3,102
OREO devaluations	(1,282		)	4,974			3,692			(289		)	1,636			1,347
Miscellaneous	832			(1,233		)	(401		)	(1,883		)	(181		)	(2,064		)
Total other income	$	349		$	(19,475	)	$	(19,126	)	$	(20,360	)	$	17,853		$	(2,507	)

Income from fiduciary activities increased by $1.2 million, or 7.4%, to $17.1 million in 2013, and increased by $1.0 million or 6.6% to $15.9 million in 2012.  The increases in fiduciary fee income in 2013 and 2012 were primarily due to improvements in the equity markets and also due to an increase in the total accounts served by PNB’s Trust Department.  PNB charges fiduciary fees largely based on the market value of the assets being managed. The average market value of the trust assets that PNB manages was $3.86 billion at December 31, 2013, compared to $3.52 billion at December 31, 2012 and $3.38 billion at December 31, 2011. 

Service charges on deposit accounts decreased by $388,000, or 2.3%, to $16.3 million in 2013, and decreased by $1.6 million or 8.8% to $16.7 million in 2012.  The decrease in 2012 was primarily due to the sale of the Vision business on February 16, 2012, which resulted in a $1.0 million decrease in services charges on deposits in 2012 compared to 2011. The balance of the

17

decline in 2012 of approximately $615,000 and the decline in 2013 of $388,000 was related to declines in service charges on deposits within Park's Ohio-based operations, largely as a result of a decrease in fee income from overdraft charges and other non-sufficient funds (NSF) charges.  Park’s customers did not use our courtesy overdraft program as frequently in 2012 and 2013.

As previously discussed, on February 16, 2012, Park completed the sale of the Vision business for a purchase price of $27.9 million. As a result of the transaction, Park recorded a pre-tax gain of $22.2 million (after actual expenses directly related to the transaction). This gain on sale was recognized at Vision prior to the merger of Vision (as constituted after the sale) with and into SEPH.

There were no sales of investments securities in 2012 and the sale of $75.0 million of investments in 2013 was made at par value for no gain or loss. Park recognized net gains from the sale of investment securities of $28.8 million in 2011. The majority of the investment securities sold in 2011, with an amortized cost of $579.2 million, were U.S. Government sponsored entities' mortgage-backed securities. The remaining investment securities sold in 2011 were municipal securities.

Fee income earned from origination and sale into the secondary market of long-term, fixed-rate mortgage loans is included within other non-yield related fees in the subcategory “Other service income”.  Other service income decreased $718,000, or 5.3%, to $12.9 million in 2013, and increased by $3.0 million, or 28.5%, to $13.6 million in 2012.  The decrease or increase in other service income in 2013, or 2012, respectively, was primarily due to a corresponding decrease or increase in the amount of mortgage loans originated and sold. Other service income for Park's Ohio-based operations increased $4.5 million in 2012. This increase was offset by a $1.5 million decline in other service income for the combined SEPH/VB as a result of the sale of the Vision business.  The amount of fixed-rate mortgage loans originated and sold in 2013 was $288 million, compared to $409 million in 2012 and $190 million in 2011.  As previously discussed, Park began to originate and retain 15-year, fixed-rate residential mortgages in August 2010, which resulted in fewer loans being sold in the secondary market.  The balance of 15-year, fixed-rate residential mortgage loans retained was $612 million at December 31, 2013, an increase of $141 million compared to $471 million at December 31, 2012.

Checkcard fee income, which is generated from debit card transactions, increased $414,000, or 3.3%, to $13.0 million in 2013, compared to $12.5 million in both 2012 and 2011.  The increase in 2013 was attributable to continued increases in the volume of debit card transactions. In 2012, increases in checkcard fee income of $802,000 for Park's Ohio-based operations were offset by a decline of $757,000 for SEPH/VB following the sale of the Vision business.  

Gain on the sale of OREO, net, totaled $3.1 million in 2013, a decrease of $1.3 million, compared to $4.4 million in 2012. The table below provides details on the OREO sales at PNB and SEPH in 2013 and 2012.

Table 17 - Sales of OREO
(In thousands)	OREO Properties Sold	Book Balance of OREO Sold		Net Proceeds of OREO Sold		Gain on Sale		(1)
2013:
PNB	111	$	9,527	$	10,161	$	634
SEPH	104	10,369		12,882		2,513
Total	215	$	19,896	$	23,043	$	3,147
2012:
PNB	113	$	8,814	$	9,307	$	493
SEPH	90	14,519		17,681		3,162		(2)
Total	203	$	23,333	$	26,988	$	3,655

(1) The gain on sale amounts above do not include any deferred gains on sale.

(2)The gain on sale above does not include gains on the transfer of OREO from Vision to SEPH which are included in the Consolidated Statement of Income for the year ended December 31, 2012. The properties were sold to SEPH at fair value in accordance with regulatory requirements.

OREO devaluations, which result from declines in the fair value (less anticipated selling costs) of property acquired through foreclosure, totaled $3.2 million in 2013, a decrease of $3.7 million or 53.7% compared to $6.9 million in 2012. The OREO devaluations in 2013 related primarily to OREO at PNB. Of the $3.2 million in OREO devaluations in 2013, $2.6 million were related to devaluations at PNB. The OREO devaluations in 2012 related primarily to other real estate owned at SEPH.  Of the $6.9 million in OREO devaluations in 2012, $5.6 million were related to devaluations recognized at SEPH.

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Other Expense: Total other expense was $188.5 million in 2013, compared to $188.0 million in 2012, and $188.3 million in 2011.  Total other expense increased by $561,000, or 0.3%, in 2013, and decreased by $349,000, or 0.2%, in 2012. The following table displays total other expense for Park in 2013, 2012 and 2011.

Table 18 - Other Expense
Year Ended December 31,
(In thousands)	2013		2012		2011
Salaries and employee benefits	$	100,298	$	95,977	$	102,068
Data processing fees	4,174		3,916		4,965
Professional fees and services	27,865		24,267		21,119
Net occupancy expense of bank premises	9,804		9,444		11,295
Furniture and equipment expense	11,249		10,788		10,773
Insurance	5,205		5,780		6,821
Marketing	3,790		3,474		2,967
Postage and telephone	5,790		5,983		6,060
Intangible amortization expense	337		2,172		3,534
State taxes	3,702		3,786		1,544
Loan put provision	—		3,299		—
OREO expense	2,731		4,011		3,266
Miscellaneous	13,584		15,071		13,905
Total other expense	$	188,529	$	187,968	$	188,317
Full time equivalent employees	1,836		1,826		1,920

The following table breaks out the change in total other expense for the year ended December 31, 2013 compared to the year ended December 31, 2012 and for the year ended December 31, 2012 compared to the year ended December 31, 2011 in each of Park's Ohio-based operations and SEPH/Vision.

Table 19 - Other Expense Breakout
	Change from 2012 to 2013									Change from 2011 to 2012
(In thousands)	Ohio-based operations			SEPH/VB			Total			Ohio-based operations			SEPH/VB			Total
Salaries and employee benefits	$	6,710		$	(2,389	)	$	4,321		$	2,911		$	(9,002	)	$	(6,091	)
Data processing fees	500			(242		)	258			417			(1,466		)	(1,049		)
Professional fees and services	5,027			(1,429		)	3,598			1,589			1,559			3,148
Net occupancy expense of bank premises	676			(316		)	360			(85		)	(1,766		)	(1,851		)
Furniture and equipment expense	529			(68		)	461			850			(835		)	15
Insurance	(433		)	(142		)	(575		)	(197		)	(844		)	(1,041		)
Marketing	338			(22		)	316			720			(213		)	507
Postage and telephone	(57		)	(136		)	(193		)	203			(280		)	(77		)
Intangible amortization expense	(220		)	(1,615		)	(1,835		)	—			(1,362		)	(1,362		)
State taxes	(36		)	(48		)	(84		)	2,242			—			2,242
Loan put provision	—			(3,299		)	(3,299		)	—			3,299			3,299
OREO expense	(409		)	(871		)	(1,280		)	750			(5		)	745
Miscellaneous	(2,242		)	755			(1,487		)	678			488			1,166
Total other expense	$	10,383		$	(9,822	)	$	561		$	10,078		$	(10,427	)	$	(349	)

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Salaries and employee benefits expense increased by $4.3 million, or 4.5%, to $100.3 million in 2013, and decreased by $6.1 million or 6.0% to $96.0 million in 2012.  The increase in 2013 was due to an increase of $2.6 million in salary expense, an increase of $1.5 million in group medical insurance, and an $831,000 increase in retirement benefit expense. The decrease in 2012 was primarily related to a decrease of $9.0 million at SEPH/VB due to the sale of the Vision business on February 16, 2012, offset by a $2.9 million increase in salaries and employee benefits for Park's Ohio-based operations.  Park had 1,836 full-time equivalent employees at year-end 2013, compared to 1,826 at year-end 2012 and 1,920 at year-end 2011.

Professional fees and services increased by $3.6 million, or 14.8%, to $27.9 million in 2013, and increased by $3.1 million or 14.9% to $24.3 million in 2012.  This subcategory of total other expense includes legal fees, management consulting fees, director fees, audit fees, regulatory examination fees and memberships in industry associations.  The increase in fees and services expense in each of 2012 and 2013 was primarily due to increases in legal and consulting fees at both PNB and SEPH, although SEPH realized a modest decline in 2013 from the level in 2012.

Net occupancy expense increased by $360,000, or 3.8%, to $9.8 million in 2013 and decreased by $1.9 million, or 16.4%, to $9.4 million in 2012. The increase in 2013 was primarily due to higher maintenance costs on buildings, while the reduction in 2012 was due largely to the sale of the Vision business.

Insurance expense declined by $575,000, or 9.9%, to $5.2 million in 2013, and declined by $1.0 million or 15.3% to $5.8 million in 2012. The decline in 2013 was primarily due to a decline in FDIC insurance premiums. The decline in 2012 was primarily the result of lower insurance expense at SEPH/VB following the sale of the Vision business, which eliminated the FDIC insurance expense for the Vision subsidiary. The remaining decline in 2012 was the result of the full year impact of the new FDIC assessment methodology utilizing total assets less tangible equity, which went into effect in the third quarter of 2011. 

As part of the transaction between Vision and Centennial, Park agreed to allow Centennial to “put back” up to $7.5 million aggregate principal amount of loans, which were originally included within the loans sold in the transaction. The loan put option expired on August 16, 2012, 180 days after the closing of the transaction. In total, Centennial put back forty-four loans, totaling approximately $7.5 million. Upon repurchase, Park was required to charge each of the repurchased loans down to its then current fair value. Park recognized $3.3 million of loan put provision expense in 2012 to establish a liability account that was utilized to cover write downs on the forty-four loans repurchased from Centennial.

The subcategory "Miscellaneous" other expense includes expenses for supplies, travel, charitable contributions, amortization of low income housing tax investments and other miscellaneous expense. The subcategory miscellaneous other expense decreased by $1.5 million, or 9.9%, to $13.6 million in 2013, and increased by $1.2 million or 8.4% in 2012. The $1.5 million decline in 2013 was largely due to the reversal of a $1.5 million liability for potential credit loss exposure related to certain off-balance sheet arrangements in the Ohio-based operations, which had previously been established in 2012.

Income Taxes: Federal income tax expense was $25.1 million in 2013, compared to $25.7 million in 2012, and $28.3 million in 2011.  Federal income tax expense as a percentage of income before taxes, adjusted for the state income tax expense or benefit, was 24.6% in 2013, 24.6% in 2012, and 25.6% in 2011.  The difference between the statutory federal income tax rate of 35% and Park’s effective tax rate is the permanent tax differences, primarily consisting of tax-exempt interest income from municipal investments and loans, low income housing tax credits, bank owned life insurance income, and dividends paid on shares held within Park’s salary deferral plan. Park's permanent tax differences for 2013 were approximately $11.2 million. 

State income tax expense was zero in 2013 and 2012 and $6.1 million in 2011.  All of the state income tax expense pertains to Vision, as Park and its Ohio-based subsidiaries do not pay state income tax to the state of Ohio, but pay franchise tax based on year-end equity.  The franchise tax expense is included in “state taxes” as part of total other expense on Park’s Consolidated Statements of Income. Park recognized $6.1 million in state tax expense during 2011, which was the charge necessary to write off the previously reported state operating loss carry-forward asset and other state deferred tax assets at Vision.

CREDIT EXPERIENCE

Provision for Loan Losses: The provision for loan losses is the amount added to the allowance for loan losses to ensure the allowance is sufficient to absorb probable, incurred credit losses. The amount of the loan loss provision is determined by management after reviewing the risk characteristics of the loan portfolio, historic and current loan loss experience and current economic conditions.

The provision for loan losses for Park was $3.4 million in 2013, $35.4 million in 2012 and $63.3 million in 2011. Net loan charge-offs (recoveries) were ($516,000) in 2013, $48.3 million in 2012, and $125.1 million in 2011. Net loan charge-offs for

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the year ended December 31, 2012 included the charge-off of $12.1 million related to the retained Vision loans to bring the retained Vision loan portfolio to fair value prior to the merger of Vision with and into SEPH on February 16, 2012. The ratio of net loan charge-offs (recoveries) to average loans was (0.01)% in 2013, 1.10% in 2012, and 2.65% in 2011.

The table below provides additional information on the provision for loan losses and the ALLL for Park’s Ohio-based subsidiaries for 2013, 2012 and 2011.

Table 20 - ALLL Information - Park's Ohio-Based Subsidiaries
(In thousands)	2013			2012			2011
ALLL, beginning	$	55,537		$	57,706		$	74,639
Charge-offs:
Ohio-based loans	16,809			21,786			37,434
PNB participations in Vision loans	131			3,549			18,085
Total charge-offs	16,940			25,335			55,519
Recoveries:
Ohio-based loans	(4,942		)	(5,618		)	(6,366		)
PNB participations in Vision loans	(715		)	(10		)	—
Total recoveries	(5,657		)	(5,628		)	(6,366		)
Net charge-offs	11,283			19,707			49,153
Provision for (recovery of) loan losses:
Ohio-based loans	16,095			14,170			21,168
PNB participations in Vision loans	(881		)	3,368			11,052
Total provision for loan losses	15,214			17,538			32,220
ALLL, ending	$	59,468		$	55,537		$	57,706
Average loans, Ohio-based operations	$	4,467,156		$	4,277,355		$	4,131,289
Total net charge-offs as a percentage of average loans	0.25		%	0.46		%	1.19		%
Total Ohio-based net charge-offs as a percentage of average loans	0.25		%	0.38		%	0.75		%

The provision for (recovery of) loan losses for SEPH was $(11.8) million for 2013. The provision for loan losses, including those provisions recorded at Vision prior to the February 16, 2012 merger of Vision with and into SEPH, was $17.9 million in 2012. The provision for loan losses for Vision was $31.1 million in 2011. The provision for (recovery of) loan losses at SEPH in 2013 was entirely based on the net recoveries at SEPH of $11.8 million. The net recoveries in 2013 consisted of charge-offs of $2.2 million and recoveries of $14.0 million.

On February 16, 2012, when Vision merged with and into SEPH, the loans which had been retained by Vision were transferred by operation of law at their fair market value and no allowance for loan loss has been or will be carried at SEPH. The table below provides additional information regarding charge-offs as a percentage of unpaid principal balance, as of December 31, 2013.

Table 21 - SEPH - Retained Vision Loan Portfolio
Charge-offs as a percentage of unpaid principal balance
December 31, 2013
(In thousands)	Unpaid Principal Balance		Charge-Offs		Net Book Balance		Charge-off Percentage
Nonperforming loans - retained by SEPH	$	76,014	$	39,906	$	36,108	52.50	%
Performing loans - retained by SEPH	2,063		157		1,906		7.61	%
Total SEPH loan exposure	$	78,077	$	40,063	$	38,014	51.31	%

Generally, management obtains updated appraisal information for nonperforming loans annually. As new appraisal information is received, management performs an evaluation of the appraisal and applies a discount for anticipated disposition costs to

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determine the net realizable value of the collateral, which is compared to the outstanding principal balance to determine if additional write-downs are necessary.

At year-end 2013, the allowance for loan losses was $59.5 million or 1.29% of total loans outstanding, compared to $55.5 million or 1.25% of total loans outstanding at year-end 2012, and $68.4 million or 1.59% of total loans outstanding at year-end 2011. The table below provides additional information related to specific reserves on impaired commercial loans and general reserves for all other loans in Park’s portfolio at December 31, 2013, 2012 and 2011.

Table 22 - General Reserve Trends - Park
	Year Ended December 31,
(In thousands)	2013			2012			2011
Allowance for loan losses, end of period	$	59,468		$	55,537		$	68,444
Specific reserves	10,451			8,276			15,935
General reserves	$	49,017		$	47,261		$	52,509
Total loans	$	4,620,505		$	4,450,322		$	4,317,099
Impaired commercial loans	112,304			137,238			187,074
Non-impaired loans	$	4,508,201		$	4,313,084		$	4,130,025
Allowance for loan losses as a percentage of period end loans	1.29		%	1.25		%	1.59		%
General reserves as a percentage of non-impaired loans	1.09		%	1.10		%	1.27		%

General reserves as a percentage of non-impaired loans were 1.09% at December 31, 2013, down one basis point from the 1.10% at December 31, 2012. The decline in general reserves as a percentage of non-impaired loans from 1.27% at December 31, 2011 to 1.10% at December 31, 2012 was primarily due to (1) the elimination of general reserves held against the retained Vision performing loans that are held at SEPH and (2) improving credit trends in the commercial loan portfolio for Park's Ohio-based operations (PNB and GFSC). Table 23 below provides additional information regarding the decline in general reserves as a percentage of non-impaired loans.

The following table shows the improving credit trends in Park's Ohio-based operations' commercial loan portfolio:

Table 23 - Park Ohio - Commercial Credit Trends
Commercial loans * (In thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Pass rated	$	2,311,914	$	2,225,702	$	2,131,007
Special Mention	26,361		49,275		66,254
Substandard	2,687		16,843		29,604
Impaired	77,038		89,365		95,109
Total	$	2,418,000	$	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.

The commercial loan table above demonstrates the improvement experienced over the last 24 months in Park's Ohio-based operations' commercial loan portfolio. Pass rated commercial loans have grown $180.9 million, or 8.5% since December 31, 2011. Over this same period, special mention loans have declined by $39.9 million, or 60.2% and substandard loans have declined by $26.9 million, or 90.9%. 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 probable incurred losses on performing commercial loans. As these metrics have improved over the past 24 months, general reserves related to special mention and substandard commercial loans declined from $7.8 million at December 31, 2011, to $4.2 million at December 31, 2012, and to $1.6 million at December 31, 2013.

Delinquent and accruing loan trends for Park's Ohio-based operations have also improved over the past 24 months. Delinquent and accruing loans were $32.0 million or 0.70% of total loans at December 31, 2013, compared to $39.6 million (0.90%) at December 31, 2012 and $40.1 million (0.96%) at December 31, 2011.

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Impaired commercial loans for Park's Ohio-based operations were $77.0 million as of December 31, 2013, a reduction from the balance of impaired commercial loans of $89.4 million and $95.1 million at December 31, 2012 and 2011, respectively. The $77.0 million of impaired commercial loans at December 31, 2013 included $3.5 million of loans modified in a troubled debt restructuring which are currently on accrual status and performing in accordance with the restructured terms. Impaired commercial loans are individually evaluated for impairment and specific reserves are established to cover any probable incurred losses for those loans that have not been charged down to the net realizable value of the underlying collateral or to the net present value of expected cash flows.

Management believes that the allowance for loan losses at year-end 2013 is adequate to absorb probable incurred credit losses in the loan portfolio. See Note 1 of the Notes to Consolidated Financial Statements and the discussion under the heading “Critical Accounting Policies” earlier in this Management's Discussion and Analysis for additional information on management’s evaluation of the adequacy of the allowance for loan losses.

The table below provides a summary of the loan loss experience over the past five years:

Table 24  -  Summary of Loan Loss Experience
(In thousands)	2013			2012			2011			2010			2009
Average loans (net of unearned interest)	$	4,514,781		$	4,410,661		$	4,713,511		$	4,642,478		$	4,594,436
Allowance for loan losses:
Beginning balance	55,537			68,444			143,575			116,717			100,088
Charge-offs:
Commercial, financial
and agricultural	6,160			26,847			18,350			8,484			10,047
Real estate - construction	1,791			9,985			64,166			23,308			21,956
Real estate - residential	3,207			8,607			20,691			18,401			11,765
Real estate - commercial	1,832			10,454			23,063			7,748			5,662
Consumer	6,163			5,375			7,612			8,373			9,583
Leases	—			—			—			—			9
Total charge-offs	$	19,153		$	61,268		$	133,882		$	66,314		$	59,022
Recoveries:
Commercial, financial
and agricultural	$	1,314		$	1,066		$	1,402		$	1,237		$	1,010
Real estate - construction	9,378			2,979			1,463			813			1,322
Real estate - residential	6,000			5,559			1,719			1,429			1,723
Real estate - commercial	726			783			1,825			850			771
Consumer	2,249			2,555			2,385			1,763			2,001
Leases	2			—			4			—			3
Total recoveries	$	19,669		$	12,942		$	8,798		$	6,092		$	6,830
Net charge-offs (recoveries)	$	(516	)	$	48,326		$	125,084		$	60,222		$	52,192
Provision charged to earnings	3,415			35,419			63,272			87,080			68,821
Transfer of loans at fair value	—			—			(219		)	—			—
Allowance for loan losses acquired          (transferred) related to Vision	—			—			(13,100		)	—			—
Ending balance	$	59,468		$	55,537		$	68,444		$	143,575		$	116,717
Ratio of net charge-offs (recoveries) to average loans	(0.01		)%	1.10		%	2.65		%	1.30		%	1.14		%
Ratio of allowance for loan losses
to end of year loans	1.29		%	1.25		%	1.59		%	3.03		%	2.52		%

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The following table summarizes the allocation of the allowance for loan losses for the past five years:

Table 25 - Allocation of Allowance for Loan Losses
December 31,	2013				2012				2011				2010				2009
(In thousands)	Allowance		Percent of Loans Per Category		Allowance		Percent of Loans Per Category		Allowance		Percent of Loans Per Category		Allowance		Percent of Loans Per Category		Allowance		Percent of Loans Per Category
Commercial, financial, and agricultural	$	14,218	17.87	%	$	15,635	18.51	%	$	16,950	17.23	%	$	11,555	15.59	%	$	14,725	16.19	%
Real estate - construction	6,855		3.38	%	6,841		3.72	%	14,433		5.04	%	70,462		8.59	%	47,521		10.68	%
Real estate - residential	14,251		38.95	%	14,759		38.51	%	15,692		37.72	%	30,259		35.75	%	19,753		33.51	%
Real estate - commercial	15,899		24.07	%	11,736		24.54	%	15,539		25.68	%	24,369		25.92	%	23,970		24.37	%
Consumer	8,245		15.66	%	6,566		14.65	%	5,830		14.28	%	6,925		14.09	%	10,713		15.18	%
Leases	—		0.07	%	—		0.07	%	—		0.05	%	5		0.06	%	35		0.07	%
Total	$	59,468	100.00	%	$	55,537	100.00	%	$	68,444	100.00	%	$	143,575	100.00	%	$	116,717	100.00	%

As of December 31, 2013, Park had no significant concentrations of loans to borrowers engaged in the same or similar industries nor did Park have any loans to foreign governments.

Nonperforming Assets: Nonperforming loans include: 1) loans whose interest is accounted for on a nonaccrual basis; 2) troubled debt restructurings (TDRs) on accrual status; and 3) loans which are contractually past due 90 days or more as to principal or interest payments, where interest continues to accrue.  Prior to Park’s adoption of Accounting Standards Update (ASU) 2011-02, Park classified all TDRs as nonaccrual loans. With the adoption of ASU 2011-02, management determined it was appropriate to return certain TDRs to accrual status. Specifically, if the restructured note has been current for a period of at least six months, and management expects the borrower will remain current throughout the renegotiated contract, the loan may be returned to accrual status. OREO results from taking possession of property that served as collateral for a defaulted loan.

The following is a summary of Park’s nonaccrual loans, accruing TDRs, loans past due 90 days or more and still accruing and other real estate owned for the last five years:

Table 26  -  Park - Nonperforming Assets
	December 31,
(In thousands)	2013			2012			2011			2010			2009
Nonaccrual loans	$	135,216		$	155,536		$	195,106		$	289,268		$	233,544
Accruing TDRs	18,747			29,800			28,607			—			142
Loans past due 90 days or more and accruing	1,677			2,970			3,489			3,590			14,773
Total nonperforming loans	$	155,640		$	188,306		$	227,202		$	292,858		$	248,459
Other real estate owned – PNB	11,412			14,715			13,240			8,385			6,037
Other real estate owned – Vision	—			—			—			33,324			35,203
Other real estate owned – SEPH	23,224			21,003			29,032			—			—
Total nonperforming assets	$	190,276		$	224,024		$	269,474		$	334,567		$	289,699
Percentage of nonperforming loans to total loans	3.37		%	4.23		%	5.26		%	6.19		%	5.35		%
Percentage of nonperforming assets to total loans	4.12		%	5.03		%	6.24		%	7.07		%	6.24		%
Percentage of nonperforming assets to total assets	2.87		%	3.37		%	3.86		%	4.59		%	4.11		%

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Tax equivalent interest income from loans for 2013 was $226.8 million.  Park has forgone interest income of approximately $8.7 million from nonaccrual loans as of December 31, 2013 that would have been earned during the year if all loans had performed in accordance with their original terms.

SEPH and Vision nonperforming assets for the last five years were as follows:

Table 27 - SEPH/Vision - Nonperforming Assets
	December 31,
(In thousands)	2013		2012		2011		2010			2009
Nonaccrual loans	$	36,108	$	55,292	$	98,993	$	171,453		$	148,347
Accruing TDRs	—		—		2,265		—			—
Loans past due 90 days or more and accruing	—		—		122		364			11,277
Total nonperforming loans	$	36,108	$	55,292	$	101,380	$	171,817		$	159,624
Other real estate owned - SEPH	23,224		21,003		29,032		—			—
Other real estate owned - Vision	—		—		—		33,324			35,203
Total nonperforming assets	$	59,332	$	76,295	$	130,412	$	205,141		$	194,827
Percentage of nonperforming loans to total loans	N.M.		N.M.		N.M.		26.82		%	23.58		%
Percentage of nonperforming assets to total loans	N.M.		N.M.		N.M.		32.02		%	28.78		%
Percentage of nonperforming assets to total assets	N.M.		N.M.		N.M.		25.90		%	21.70		%

N.M.- Not meaningful

 Nonperforming assets for Park, excluding SEPH/Vision, for the last five years were as follows:

Table 28 - Park excluding SEPH/Vision - Nonperforming Assets
	December 31,
(In thousands)	2013			2012			2011			2010			2009
Nonaccrual loans	$	99,108		$	100,244		$	96,113		$	117,815		$	85,197
Accruing TDRs	18,747			29,800			26,342			-			142
Loans past due 90 days or more and accruing	1,677			2,970			3,367			3,226			3,496
Total nonperforming loans	$	119,532		$	133,014		$	125,822		$	121,041		$	88,835
Other real estate owned – PNB	11,412			14,715			13,240			8,385			6,037
Total nonperforming assets	$	130,944		$	147,729		$	139,062		$	129,426		$	94,872
Percentage of nonperforming loans to total loans	2.61		%	3.03		%	3.00		%	2.96		%	2.24		%
Percentage of nonperforming assets to total loans	2.86		%	3.36		%	3.32		%	3.16		%	2.39		%
Percentage of nonperforming assets to total assets	2.00		%	2.26		%	2.21		%	1.99		%	1.54		%

Park had $29.0 million of commercial loans included on the watch list at December 31, 2013 compared to $68.3 million at year-end 2012 and $134.5 million at year-end 2011. Commercial loans include: (1) commercial, financial and agricultural loans, (2) commercial real estate loans, (3) certain real estate construction loans, and (4) certain residential real estate loans. Park’s watch list includes all criticized and classified commercial loans, defined by Park as loans rated special mention or worse, less those commercial loans currently considered to be impaired. As a percentage of year-end total loans, Park’s watch list of potential problem loans was 0.6% in 2013, 1.5% in 2012 and 3.1% in 2011. The existing conditions of these loans do not warrant classification as nonaccrual. However, these loans have shown some weakness and management performs additional analyses regarding a borrower’s ability to comply with payment terms for watch list loans.

Park’s allowance for loan losses includes an allocation for loans specifically identified as impaired under GAAP. At December 31, 2013, loans considered to be impaired consisted substantially of commercial loans graded as "substandard" or “doubtful” and placed on non-accrual status.  Specific reserves on impaired commercial loans are typically based on management’s best estimate of the fair value of collateral securing these loans. The amount ultimately charged off for these loans may be different from the specific reserve as the ultimate liquidation of the collateral may be for amounts different from management’s estimates.

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When determining the quarterly and annual loan loss provision, Park reviews the grades of commercial loans.  These loans are graded from 1 to 8.  A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss.  Commercial loans with grades of 1 to 4.5 (pass-rated) are considered to be of acceptable credit risk.  Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans.  Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans.  Generally, commercial loans that are graded a 6 are considered for partial charge-off or have been charged down to the net realizable value of the underlying collateral.  Commercial loans that are graded a 7 (doubtful) are shown as nonperforming and Park charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve.  Any commercial loan graded an 8 (loss) is completely charged off.

As of December 31, 2013, management had taken partial charge-offs of approximately $63.3 million related to the $112.3 million of commercial loans considered to be impaired, compared to charge-offs of approximately $105.1 million related to the $137.2 million of impaired commercial loans at December 31, 2012.  The table below provides additional information related to Park's impaired commercial loans at December 31, 2013, including those impaired commercial loans at PNB, impaired PNB participations in Vision loans and those impaired Vision commercial loans (commercial land and development ("CL&D") and other commercial) retained at SEPH.

Table 29 - Park Impaired Commercial Loans
December 31, 2013
(In thousands)	Unpaid principal balance (UPB)		Prior charge- offs		Total impaired loans		Specific reserve		Carrying balance		Carrying balance as a % of UPB
PNB	$	74,716	$	9,982	$	64,734	$	10,451	$	54,283	72.65	%
PNB participations in VB loans	26,358		14,054		12,304		—		12,304		46.68	%
SEPH - CL&D loans	23,721		18,944		4,777		—		4,777		20.14	%
SEPH - Other loans	50,781		20,292		30,489		—		30,489		60.04	%
Total Park	$	175,576	$	63,272	$	112,304	$	10,451	$	101,853	58.01	%

A significant portion of Park’s allowance for loan losses is allocated to commercial loans. “Special mention” loans are loans that have potential weaknesses that may result in loss exposure to Park.  “Substandard” loans are those that exhibit a well-defined weakness, jeopardizing repayment of the loan, resulting in a higher probability that Park will suffer a loss on the loan unless the weakness is corrected. Park’s annualized 60-month loss experience, defined as charge-offs plus changes in specific reserves, within the commercial loan portfolio has been 0.66% of the principal balance of these loans.  This annualized 60-month loss experience includes only the performance of the PNB loan portfolio. The allowance for loan losses related to performing commercial loans was $31.5 million or 1.35% of the outstanding principal balance of other accruing commercial loans at December 31, 2013.  

The overall reserve of 1.35% for other accruing commercial loans breaks down as follows: pass-rated commercial loans are reserved at 1.29%; special mention commercial loans are reserved at 5.10%; and substandard commercial loans are reserved at 9.01%.  The reserve levels for pass-rated, special mention and substandard commercial loans in excess of the annualized 60-month loss experience of 0.66% are due to the following factors which management reviews on a quarterly or annual basis:

• Loss Emergence Period Factor: Annually during the fourth quarter, management calculates the loss emergence period for each commercial loan segment.  This loss emergence period is calculated based upon the average period of time it takes a credit to move from pass-rated to nonaccrual.  If the loss emergence period for any commercial loan segment is greater than one year, management applies additional general reserves to all performing loans within that segment of the commercial loan portfolio.

• Loss Migration Factor: Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases, and accordingly, management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard.  Annually, management calculates a loss migration factor for each commercial loan segment for special mention and substandard credits based on a review of losses over the past five-year period, considering how each individual credit was rated at the beginning of the five-year period.

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• Environmental Loss Factor: Management has identified certain macroeconomic factors that trend in accordance with losses in Park’s commercial loan portfolio.  These macroeconomic factors are reviewed quarterly and the adjustments made to the environmental loss factor impacting each segment in the performing commercial loan portfolio correlate to changes in the macroeconomic environment.

Generally, consumer loans are not individually graded.  Consumer loans include: (1) mortgage and installment loans included in the construction real estate segment of the loan portfolio; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment of the loan portfolio; and (3) all loans included in the consumer segment of the loan portfolio.  The amount of loan loss reserve assigned to these loans is based on historical loss experience over the past 60 months.  Management generally considers a one-year coverage period (the “Historical Loss Factor”) appropriate because the probable loss on any given loan in the consumer loan pool should ordinarily become apparent in that time frame. However, management may incorporate adjustments to the Historical Loss Factor as circumstances warrant additional reserves (e.g., increased loan delinquencies, improving or deteriorating economic conditions, changes in lending management and underwriting standards, etc.).  At December 31, 2013, the coverage level within the consumer portfolio was approximately 1.68 years.

The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors.  Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries.  The determination of this component of the allowance for loan losses requires considerable management judgment.  Management is working to address weaknesses in those loans that may result in future loss.  Actual loss experience may be more or less than the amount allocated.

CAPITAL RESOURCES

Liquidity and Interest Rate Sensitivity Management: Park’s objective in managing its liquidity is to maintain the ability to continuously meet the cash flow needs of customers, such as borrowings or deposit withdrawals, while at the same time seeking higher yields from longer-term lending and investing activities.

Cash and cash equivalents decreased by $54.3 million during 2013 to $147.0 million at year-end.  Cash provided by operating activities was $114.6 million in 2013, $105.2 million in 2012, and $123.5 million in 2011.  Net income was the primary source of cash for operating activities during each year.

Cash used in investing activities was $106.7 million in 2013 and $194.7 million in 2012.  Cash provided by investing activities was $274.4 million in 2011.  Investment security transactions are the major use or source of cash in investing activities.  Proceeds from the sale, repayment or maturity of securities provide cash and purchases of securities use cash.  Net security transactions provided cash of $96.9 million in 2013, $120.6 million in 2012, and $354.8 million in 2011.  Another major use or source of cash in investing activities is the net increase or decrease in the loan portfolio.  Cash used by the net increase in the loan portfolio was $190.2 million in 2013, $163.1 million in 2012, and $71.9 million in 2011.

Cash used in financing activities was $62.1 million in 2013, cash provided by financing activities was $133.4 million in 2012, and cash used in financing activities was $374.2 million in 2011. A major source of cash for financing activities is the net change in deposits.  Deposits increased and provided $74.0 million of cash in 2013 and $250.9 million of cash in 2012. Deposits decreased and used $97.7 million of cash in 2011.  Another major source of cash for financing activities is short-term borrowings and long-term debt.  In 2013, net short-term borrowings decreased and used $102.1 million in cash, and net long-term borrowings increased and provided $24.0 million in cash. In 2012, net short-term borrowings increased and provided $80.6 million in cash, and net long-term borrowings decreased and used $40.1 million in cash. In 2011, net short-term borrowings declined, using $400.1 million in cash and net long-term borrowings increased, providing $186.4 million in cash. Additionally, in 2012, cash declined by $100.0 million from the repurchase of the Series A Preferred Shares and $2.8 million from the repurchase of the common share warrant, both from the U.S. Treasury.  Finally, cash declined by $57.9 million in 2013, $60.2 million in 2012, and $62.9 million in 2011, from the payment of cash dividends.

Funds are available from a number of sources, including the capital markets, the investment securities portfolio, the core deposit base, Federal Home Loan Bank borrowings and the capability to securitize or package loans for sale.  In the opinion of Park's management the present funding sources provide more than adequate liquidity for Park to meet its cash flow needs.

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The following table shows interest rate sensitivity data for five different time intervals as of December 31, 2013:

Table 30  -  Interest Rate Sensitivity
	0-3			3-12			1-3			3-5			Over 5
(In thousands)	Months			Months			Years			Years			Years			Total
Interest earning assets:
Investment securities  (1)	$	88,618		$	84,322		$	178,865		$	127,588		$	944,841		$	1,424,234
Money market instruments	17,952			—			—			—			—			17,952
Loans  (1)	1,155,568			1,168,913			1,240,497			551,855			503,672			4,620,505
Total interest earning assets	1,262,138			1,253,235			1,419,362			679,443			1,448,513			6,062,691
Interest bearing liabilities:
Interest bearing transaction accounts (2)	$	608,254		$	—		$	537,270		$	—		$	—		$	1,145,524
Savings accounts (2)	260,854			—			864,140			—			—			1,124,994
Time deposits	322,420			562,741			318,250			120,302			947			1,324,660
Other	—			1,263			—			—			—			1,263
Total deposits	1,191,528			564,004			1,719,660			120,302			947			3,596,441
Short-term borrowings	242,029			—			—			—			—			242,029
Long-term debt	50,000			50,500			77,000			456,297			176,744			810,541
Subordinated debentures/notes	15,000			35,250			—			30,000			—			80,250
Total interest bearing liabilities	1,498,557			649,754			1,796,660			606,599			177,691			4,729,261
Interest rate sensitivity gap	(236,419		)	603,481			(377,298		)	72,844			1,270,822			1,333,430
Cumulative rate sensitivity gap	(236,419		)	367,062			(10,236		)	62,608			1,333,430
Cumulative gap as a
percentage of total
interest earning assets	(3.90		)%	6.05		%	(0.17		)%	1.03		%	21.99		%

(1) Investment securities and loans that are subject to prepayment are shown in the table by the earlier of their re-pricing date or their expected repayment date and not by their contractual maturity date. Nonaccrual loans of $135.2 million are included within the three to twelve month maturity category. 

(2) Management considers interest bearing transaction accounts and savings accounts to be core deposits and, therefore, not as rate sensitive as other deposit accounts and borrowed money. Accordingly, only 53% of interest bearing transaction accounts and 23% of savings accounts are considered to re-price within one year. If all of the interest bearing transaction accounts and savings accounts were considered to re-price within one year, the one year cumulative gap would change from a positive 6.05% to a negative 17.06%.

The interest rate sensitivity gap analysis provides an overall picture of Park’s static interest rate risk position.  At December 31, 2013, the cumulative interest earning assets maturing or repricing within twelve months were $2,515 million compared to the cumulative interest bearing liabilities maturing or repricing within twelve months of $2,148 million.  For the twelve-month cumulative gap position, rate sensitive assets exceeded rate sensitive liabilities by $367 million or 6.05% of interest earning assets.

A positive twelve-month cumulative rate sensitivity gap (assets exceed liabilities) would suggest that Park’s net interest margin would increase if interest rates were to increase.  Conversely, a negative twelve-month cumulative rate sensitivity gap would suggest that Park’s net interest margin would decrease if interest rates were to decrease. However, the usefulness of the interest rate sensitivity gap analysis as a forecasting tool in projecting net interest income is limited.  The gap analysis does not consider the magnitude, timing or frequency by which assets or liabilities will reprice during a period and also contains assumptions as to the repricing of transaction and savings accounts that may not prove to be correct.

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The cumulative twelve-month interest rate sensitivity gap position at year-end 2012 was a positive $1,144 million or 18.8% of total interest earning assets.  The percentage of interest earning assets maturing or repricing within one year was 41.5% at year-end 2013, compared to 54.6% at year-end 2012.  The percentage of interest bearing liabilities maturing or repricing within one year was 45.4% at year-end 2013, compared to 45.4% at year-end 2012.

Management supplements the interest rate sensitivity gap analysis with periodic simulations of balance sheet sensitivity under various interest rate and what-if scenarios to better forecast and manage the net interest margin.  Park’s management uses an earnings simulation model to analyze net interest income sensitivity to movements in interest rates.  This model is based on actual cash flows and repricing characteristics for balance sheet instruments and incorporates market-based assumptions regarding the impact of changing interest rates on the prepayment rate of certain assets and liabilities.  This model also includes management’s projections for activity levels of various balance sheet instruments and non-interest fee income and operating expense.  Assumptions based on the historical behavior of deposit rates and balances in relation to changes in interest rates are also incorporated into this earnings simulation model.  These assumptions are inherently uncertain and, as a result, the model cannot precisely measure net interest income and net income.  Actual results will differ from simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies.

Management uses a 50 basis point change in market interest rates per quarter for a total of 200 basis points per year in evaluating the impact of changing interest rates on net interest income and net income over a twelve-month horizon.  At December 31, 2013, the earnings simulation model projected that net income would decrease by 1.4% using a rising interest rate scenario and decrease by 10.3% using a declining interest rate scenario over the next year.   At December 31, 2012, the earnings simulation model projected that net income would increase by 1.1% using a rising interest rate scenario and decrease by 6.6% using a declining interest rate scenario over the next year.  At December 31, 2011, the earnings simulation model projected that net income would increase by 2.1% using a rising interest rate scenario and decrease by 3.5% using a declining interest rate scenario over the next year. Consistently, over the past several years, Park’s earnings simulation model has projected that changes in interest rates would have only a small impact on net income and the net interest margin.  Park’s net interest margin was 3.61% in 2013, 3.83% in 2012 and 4.14% in 2011.  A major goal of Park’s asset/liability committee is to maintain a relatively stable net interest margin regardless of the level of interest rates.  

CONTRACTUAL OBLIGATIONS

In the ordinary course of operations, Park enters into certain contractual obligations.  Such obligations include the funding of operations through debt issuances as well as leases for premises.  The following table summarizes Park’s significant and determinable obligations by payment date at December 31, 2013.

Further discussion of the nature of each specified obligation is included in the referenced Note to the Consolidated Financial Statements.

Table 31 - Contractual Obligations
December 31, 2013	Payments Due In
		0-1		1-3		3-5		Over 5
(In thousands)	Note	Years		Years		Years		Years		Total
Deposits without stated maturity	8	$	3,465,335	$	—	$	—	$	—	$	3,465,335
Certificates of deposit	8	883,231		320,140		120,341		947		1,324,659
Short-term borrowings	9	242,029		—		—		—		242,029
Long-term debt	10	100,500		77,000		476,062		176,745		830,307
Subordinated notes	11	—		—		—		80,250		80,250
Operating leases	7	1,351		1,573		1,219		605		4,748
Defined benefit pension plan	13	5,732		11,990		13,442		42,387		73,551
Purchase obligations		1,820		—		—		—		1,820
Total contractual obligations		$	4,699,998	$	410,703	$	611,064	$	300,934	$	6,022,699

The Corporation’s operating lease obligations represent short-term and long-term lease and rental payments for facilities and equipment.  Purchase obligations represent obligations under agreements to purchase goods or services that are enforceable and legally binding on the Corporation.

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Commitments, Contingent Liabilities, and Off-Balance Sheet Arrangements: In order to meet the financing needs of its customers, the Corporation issues loan commitments and standby letters of credit. At December 31, 2013, the Corporation had $821.8 million of loan commitments for commercial, commercial real estate, and residential real estate loans and had $20.6 million of standby letters of credit.  At December 31, 2012, the Corporation had $815.6 million of loan commitments for commercial, commercial real estate, and residential real estate loans and had $23.0 million of standby letters of credit.  

Commitments to extend credit under loan commitments and standby letters of credit do not necessarily represent future cash requirements.  These commitments often expire without being drawn upon.  However, all of the loan commitments and standby letters of credit were permitted to be drawn upon in 2013. See Note 18 of the Notes to Consolidated Financial Statements for additional information on loan commitments and standby letters of credit.

The Corporation did not have any unrecorded significant contingent liabilities at December 31, 2013.

Capital: Park’s primary means of maintaining capital adequacy is through retained earnings.  At December 31, 2013, the Corporation’s shareholders’ equity was $651.7 million, compared to $650.4 million at December 31, 2012.  Shareholders’ equity at December 31, 2013 was 9.82% of total assets, compared to 9.79% of total assets at December 31, 2012. 

Tangible shareholders’ equity [shareholders’ equity ($651.7 million) less goodwill and other intangible assets ($72.3 million)] was $579.4 million at December 31, 2013 and was $577.7 million at December 31, 2012.  At December 31, 2013, tangible shareholders’ equity was 8.82% of total tangible assets [total assets ($6,638 million) less goodwill and other intangible assets ($72.3 million)], compared to 8.79% at December 31, 2012.

Net income was $77.2 million in 2013, $78.6 million in 2012 and $82.1 million in 2011.

Preferred share dividends paid as a result of Park’s participation in the CPP were $1.6 million in 2012 and $5.0 million in 2011.  Accretion of the discount on the Series A Preferred Shares was $1,854,000 in 2012, and $856,000 in 2011. As mentioned previously, Park repurchased the Series A Preferred Shares on April 25, 2012.  Income available to common shareholders is net income less the preferred share dividends and accretion.  Income available to common shareholders was $77.2 million in 2013, $75.2 million in 2012, and $76.3 million in 2011.

Cash dividends declared for common shares were $57.9 million in each of 2013, 2012 and 2011.  On a per share basis, the cash dividends declared were $3.76 per share in each of 2013, 2012 and 2011.

Park repurchased 10,550 treasury shares in 2013, and did not purchase any treasury shares during 2012 or 2011.  Treasury shares had a balance of $76.1 million at December 31, 2013, $76.4 million at December 31, 2012, and $77.0 million at December 31, 2011.  During 2013, the value of treasury shares was reduced by $1.1 million as a result of the issuance of an aggregate of 10,550 common shares to directors of Park and to the directors of Park's bank subsidiary PNB (and its divisions), and increased by $0.8 million due to the repurchase of 10,550 treasury shares. During 2012, the value of treasury shares was reduced by $632,000 as a result of the issuance of an aggregate of 6,120 common shares to directors of Park and to the directors of Park's bank subsidiary PNB (and its divisions). During 2011, the value of treasury shares was reduced by $726,000 as a result of the issuance of an aggregate of 7,020 common shares to directors of Park and to directors of Park’s bank subsidiaries PNB and Vision (and their respective divisions).

Park did not issue any new common shares (that were not already held as treasury shares in any of 2013, 2012 or 2011). Common shares had a balance of $302.7 million for the years ended December 31, 2013 and 2012, and $301.2 million at the year ended December 31, 2011.

Accumulated other comprehensive loss was $35.4 million at December 31, 2013, compared to $17.5 million at December 31, 2012 and $8.8 million at December 31, 2011.  During the 2011 year, the change in net unrealized gains on securities available for sale, net of tax, was a gain of $16.3 million and Park realized after-tax gains of $18.7 million, resulting in a decline of $2.4 million in the unrealized gain on securities available for sale which was $12.7 million at December 31, 2011.  During the 2012 year, the change in net unrealized gains on securities available for sale, net of tax, was a loss of $3.1 million and Park did not realize any after-tax gains, resulting in an unrealized gain on securities available for sale of $9.6 million at December 31, 2012. During the 2013 year, the change in net unrealized gains on securities available for sale, net of tax, was a loss of $39.4 million and Park did not realize any after-tax gains, resulting in an unrealized loss on securities available for sale of $29.8 million at December 31, 2013. In addition, Park recognized other comprehensive gain of $0.6 million in 2012 due to the mark-to-market of a cash flow hedge at December 31, 2012 compared to a $0.5 million gain in comprehensive income for the year ended December 31, 2011. Finally, Park recognized other comprehensive gain of $21.5 million, net of tax, related to the change in

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pension plan assets and benefit obligations in 2013 compared to a loss of $6.2 million, net of tax, in 2012 and a loss of $5.0 million, net of tax, in 2011. 

Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts, and bank holding companies.  Park’s accumulated other comprehensive income (loss) is not included in computing regulatory capital.  The minimum leverage capital ratio (defined as shareholders’ equity less intangible assets divided by tangible assets) is 4%. Park’s leverage ratio was 9.48% at December 31, 2013 and exceeded the minimum capital required by $364 million.  The minimum Tier 1 risk-based capital ratio (defined as leverage capital divided by risk-adjusted assets) is 4%.  Park’s Tier 1 risk-based capital ratio was 13.27% at December 31, 2013 and exceeded the minimum capital required by $440 million.  The minimum total risk-based capital ratio (defined as leverage capital plus supplemental capital divided by risk-adjusted assets) is 8%.  Park’s total risk-based capital ratio was 15.91% at December 31, 2013 and exceeded the minimum capital required by $375 million.

PNB, the only financial institution subsidiary of Park, met the well capitalized ratio guidelines at December 31, 2013.  See Note 22 of the Notes to Consolidated Financial Statements for the capital ratios for Park and PNB.

Effects of Inflation: Balance sheets of financial institutions typically contain assets and liabilities that are monetary in nature and, therefore, differ greatly from most commercial and industrial companies which have significant investments in premises, equipment and inventory.  During periods of inflation, financial institutions that are in a net positive monetary position will experience a decline in purchasing power, which does have an impact on growth.  Another significant effect on internal equity growth is other expenses, which tend to rise during periods of inflation.

Management believes the most significant impact on financial results is the Corporation's ability to align its asset/liability management program to react to changes in interest rates.

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SELECTED FINANCIAL DATA

Table 32 - Consolidated Five-Year Selected Financial Data
December 31, (Dollars in thousands, except per share data)	2013		2012		2011		2010		2009
Results of Operations:
Interest income	$	262,947	$	285,735	$	331,880	$	345,517	$	367,690
Interest expense	41,922		50,420		58,646		71,473		94,199
Net interest income	221,025		235,315		273,234		274,044		273,491
Provision for loan losses	3,415		35,419		63,272		87,080		68,821
Net interest income after provision for loan losses	217,610		199,896		209,962		186,964		204,670
Gain on sale of the Vision business (1)	—		22,167		—		—		—
Net gains on sale of securities	—		—		28,829		11,864		7,340
Non-interest income	73,277		70,236		66,081		63,016		73,850
Non-interest expense	188,529		187,968		188,317		187,107		188,725
Net income	77,227		78,630		82,140		58,101		74,192
Net income available to common shareholders	77,227		75,205		76,284		52,294		68,430
Per common share:
Net income per common share - basic	$	5.01	$	4.88	$	4.95	$	3.45	$	4.82
Net income per common share - diluted	5.01		4.88		4.95		3.45		4.82
Cash dividends declared	3.76		3.76		3.76		3.76		3.76
Average Balances:
Loans	$	4,514,781	$	4,410,661	$	4,713,511	$	4,642,478	$	4,594,436
Investment securities	1,377,887		1,613,131		1,848,880		1,746,356		1,877,303
Money market instruments and other	272,851		166,319		78,593		93,009		52,658
Total earning assets	6,165,519		6,190,111		6,640,984		6,481,843		6,524,397
Non-interest bearing deposits	1,117,379		1,048,796		999,085		907,514		818,243
Interest bearing deposits	3,742,361		3,786,601		4,193,404		4,274,501		4,232,391
Total deposits	4,859,740		4,835,397		5,192,489		5,182,015		5,050,634
Short-term borrowings	$	253,123	$	258,661	$	297,537	$	300,939	$	419,733
Long-term debt	870,538		907,704		881,921		725,356		780,435
Shareholders' equity	645,533		689,732		743,873		746,510		675,314
Common shareholders' equity	645,533		658,855		646,169		649,637		579,224
Total assets	6,702,973		6,766,806		7,206,171		7,042,705		7,035,531

Ratios:
Return on average assets (x)	1.15	%	1.11	%	1.06	%	0.74	%	0.97	%
Return on average common equity (x)	11.96	%	11.41	%	11.81	%	8.05	%	11.81	%
Net interest margin  (2)	3.61	%	3.83	%	4.14	%	4.26	%	4.22	%
Net interest expense to net revenue (2)	63.78	%	57.07	%	55.18	%	55.18	%	54.01	%
Dividend payout ratio (3)	75.04	%	73.68	%	70.50	%	98.24	%	78.27	%
Average shareholders' equity to average total assets	9.63	%	10.19	%	10.32	%	10.60	%	9.60	%
Leverage capital	9.48	%	9.17	%	9.81	%	9.54	%	9.04	%
Tier 1 capital	13.27	%	13.12	%	14.15	%	13.24	%	12.45	%
Risk-based capital	15.91	%	15.77	%	16.65	%	15.71	%	14.89	%
(1) The Vision business was sold on February 16, 2012 for a gain on sale of $22.2 million.
(2) Computed on a fully taxable equivalent basis.
(3) Cash dividends paid divided by net income.
(x) Reported measure uses net income available to common shareholders.

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The following table is a summary of selected quarterly results of operations for the years ended December 31, 2013 and 2012.  

Table 33  -  Quarterly Financial Data
	Three Months Ended
(Dollars in thousands, except share data)	March 31		June 30		Sept. 30		Dec. 31
2013:
Interest income	$	66,192	$	65,279	$	65,410	$	66,066
Interest expense	10,739		10,567		10,450		10,166
Net interest income	55,453		54,712		54,960		55,900
Provision for (recovery of) loan losses	329		673		2,498		(85		)
Income before income taxes	27,831		26,767		25,143		22,617
Net income	20,710		20,034		19,029		17,454
Net income available to common shareholders	20,710		20,034		19,029		17,454
Per common share data:
Net income per common share -  basic (x)	1.34		1.30		1.23		1.13
Net income per common share -  diluted (x)	1.34		1.30		1.23		1.13
Weighted-average common shares outstanding - basic	15,411,990		15,411,981		15,411,972		15,413,517
Weighted-average common shares equivalent - diluted	15,411,990		15,411,981		15,411,972		15,413,517
2012:
Interest income	$	74,838	$	71,486	$	70,618	$	68,793
Interest expense	13,110		12,806		12,602		11,902
Net interest income	61,728		58,680		58,016		56,891
Provision for loan losses	8,338		5,238		16,655		5,188
Gain on sale of Vision business (1)	22,167		—		—		—
Income before income taxes	44,540		25,146		13,757		20,888
Net income	31,475		18,886		11,982		16,287
Net income available to common shareholders	29,998		16,938		11,982		16,287
Per common share data:
Net income per common share -  basic (x)	1.95		1.10		0.78		1.06
Net income per common share -  diluted (x)	1.95		1.10		0.78		1.06
Weighted-average common shares outstanding - basic	15,405,910		15,405,902		15,405,894		15,410,606
Weighted-average common shares equivalent - diluted	15,417,745		15,405,902		15,405,894		15,410,606

(1) The Vision business was sold on February 16, 2012 for a gain on sale of $22.2 million.

(x) Reported measure uses net income available to common shareholders.

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The Corporation's common shares (symbol: PRK) are traded on NYSE MKT LLC.  At December 31, 2013, the Corporation had 4,087 shareholders of record.  The following table sets forth the high, low and closing sale prices of, and dividends declared on the common shares for each quarterly period for the years ended December 31, 2013 and 2012, as reported by NYSE MKT LLC.

Table 34  -  Market and Dividend Information
	High		Low		Last Price		Cash Dividend Declared Per Share
2013:
First Quarter	$	70.31	$	64.79	$	69.79	$	0.94
Second Quarter	72.00		66.00		68.79		0.94
Third Quarter	81.49		68.89		79.08		0.94
Fourth Quarter	86.00		76.53		85.07		0.94
2012:
First Quarter	$	72.75	$	65.06	$	69.17	$	0.94
Second Quarter	69.93		61.94		69.75		0.94
Third Quarter	72.18		65.30		70.02		0.94
Fourth Quarter	71.25		61.44		64.63		0.94

PERFORMANCE GRAPH

Table 36 compares the total return performance for Park common shares with the NYSE MKT Composite Index, the NASDAQ Bank Stocks Index and the SNL Financial Bank and Thrift Index for the five-year period from December 31, 2008 to December 31, 2013.  The NYSE MKT Composite Index is a market capitalization-weighted index of the stocks listed on NYSE MKT.  The NASDAQ Bank Stocks Index is comprised of all depository institutions, holding companies and other investment companies that are traded on The NASDAQ Global Select and Global Markets.  Park considers a number of bank holding companies traded on The NASDAQ Global Select to be within its peer group.  The SNL Financial Bank and Thrift Index is comprised of all publicly-traded bank and thrift stocks researched by SNL Financial.

The NYSE MKT Financial Stocks Index includes the stocks of banks, thrifts, finance companies and securities broker-dealers.  Park believes that the NASDAQ Bank Stocks Index and the SNL Financial Bank and Thrift Index are more appropriate industry indices for Park to use for the five-year total return performance comparison.

34

Table 35 – Total Return Performance
	Period Ending
Index	12/31/08	12/31/09	12/31/10	12/31/11	12/31/12	12/31/13
Park National Corporation	100.00	87.39	114.53	109.23	114.75	158.86
NYSE MKT Composite Index	100.00	135.58	170.28	180.99	192.95	205.80
NASDAQ Bank Stocks Index	100.00	83.70	95.55	85.52	101.50	143.84
SNL Bank and Thrift Index	100.00	98.66	110.14	85.64	115.00	157.46

The total return for Park’s common shares has outperformed the total return of the NASDAQ Bank Stocks Index and the SNL Bank and Thrift Index for the five-year period indicated in Table 36.  The annual compound total return on Park’s common shares for the past five years was a positive 9.7%.  By comparison, the annual compound total returns for the past five years on the NYSE MKT Composite Index, the NASDAQ Bank Stocks Index and the SNL Bank and Thrift Index were a positive 15.5%, a positive 7.5% and a positive 9.5%, respectively.

35

Management’s Report on Internal Control Over Financial Reporting

To the Board of Directors and Shareholders

Park National Corporation

The management of Park National Corporation (the “Corporation”) is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a – 15(f) and 15d – 15(f) under the Securities Exchange Act of 1934. The Corporation’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Corporation’s internal control over financial reporting includes those policies and procedures that:

a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Corporation and its consolidated subsidiaries;

b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Corporation and its consolidated subsidiaries are being made only in accordance with authorizations of management and directors of the Corporation; and

c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of the Corporation and its consolidated subsidiaries that could have a material effect on the financial statements.

The Corporation’s internal control over financial reporting as it relates to the consolidated financial statements is evaluated for effectiveness by management and tested for reliability through a program of internal audits. Actions are taken to correct potential deficiencies as they are identified.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Accordingly, even an effective system of internal control over financial reporting will provide only reasonable assurance with respect to financial statement preparation.

With the participation of our Chairman of the Board, our Chief Executive Officer and President and our Chief Financial

Officer, management evaluated the effectiveness of the Corporation’s internal control over financial reporting as of December 31, 2013, the end of the Corporation’s fiscal year. In making this assessment, management used the criteria set forth for effective internal control over financial reporting by the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) 1992 Internal Control-Integrated Framework.

Based on our assessment under the criteria described in the preceding paragraph, management concluded that the

Corporation maintained effective internal control over financial reporting as of December 31, 2013.

The Corporation’s independent registered public accounting firm, Crowe Horwath LLP, has audited the Corporation’s 2013 and 2012 consolidated financial statements included in this Annual Report and the Corporation’s internal control over financial reporting as of December 31, 2013, and has issued their Report of Independent Registered Public Accounting Firm, which appears in this Annual Report.

/s/ C. Daniel DeLawder	/s/ David L. Trautman	/s/ Brady T. Burt
C. Daniel DeLawder	David L. Trautman	Brady T. Burt
Chairman of the Board	Chief Executive Officer and President	Chief Financial Officer, Secretary and Treasurer
February 25, 2014

36

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders

Park National Corporation

Newark, Ohio

We have audited the accompanying consolidated balance sheets of Park National Corporation as of December 31, 2013 and 2012 and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2013. We also have audited Park National Corporation’s internal control over financial reporting as of December 31, 2013, based on criteria established in the 1992 Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Park National Corporation’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the company's internal control over financial reporting based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Park National Corporation as of December 31, 2013 and 2012, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, Park National Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on criteria established in the 1992 Internal Control - Integrated Framework issued by the COSO.

/s/ Crowe Horwath

Crowe Horwath LLP

Columbus, Ohio

February 25, 2014

37

Park National Corporation and Subsidiaries

Consolidated Balance Sheets

at December 31, 2013 and 2012

(In thousands, except share and per share data)	2013			2012
Assets
Cash and due from banks	$	129,078		$	164,120
Money market instruments	17,952			37,185
Cash and cash equivalents	147,030			201,305
Investment securities:
Securities available-for-sale, at fair value (amortized cost of $1,222,143 and $1,099,658 at December 31, 2013 and 2012, respectively)	1,176,266			1,114,454
Securities held-to-maturity, at amortized cost (fair value of $187,402 and $410,705 at December 31, 2013 and 2012, respectively)	182,061			401,390
Other investment securities	65,907			65,907
Total investment securities	1,424,234			1,581,751
Total loans	4,620,505			4,450,322
Allowance for loan losses	(59,468		)	(55,537		)
Net loans	4,561,037			4,394,785
Other assets:
Bank owned life insurance	169,284			161,069
Goodwill	72,334			72,334
Other intangibles	—			337
Premises and equipment, net	55,278			53,751
Accrued interest receivable	18,335			19,710
Other real estate owned	34,636			35,718
Mortgage loan servicing rights	9,013			7,763
Other	147,166			114,280
Total other assets	506,046			464,962
Total assets	$	6,638,347		$	6,642,803

The accompanying notes are an integral part of the consolidated financial statements.

F- 1

Park National Corporation and Subsidiaries

Consolidated Balance Sheets

at December 31, 2013 and 2012

(In thousands, except share and per share data)	2013		2012
Liabilities and shareholders’ equity
Deposits:
Non-interest bearing	1,193,553		1,137,290
Interest bearing	3,596,441		3,578,742
Total deposits	4,789,994		4,716,032
Short-term borrowings	242,029		344,168
Long-term debt	810,541		781,658
Subordinated debentures/notes	80,250		80,250
Total borrowings	1,132,820		1,206,076
Other liabilities:
Accrued interest payable	2,901		3,459
Other	60,885		66,870
Total other liabilities	63,786		70,329
Total liabilities	5,986,600		5,992,437
Commitments and Contingencies
Shareholders’ equity:
Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2013 and 2012)	—		—
Common shares, no par value (20,000,000 shares authorized; 16,150,941 and 16,150,987 shares issued at December 31, 2013 and 2012, respectively)	302,651		302,654
Accumulated other comprehensive loss, net	(35,419	)	(17,518	)
Retained earnings	460,643		441,605
Less: Treasury shares (738,989 shares at December 31, 2013 and 2012, respectively)	(76,128	)	(76,375	)
Total shareholders’ equity	651,747		650,366
Total liabilities and shareholders’ equity	6,638,347		6,642,803

The accompanying notes are an integral part of the consolidated financial statements.

F- 2

Park National Corporation and Subsidiaries

Consolidated Statements of Income

for years ended December 31, 2013, 2012 and 2011

(In thousands, except per share data)	2013			2012			2011
Interest and dividend income:
Interest and fees on loans	$	225,538		$	234,638		$	262,458
Interest and dividends on:
Obligations of U.S. Government, its agencies and other securities	36,686			50,549			68,873
Obligations of states and political subdivisions	45			140			371
Other interest income	678			408			178
Total interest and dividend income	262,947			285,735			331,880
Interest expense:
Interest on deposits:
Demand and savings deposits	1,773			2,483			3,812
Time deposits	11,235			15,921			23,842
Interest on short-term borrowings	544			678			823
Interest on long-term debt	28,370			31,338			30,169
Total interest expense	41,922			50,420			58,646
Net interest income	221,025			235,315			273,234
Provision for loan losses	3,415			35,419			63,272
Net interest income after provision for loan losses	217,610			199,896			209,962
Other income:
Income from fiduciary activities	17,133			15,947			14,965
Service charges on deposit accounts	16,316			16,704			18,307
Net gain on sales of securities	—			—			28,829
Other service income	12,913			13,631			10,606
Checkcard fee income	12,955			12,541			12,496
Bank owned life insurance income	5,041			4,754			5,089
ATM fees	2,632			2,359			2,703
Net gain on sale of OREO	3,110			4,414			1,312
OREO devaluations	(3,180		)	(6,872		)	(8,219		)
Gain on sale of Vision business	—			22,167			—
Other	6,357			6,758			8,822
Total other income	$	73,277		$	92,403		$	94,910

The accompanying notes are an integral part of the consolidated financial statements.

F- 3

Park National Corporation and Subsidiaries

Consolidated Statements of Income

for years ended December 31, 2013, 2012 and 2011

(In thousands, except per share data)	2013		2012		2011
Other expense:
Salaries and employee benefits	$	100,298	$	95,977	$	102,068
Data processing fees	4,174		3,916		4,965
Professional fees and services	27,865		24,267		21,119
Net occupancy expense of bank premises	9,804		9,444		11,295
Amortization of intangibles	337		2,172		3,534
Furniture and equipment expense	11,249		10,788		10,773
Insurance	5,205		5,780		6,821
Marketing	3,790		3,474		2,967
Postage and telephone	5,790		5,983		6,060
State taxes	3,702		3,786		1,544
Loan put provision	—		3,299		—
OREO expense	2,731		4,011		3,266
Other	13,584		15,071		13,905
Total other expense	188,529		187,968		188,317
Income before income taxes	102,358		104,331		116,555
State income taxes (benefit)	—		—		6,088
Federal income taxes	25,131		25,701		28,327
Net income	$	77,227	$	78,630	$	82,140
Preferred share dividends and accretion	—		3,425		5,856
Income available to common shareholders	$	77,227	$	75,205	$	76,284
Earnings per common share:
Basic	$	5.01	$	4.88	$	4.95
Diluted	$	5.01	$	4.88	$	4.95

The accompanying notes are an integral part of the consolidated financial statements.

F- 4

PARK NATIONAL CORPORATION

Consolidated Statements of Comprehensive Income

for years ended December 31, 2013, 2012 and 2011

(In thousands)	2013			2012			2011
Net income	$	77,227		$	78,630		$	82,140
Other comprehensive income (loss), net of tax:
Change in funded status of pension plan, net of income taxes of $11,596, $(3,328) and $(2,707) for years ended December 31, 2013, 2012, and 2011, respectively	21,536			(6,180		)	(5,027		)
Unrealized net holding gain on cash flow hedge, net of income taxes of $296 and $276 for years ended December 31, 2012, and 2011, respectively	—			550			512
Unrealized net holding (loss) on securities available-for-sale, net of income taxes of $(21,236), $(1,645) and $(1,318) for years ended December 31, 2013, 2012 and 2011, respectively	(39,437		)	(3,057		)	(2,448		)
Other comprehensive (loss)	$	(17,901	)	$	(8,687	)	$	(6,963	)
Comprehensive income	$	59,326		$	69,943		$	75,177

The accompanying notes are an integral part of the consolidated financial statements.

F- 5

Park National Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

for the years ended December 31, 2013, 2012 and 2011

	Preferred Shares					Common Shares					Retained Earnings			Treasury Shares			Accumulated Other Comprehensive Income (Loss)			Total
(In thousands, except share and per share data)	Shares Outstanding		Amount			Shares Outstanding		Amount
Balance, January 1, 2011	100,000		$	97,290		15,398,934		$	305,677		$	406,342		$	(77,733	)	$	(1,868	)	$	729,708
Net income											82,140									82,140
Other comprehensive income (loss), net of tax:
Change in funded status of pension plan, net of income taxes of $(2,707)																	(5,027		)	(5,027		)
Unrealized net holding gain on cash flow hedge, net of income taxes of $276																	512			512
Unrealized net holding loss on securities available-for-sale, net of income taxes of $(1,318)																	(2,448		)	(2,448		)
Cash dividends, $3.76 per share											(57,907		)							(57,907		)
Cash payment for fractional shares in dividend reinvestment plan						(42	)	(2		)										(2		)
Accretion of discount on preferred shares			856								(856		)							—
Common share warrants expired								(176		)	176									—
Preferred share dividends											(5,000		)							(5,000		)
Treasury shares reissued for director grants						7,020					(338		)	726						388
Balance, December 31, 2011	100,000		$	98,146		15,405,912		$	305,499		$	424,557		$	(77,007	)	$	(8,831	)	$	742,364
Net income											78,630									78,630
Other comprehensive income (loss), net of tax:
Change in funded status of pension plan, net of income taxes of $(3,328)																	(6,180		)	(6,180		)
Unrealized net holding gain on cash flow hedge, net of income taxes of $296																	550			550
Unrealized net holding loss on securities available-for-sale, net of income taxes of $(1,645)																	(3,057		)	(3,057		)
Cash dividends, $3.76 per share											(57,932		)							(57,932		)
Cash payment for fractional shares in dividend reinvestment plan						(34	)	(2		)										(2		)
Common share warrants redeemed								(2,843		)										(2,843		)
Preferred shares redeemed	(100,000	)	(100,000		)															(100,000		)
Accretion of discount on preferred shares			1,854								(1,854		)							—
Preferred share dividends											(1,571		)							(1,571		)

F- 6

Treasury shares reissued for director grants				6,120					(225		)	632						407
Balance, December 31, 2012	—	$	—	15,411,998		$	302,654		$	441,605		$	(76,375	)	$	(17,518	)	$	650,366
Net income									77,227									77,227
Other comprehensive income (loss), net of tax:
Change in funded status of pension plan, net of income taxes of $11,596															21,536			21,536
Unrealized net holding loss on securities available-for-sale, net of income taxes of $(21,236)															(39,437		)	(39,437		)
Cash dividends, $3.76 per share									(57,949		)							(57,949		)
Cash payment for fractional shares in dividend reinvestment plan				(46	)	(3		)										(3		)
Treasury shares repurchased				(10,550	)							(843		)				(843		)
Treasury shares reissued for director grants				10,550					(240		)	1,090						850
Balance, December 31, 2013	—	$	—	15,411,952		$	302,651		$	460,643		$	(76,128	)	$	(35,419	)	$	651,747

The accompanying notes are an integral part of the consolidated financial statements.

F- 7

Park National Corporation and Subsidiaries

Consolidated Statements of Cash Flows

for the years ended December 31, 2013, 2012 and 2011

(In thousands)	2013			2012			2011
Operating activities:
Net income	$	77,227		$	78,630		$	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	3,415			35,419			63,272
Loan put provision	—			3,299			—
Amortization of loan fees and costs, net	3,611			2,119			2,871
Provision for depreciation	7,315			6,954			7,583
Other than temporary impairment on investment securities	17			54			—
Amortization of intangible assets	337			2,172			3,534
(Accretion)/amortization of investment securities	(33		)	(239		)	490
Amortization of prepayment penalty on long-term debt	4,835			—			—
Deferred income tax	(2,456		)	12,717			28,466
Realized net investment security gains	—			—			(28,829		)
Compensation expense for issuance of treasury shares to directors	850			407			388
Loan originations to be sold in secondary market	(317,534		)	(442,890		)	(269,922		)
Proceeds from sale of loans in secondary market	341,611			422,875			263,170
Gain on sale of loans in secondary market	4,093			5,807			3,557
OREO devaluations	3,180			6,872			8,219
Bank owned life insurance income	(5,041		)	(4,754		)	(5,089		)
Changes in assets and liabilities:
Increase in other assets	514			(15,231		)	(18,722		)
Decrease in other liabilities	(7,389		)	(9,010		)	(10,826		)
Cash included in assets held for sale	—			—			(6,766		)
Net cash provided by operating activities	114,552			105,201			123,536
Investing activities:
Proceeds from sales of securities:
Held-to-maturity	—			—			25,410
Available-for-sale	75,000			—			584,573
Proceeds from calls and maturities of securities:
Held-to-maturity	219,329			681,513			454,937
Available-for-sale	385,259			666,431			557,552
Purchase of securities:
Held-to-maturity	—			(262,679		)	(625,925		)
Available-for-sale	(582,728		)	(964,704		)	(641,751		)
Net decrease in other investments	—			1,697			1,095
Net loan originations, portfolio loans	(190,167		)	(163,106		)	(71,862		)
Sales of assets/liabilities related to Vision Bank	—			(144,436		)	—
Purchases of bank owned life insurance, net	(4,600		)	(2,500		)	(3,000		)
Purchases of premises and equipment, net	(8,842		)	(6,964		)	(6,618		)
Net cash (used in) provided by investing activities	(106,749		)	(194,748		)	274,411

F- 8

(In thousands)	2013			2012			2011
Financing activities
Net increase (decrease) in deposits	73,962			250,918			(97,708		)
Net (decrease) increase in short-term borrowings	(102,139		)	80,574			(400,075		)
Proceeds from issuance of subordinated notes	—			30,000			—
Proceeds from long-term debt	75,000			300,000			203,000
Repayment of sub-debt	—			(25,000		)	—
Repayment of long-term debt	(50,952		)	(340,129		)	(16,551		)
Cash payment for repurchase of common share warrant from U.S. Treasury	—			(2,843		)	—
Repurchase of preferred shares from U.S. Treasury	—			(100,000		)	—
Cash dividends paid	(57,949		)	(60,154		)	(62,907		)
Net cash (used in) provided by financing activities	(62,078		)	133,366			(374,241		)
(Decrease) increase in cash and cash equivalents	(54,275		)	43,819			23,706
Cash and cash equivalents at beginning of year	201,305			157,486			133,780
Cash and cash equivalents at end of year	$	147,030		$	201,305		$	157,486

The accompanying notes are an integral part of the consolidated financial statements.

F- 9

Notes to Consolidated Financial Statements

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements:

Principles of Consolidation

The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management has identified the allowance for loan losses, accounting for Other Real Estate Owned (“OREO”), fair value accounting, accounting for goodwill and accounting for pension plan and other post retirement benefits as significant estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform with the current year presentation. Reclassifications had no effect on prior year net income or shareholders' equity.

Restrictions on Cash and Due from Banks

The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $48.0 million at December 31, 2013 and $41.0 million at December 31, 2012. No other compensating balance arrangements were in existence at December 31, 2013.

Investment Securities

Investment securities are classified upon acquisition into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading (see Note 4 of these Notes to Consolidated Financial Statements).

Held-to-maturity securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income, net of applicable taxes. The Corporation did not hold any trading securities during any period presented.

Available-for-sale and held-to-maturity securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not to be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated.

Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis.

F- 10

Notes to Consolidated Financial Statements

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock

Park’s national bank subsidiary, The Park National Bank (PNB) is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Both cash and stock dividends are reported as income.

Bank Owned Life Insurance

Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized).

Mortgage Loans Held for Sale

Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $1.7 million and $25.7 million at December 31, 2013 and 2012, respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 and Note 6. The contractual balance was $1.6 million and $25.2 million at December 31, 2013 and 2012, respectively. The gain expected upon sale was $28,000 and $568,000 at December 31, 2013 and 2012, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2013 or 2012.

Mortgage Banking Derivatives

Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan origination fees and costs over the loan term. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment.

Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Accrued interest on these loans is considered a loss, unless the loan is well-secured and in the process of collection. Commercial loans placed on nonaccrual status are considered impaired (See Note 5 of these Notes to Consolidated Financial Statements). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when cash is actually received. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due.

The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans are removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management.

F- 11

Notes to Consolidated Financial Statements

A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below:

Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 28 Ohio counties and one Kentucky county where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services.

Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate.

Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer.

Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residence or second mortgages of individuals’ primary residence in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan.

Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans and home equity based credit cards to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances.

Allowance for Loan Losses

The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries.

The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”).

In calculating the allowance for loan losses, management believes it is appropriate to utilize historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2013, the Company utilized an annual loss rate (“historical loss experience”), calculated based on

F- 12

Notes to Consolidated Financial Statements

an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2009 through 2013 within the individual segments of the commercial and consumer loan categories. Management believes the 60-month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditons. The loss factor applied to Park’s consumer portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer portfolio to approximately 1.68 years of historical loss. The consumer loan portfolio loss coverage ratio was 1.52 years at December 31, 2012. The loss factor applied to Park’s commercial portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial portfolio to approximately 2.42 years of historical loss. The commercial loan portfolio loss coverage ratio was 2.59 years at December 31, 2012. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard.

The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries.

GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in beacon scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, the observable market price of the loan or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment.

Troubled Debt Restructuring (TDRs)

Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral.

Income Recognition

Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected.

Premises and Equipment

Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable.

F- 13

Notes to Consolidated Financial Statements

The range of depreciable lives over which premises and equipment are being depreciated are:

Buildings	5 to 50 Years
Equipment, furniture and fixtures	3 to 20 Years
Leasehold improvements	1 to 10 Years

Buildings that are currently placed in service are depreciated over 30 years. Equipment, furniture and fixtures that are currently placed in service are depreciated over 3 to 12 years. Leasehold improvements are depreciated over the lives of the related leases which range from 1 to 10 years.

Other Real Estate Owned (OREO)

OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the value of real estate are classified as OREO devaluations, are reported as adjustments to the carrying amount of OREO and are expensed within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense".

Mortgage Loan Servicing Rights

When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in gains on sale of loans. Capitalized servicing rights are amortized in proportion to and over the period of estimated future servicing income of the underlying loan and is included within “Other service income”.

Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 20 of these Notes to Consolidated Financial Statements.)

Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Other intangible assets represent purchased assets that have no physical property but represent some future economic benefit to their owner and are capable of being sold or exchanged on their own or in combination with a related asset or liability.

Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with definitive useful lives (such as core deposit intangibles) are amortized to expense over their estimated useful lives.

Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2013, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 23 of these Notes to Consolidated Financial Statements for operating segment results.)

F- 14

Notes to Consolidated Financial Statements

The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011.

(In thousands)	Goodwill		Core Deposit Intangibles			Total
January 1, 2011	$	72,334	$	6,043		$	78,377
Amortization	—		(3,534		)	(3,534		)
December 31, 2011	$	72,334	$	2,509		$	74,843
Amortization	—		(2,172		)	(2,172		)
December 31, 2012	$	72,334	$	337		$	72,671
Amortization	—		(337		)	(337		)
December 31, 2013	$	72,334	$	—		$	72,334

GAAP requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess.

Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2013, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired.

The core deposit intangibles were being amortized to expense principally on the straight-line method, over a period of six years. The amortization period for the core deposit intangibles related to Vision Bank was accelerated in the fourth quarter of 2011 and first quarter of 2012 due to the pending sale of the Vision Bank business to Centennial Bank. Core deposit intangible amortization expense was $337,000 in 2013, $2.2 million in 2012 and $3.5 million in 2011.

The accumulated amortization of core deposit intangibles was $22.1 million as of December 31, 2013 and $21.8 million at December 31, 2012. As of December 31, 2013 all core deposit intangibles had been fully amortized.

Consolidated Statement of Cash Flows

Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods.

Net cash provided by operating activities reflects cash payments as follows:

December 31,
(In thousands)	2013		2012		2011
Interest paid on deposits and other borrowings	$	42,481	$	51,877	$	59,552
Income taxes paid	20,000		7,000		17,700

Non-cash Items

Non-cash items included in cash provided by operating activities:

December 31,
(In thousands)	2013		2012		2011
Transfers to OREO	$	22,144	$	23,634	$	36,209

Loss Contingencies and Guarantees

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.

F- 15

Notes to Consolidated Financial Statements

Income Taxes

The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense.

Treasury Shares

The purchase of Park’s common shares is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued.

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, changes in the funded status of the Company’s Defined Benefit Pension Plan, and the unrealized net holding gains and losses on the cash flow hedge that matured on December 28, 2012, which are also recognized as separate components of equity.

Stock-Based Compensation

Compensation cost is recognized for stock options and stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of Park’s common shares at the date of grant is used for stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Park did not grant any stock options or stock awards to employees during 2013, 2012 or 2011. No stock options vested in 2013, 2012 or 2011. Park granted 10,550 common shares to its directors in 2013, 6,120 common shares in 2012 and 7,020 common shares in 2011.

Loan Commitments and Related Financial Instruments

Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Derivative Instruments

At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the derivative's likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a

F- 16

Notes to Consolidated Financial Statements

hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings.

Fair Value Measurement

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 of these Notes to Consolidated Financial Statements. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Retirement Plans

Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.

Earnings Per Common Share

Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements.

Operating Segments

Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision Bank ("Vision" or "VB") (headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial Bank (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation (the "Florida Corporation"). The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SE Property Holdings, LLC ("SEPH"), with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, Guardian Financial Services Company ("GFSC") was added as a reportable segment in the first quarter of 2012.

Adoption of New Accounting Pronouncements:

ASU 2012-02 Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, FASB issued Accounting Standards Update 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The ASU allows an entity to first assess qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. The new guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have an impact on Park's consolidated financial statements.

F- 17

Notes to Consolidated Financial Statements

ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the new guidance on January 1, 2013 impacted the other comprehensive income (loss) disclosures in Note 15.

ASU 2013-11- Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: The ASU requires that an unrecognized tax benefit, ora portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a netoperating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similartax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle anyadditional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does notrequire the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefitshould be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendmentsare effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments will nothave a material impact on Park’s consolidated financial statements.

ASU 2014-01- Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-01, Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Additionally, a reporting entity should disclose information that enables users of its financial statement to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but may impact the presentation of Park's investments in qualified affordable housing projects. Additionally, the adoption of this guidance will require additional disclosures.

ASU 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but will result in additional disclosures.

F- 18

Notes to Consolidated Financial Statements

2. Organization

Park National Corporation is a financial holding company headquartered in Newark, Ohio. Through its national bank subsidiary, PNB, Park is engaged in a general commercial banking and trust business, primarily in Ohio. PNB operates through eleven banking divisions with the Park National Bank Division headquartered in Newark, Ohio, the Fairfield National Bank Division headquartered in Lancaster, Ohio, The Park National Bank of Southwest Ohio & Northern Kentucky Division headquartered in Cincinnati, Ohio, the First-Knox National Bank Division headquartered in Mount Vernon, Ohio, the Farmers Bank Division headquartered in Loudonville, Ohio, the Security National Bank Division headquartered in Springfield, Ohio, the Unity National Bank Division headquartered in Piqua, Ohio, the Richland Bank Division headquartered in Mansfield, Ohio, the Century National Bank Division headquartered in Zanesville, Ohio, the United Bank, N.A. Division headquartered in Bucyrus, Ohio and the Second National Bank Division headquartered in Greenville, Ohio. A wholly-owned subsidiary of Park, Guardian Financial Services Company ("GFSC"), is a consumer finance company located in Central Ohio.

Through February 16, 2012, Park operated a second banking subsidiary, Vision, which was engaged in a general commercial banking business, primarily in Baldwin County, Alabama and the panhandle of Florida. Vision operated through two banking divisions with the Vision Bank Florida Division headquartered in Panama City, Florida and the Vision Bank Alabama Division headquartered in Gulf Shores, Alabama. Promptly following the sale of the Vision business to Centennial, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned, non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH also holds other real estate owned (“OREO”) that had previously been transferred to SEPH from Vision. SEPH's assets consist primarily of performing and nonperforming loans and OREO. This segment represents a run off portfolio of the legacy Vision assets.

All of the Ohio-based banking divisions provide the following principal services: the acceptance of deposits for demand, savings and time accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards, home equity lines of credit, commercial leasing; trust services; cash management; safe deposit operations; electronic funds transfers and a variety of additional banking-related services. Vision, with its two banking divisions, through February 16, 2012, provided the services mentioned above, with the exception of commercial leasing. See Note 23 of these Notes to Consolidated Financial Statements for financial information on the Corporation’s operating segments.

3. Sale of Vision Bank Business

On February 16, 2012, Park and its wholly-owned subsidiary, Vision completed their sale of substantially all of the performing loans, operating assets and liabilities associated with Vision to Centennial Bank (“Centennial”), an Arkansas state-chartered bank which is a wholly-owned subsidiary of Home BancShares, Inc. (“Home”), an Arkansas corporation, as contemplated by the previously announced Purchase and Assumption Agreement by and between Park, Vision, Home and Centennial, dated as of November 16, 2011, as amended by the First Amendment to Purchase and Assumption Agreement, dated as of January 25, 2012, and the Second Amendment to Purchase and Assumption Agreement, dated as of April 30, 2012 (collectively, the "Vision Purchase Agreement") for a purchase price of $27.9 million.

Subsequent to the transactions contemplated by the Vision Purchase Agreement, Vision was left with approximately $22 million of performing loans (including mortgage loans held for sale) and non-performing loans with a fair value of $88 million. Park recorded a pre-tax gain, net of expenses directly related to the sale, of approximately $22.2 million, resulting from the transactions contemplated by the Vision Purchase Agreement. The pre-tax gain, net of expense is summarized in the table below:

(In thousands)
Premium paid	$	27,913
One-time gains	298
Loss on sale of fixed assets	(2,434		)
Employment and severance agreements	(1,610		)
Other one-time charges, including estimates	(2,000		)
Pre-tax gain	$	22,167

Promptly following the closing of the transactions contemplated by the Vision Purchase Agreement, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became the non-bank Florida Corporation. The Florida Corporation merged with and into SEPH, a wholly-owned, non-bank subsidiary of Park, with SEPH being the surviving entity.

F- 19

Notes to Consolidated Financial Statements

As part of the transaction between Vision and Centennial, Park agreed to allow Centennial to “put back” up to $7.5 million aggregate principal amount of loans, which were originally included within the loans sold in the transaction. The loan put option expired on August 16, 2012, 180 days after the closing of the transaction, which was February 16, 2012. Prior to August 16, 2012, Centennial notified Park of Centennial's intent to put back approximately $7.5 million aggregate principal amount of loans. During 2012, Centennial had put back forty-four loans, totaling approximately $7.5 million. These forty-four loans were recorded on the books at a fair value of $4.2 million. The difference of $3.3 million was written off against the loan put liability that had previously been established in the first half of 2012.

4. Investment Securities

The amortized cost and fair value of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment.

During 2013 and 2012, there were $17,000 and $54,000, respectively, in investment securities deemed to be other-than-temporarily impaired, which were related to an equity investment in a financial institution.

Investment securities at December 31, 2013 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	570,632	$	—	$	45,496	$	525,136
U.S. Government sponsored entities’ asset-backed securities	650,391		8,070		9,990		648,471
Other equity securities	1,120		1,539		—		2,659
Total	$	1,222,143	$	9,609	$	55,486	$	1,176,266
2013:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	240	$	1	$	—	$	241
U.S. Government sponsored entities’ asset-backed securities	181,821		5,382		42		187,161
Total	$	182,061	$	5,383	$	42	$	187,402

Park’s U.S. Government sponsored entities' asset-backed securities consisted of 15-year mortgage-backed securities and collateralized mortgage obligations (CMOs). At December 31, 2013, the amortized cost of Park’s available-for-sale and held-to-maturity mortgage-backed securities was $340.4 million and $0.1 million, respectively. At December 31, 2013, the amortized cost of Park's available-for-sale and held-to-maturity CMOs was $310.0 million and $181.7 million, respectively.

Other investment securities (as shown on the Consolidated Balance Sheets) consist of stock investments in the FHLB and the FRB. These restricted stock investments are carried at their redemption value. Park owned $59.0 million of FHLB stock and $6.9 million of FRB stock at both December 31, 2013 and December 31, 2012.

Management does not believe any individual unrealized loss as of December 31, 2013 or December 31, 2012 represented an other-than-temporary impairment. The unrealized losses on debt securities are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these securities and they approach maturity. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified.

F- 20

Notes to Consolidated Financial Statements

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2013:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	377,626	$	29,256	$	147,510	$	16,240	$	525,136	$	45,496
U.S. Government sponsored entities' asset-backed securities	404,035		8,917		21,572		1,073		425,607		9,990
Total	$	781,661	$	38,173	$	169,082	$	17,313	$	950,743	$	55,486
2013:
Securities Held-to-Maturity
U.S. Government sponsored entities’ asset-backed securities	$	5,781	$	42	$	—	$	—	$	5,781	$	42

Investment securities at December 31, 2012 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	695,655	$	1,352	$	1,280	$	695,727
Obligations of states and political subdivisions	984		19		—		1,003
U.S. Government sponsored entities’ asset-backed securities	401,882		14,067		447		415,502
Other equity securities	1,137		1,085		—		2,222
Total	$	1,099,658	$	16,523	$	1,727	$	1,114,454
2012:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	570	$	2	$	—	$	572
U.S. Government sponsored entities’ asset-backed securities	400,820		9,351		38		410,133
Total	$	401,390	$	9,353	$	38	$	410,705

F- 21

Notes to Consolidated Financial Statements

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2012:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	177,470		1,280		—		—		177,470		1,280
U.S. Government sponsored entities' asset-backed securities	123,631		447		—		—		123,631		447
Total	301,101		1,727		—		—		301,101		1,727
2012:
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	10,120	$	38	$	—	$	—	$	10,120	$	38

The amortized cost and estimated fair value of investments in debt securities at December 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.

(In thousands)	Amortized Cost		Estimated Fair Value		Weighted Average Yield
Securities Available-for-Sale
U.S. Treasury and other U.S. Government sponsored entities’ notes:
Due one through five years	50,000		46,800		2.00	%
Due five through ten years	396,882		367,580		2.43	%
Due in over ten years	123,750		110,756		1.74	%
Total	$	570,632	$	525,136	2.24	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	650,391	$	648,471	2.47	%
Securities Held-to-Maturity
Obligations of states and political subdivisions:
Due within one year	$	240	$	241	4.46	%
Total	$	240	$	241	4.46	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	181,821	$	187,161	3.69	%

Approximately $525.1 million of Park’s securities shown in the above table as U.S. Treasury and other U.S. Government sponsored entities' notes are callable notes. These callable securities have a final maturity of 9 to 14 years. Of the $525.1 million reported at December 31, 2013, $46.8 million were expected to be called and are shown in the table at their expected call date.

Investment securities having a book value of $1,321 million and $1,364 million at December 31, 2013 and 2012, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings.

At December 31, 2013, $639 million was pledged for government and trust department deposits, $648 million was pledged to secure repurchase agreements and $34 million was pledged as collateral for FHLB advance borrowings. At December 31, 2012, $655 million was pledged for government and trust department deposits, $667 million was pledged to secure repurchase agreements and $41 million was pledged as collateral for FHLB advance borrowings.

F- 22

Notes to Consolidated Financial Statements

At December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity.

During 2013, Park sold $75 million of AFS investment securities, which were sold at book value for no gain. During 2012, Park had no sales of investment securities. Among the investment securities sold in 2011 were all investment securities (AFS and HTM) held by Vision, which were sold in preparation of the sale of the business to Centennial. There were no HTM securities sold by PNB in 2011. During 2011, Park sold $610 million of U.S. Government sponsored entities' mortgage-backed securities, realizing a pre-tax gain of $28.8 million ($18.7 million after-tax). No gross losses were realized in 2013, 2012 or 2011.

5. Loans

The composition of the loan portfolio, by class of loan, as of December 31, 2013 and December 31, 2012 was as follows:

	12/31/2013						12/31/2012
(In thousands)	Loan Balance		Accrued Interest Receivable		Recorded Investment		Loan Balance		Accrued Interest Receivable		Recorded Investment
Commercial, financial and agricultural *	$	825,432	$	3,079	$	828,511	$	823,927	$	2,976	$	826,903
Commercial real estate *	1,112,273		3,765		1,116,038		1,092,164		3,839		1,096,003
Construction real estate:
SEPH commercial land and development *	5,846		2		5,848		15,105		37		15,142
Remaining commercial	110,842		263		111,105		115,473		331		115,804
Mortgage	31,882		96		31,978		26,373		81		26,454
Installment	7,546		26		7,572		8,577		33		8,610
Residential real estate:
Commercial	407,387		904		408,291		392,203		959		393,162
Mortgage	1,144,754		1,559		1,146,313		1,064,787		1,399		1,066,186
HELOC	213,565		870		214,435		212,905		892		213,797
Installment	33,841		132		33,973		43,750		176		43,926
Consumer	723,733		2,775		726,508		651,930		2,835		654,765
Leases	3,404		23		3,427		3,128		29		3,157
Total loans	$	4,620,505	$	13,494	$	4,633,999	$	4,450,322	$	13,587	$	4,463,909

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

Loans are shown net of deferred origination fees, costs and unearned income of $7.3 million at December 31, 2013 and $6.7 million at December 31, 2012, which represented a net deferred income position in both years.

Overdrawn deposit accounts of $3.3 million and $3.0 million have been reclassified to loans at December 31, 2013 and 2012, respectively.

F- 23

Notes to Consolidated Financial Statements

Credit Quality

The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2013 and December 31, 2012:

	12/31/2013
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	20,633	$	107	$	80	$	20,820
Commercial real estate	39,588		2,234		2		41,824
Construction real estate:
SEPH commercial land and development	4,777		—		—		4,777
Remaining commercial	10,476		306		—		10,782
Mortgage	87		97		—		184
Installment	39		192		—		231
Residential real estate:
Commercial	32,495		913		—		33,408
Mortgage	20,564		11,708		549		32,821
HELOC	2,129		751		—		2,880
Installment	965		885		80		1,930
Consumer	3,463		1,616		1,016		6,095
Total loans	$	135,216	$	18,809	$	1,727	$	155,752

	12/31/2012
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	17,324	$	5,277	$	37	$	22,638
Commercial real estate	40,983		3,295		1,007		45,285
Construction real estate:
SEPH commercial land and development	13,939		—		—		13,939
Remaining commercial	14,977		6,597		—		21,574
Mortgage	158		100		—		258
Installment	149		175		—		324
Residential real estate:
Commercial	33,961		1,661		94		35,716
Mortgage	28,260		9,425		950		38,635
HELOC	1,689		736		—		2,425
Installment	1,670		780		54		2,504
Consumer	2,426		1,900		888		5,214
Total loans	$	155,536	$	29,946	$	3,030	$	188,512

F- 24

Notes to Consolidated Financial Statements

The following table provides additional information regarding those nonaccrual and accruing troubled debt restructured loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment		Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment
Commercial, financial and agricultural	$	20,740	$	20,727	$	13	$	22,601	$	22,587	$	14
Commercial real estate	41,822		41,822		—		44,278		44,278		—
Construction real estate:
SEPH commercial land and development	4,777		4,777		—		13,939		13,260		679
Remaining commercial	10,782		10,782		—		21,574		21,574		—
Mortgage	184		—		184		258		—		258
Installment	231		—		231		324		—		324
Residential real estate:
Commercial	33,408		33,408		—		35,622		35,622		—
Mortgage	32,272		—		32,272		37,685		—		37,685
HELOC	2,880		—		2,880		2,425		—		2,425
Installment	1,850		—		1,850		2,450		—		2,450
Consumer	5,079		799		4,280		4,326		18		4,308
Total loans	$	154,025	$	112,315	$	41,710	$	185,482	$	137,339	$	48,143

All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method.

F- 25

Notes to Consolidated Financial Statements

The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Unpaid principal balance		Recorded investment		Allowance for loan losses allocated		Unpaid principal balance		Recorded investment		Allowance for loan losses allocated
With no related allowance recorded
Commercial, financial and agricultural	$	22,429	$	12,885	$	—	$	23,782	$	14,683	$	—
Commercial real estate	56,870		34,149		—		56,258		35,097		—
Construction real estate:
SEPH commercial land and development	23,722		4,777		—		57,346		13,260		—
Remaining commercial	8,429		6,872		—		29,328		14,093		—
Residential real estate:
Commercial	36,709		31,461		—		39,918		31,957		—
Consumer	799		799		—		18		18		—
With an allowance recorded
Commercial, financial and agricultural	12,616		7,842		3,268		12,268		7,904		3,180
Commercial real estate	7,966		7,673		5,496		11,412		9,181		1,540
Construction real estate:
Remaining commercial	3,909		3,910		1,132		8,071		7,481		2,277
Residential real estate:
Commercial	2,129		1,947		555		3,944		3,665		1,279
Consumer	—		—		—		—		—		—
Total	$	175,578	$	112,315	$	10,451	$	242,345	$	137,339	$	8,276

Management’s general practice is to proactively charge down loans individually evaluated for impairment rather than carry significant specific reserves within the allowance for loan losses. At December 31, 2013 and December 31, 2012, there were $58.1 million and $97.6 million, respectively, in partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $5.2 million and $7.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated.

The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at December 31, 2013 and 2012, of $10.5 million and $8.3 million, respectively. These loans had a recorded investment as of December 31, 2013 and 2012 of $21.4 million and $28.2 million, respectively.

The average balance of loans individually evaluated for impairment was $124.1 million, $164.2 million, and $214.0 million for 2013, 2012, and 2011, respectively.

F- 26

Notes to Consolidated Financial Statements

Interest income on loans individually evaluated for impairment is recognized on a cash basis. The following tables present the average recorded investment and interest income recognized on loans individually evaluated for impairment for the years ended December 31, 2013, 2012, and 2011.

			Year ended December 31, 2013
(In thousands)	Recorded Investment as of December 31, 2013		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	20,727	$	20,523	$	412
Commercial real estate	41,822		41,426		1,151
Construction real estate:
SEPH commercial land and development	4,777		8,723		—
Remaining commercial	10,782		17,829		616
Residential real estate:
Commercial	33,408		34,972		461
Consumer	799		616		—
Total	$	112,315	$	124,089	$	2,640

			Year ended December 31, 2012
(In thousands)	Recorded Investment as of December 31, 2012		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	22,587	$	35,305	$	529
Commercial real estate	44,278		44,541		968
Construction real estate:
SEPH commercial land and development	13,260		17,277		—
Remaining commercial	21,574		27,774		818
Residential real estate:
Commercial	35,622		39,248		497
Consumer	18		19		1
Total	$	137,339	$	164,164	$	2,813

F- 27

Notes to Consolidated Financial Statements

			Year ended December 31, 2011
(In thousands)	Recorded Investment as of December 31, 2011		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	40,621	$	23,518	$	209
Commercial real estate	51,978		49,927		829
Construction real estate:
Vision commercial land and development	24,328		58,792		—
Remaining commercial	25,912		29,152		339
Residential real estate:
Commercial	44,276		52,640		214
Consumer	20		16		1
Total	$	187,135	$	214,045	$	1,592

The following tables present the aging of the recorded investment in past due loans as of December 31, 2013 and December 31, 2012 by class of loan.

	12/31/2013
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	1,233	$	13,275	$	14,508	$	814,003	$	828,511
Commercial real estate	2,168		18,274		20,442		1,095,596		1,116,038
Construction real estate:
SEPH commercial land and development	—		4,242		4,242		1,606		5,848
Remaining commercial	—		3,463		3,463		107,642		111,105
Mortgage	264		75		339		31,639		31,978
Installment	207		14		221		7,351		7,572
Residential real estate:
Commercial	900		5,659		6,559		401,732		408,291
Mortgage	13,633		11,829		25,462		1,120,851		1,146,313
HELOC	571		402		973		213,462		214,435
Installment	696		436		1,132		32,841		33,973
Consumer	12,143		3,941		16,084		710,424		726,508
Leases	—		—		—		3,427		3,427
Total loans	$	31,815	$	61,610	$	93,425	$	4,540,574	$	4,633,999

* Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

F- 28

Notes to Consolidated Financial Statements

	12/31/2012
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	6,251	$	11,811	$	18,062	$	808,841	$	826,903
Commercial real estate	2,212		26,355		28,567		1,067,436		1,096,003
Construction real estate:
SEPH commercial land and development	686		11,314		12,000		3,142		15,142
Remaining commercial	3,652		5,838		9,490		106,314		115,804
Mortgage	171		85		256		26,198		26,454
Installment	135		40		175		8,435		8,610
Residential real estate:
Commercial	1,163		5,917		7,080		386,082		393,162
Mortgage	11,948		17,370		29,318		1,036,868		1,066,186
HELOC	620		309		929		212,868		213,797
Installment	563		787		1,350		42,576		43,926
Consumer	12,924		2,688		15,612		639,153		654,765
Leases	—		—		—		3,157		3,157
Total loans	$	40,325	$	82,514	$	122,839	$	4,341,070	$	4,463,909

* Includes $3.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

Credit Quality Indicators

Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information as of December 31, 2013 and December 31, 2012 is included in the tables above. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans from 1 to 8. Credit grades are continuously monitored by the respective loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans with grades of 1 to 4.5 (pass-rated) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Commercial loans that are graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged-off.

F- 29

Notes to Consolidated Financial Statements

The tables below present the recorded investment by loan grade at December 31, 2013 and December 31, 2012 for all commercial loans:

	12/31/2013
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	6,055	$	532	$	20,740	$	801,184	$	828,511
Commercial real estate*	11,591		1,525		41,822		1,061,100		1,116,038
Construction real estate:
SEPH commercial land and development*	354		—		4,777		717		5,848
Remaining commercial	6,858		244		10,782		93,221		111,105
Residential real estate:
Commercial	5,033		397		33,408		369,453		408,291
Leases	—		—		—		3,427		3,427
Total Commercial Loans	$	29,891	$	2,698	$	111,529	$	2,329,102	$	2,473,220

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class.

	12/31/2012
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	9,537	$	10,874	$	22,601	$	783,891	$	826,903
Commercial real estate*	25,616		3,960		44,278		1,022,149		1,096,003
Construction real estate:
SEPH commercial land and development*	411		—		13,939		792		15,142
Remaining commercial	6,734		—		21,574		87,496		115,804
Residential real estate:
Commercial	8,994		2,053		35,622		346,493		393,162
Leases	—		—		—		3,157		3,157
Total Commercial Loans	$	51,292	$	16,887	$	138,014	$	2,243,978	$	2,450,171

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class.

Troubled Debt Restructuring (TDRs)

Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. Certain loans which were modified during the periods ended December 31, 2013 and December 31, 2012 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms.

Management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification does not contain a concessionary interest rate or other concessionary terms, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed as the borrower had complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply

F- 30

Notes to Consolidated Financial Statements

with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. During the year ended December 31, 2013, Park removed the TDR classification on $7.7 million of loans that met the requirements discussed above.

At December 31, 2013 and December 31, 2012, there were $76.3 million and $84.7 million, respectively, of TDRs included in nonaccrual loan totals. At December 31, 2013 and December 31, 2012, $50.6 million and $52.6 million of these nonaccrual TDRs were performing in accordance with the terms of the restructured note. As of December 31, 2013 and December 31, 2012, there were $18.8 million and $29.9 million, respectively, of TDRs included in accruing loan totals. Management will continue to review the restructured loans and may determine it appropriate to move certain nonaccrual TDRs to accrual status in the future. At December 31, 2013 and December 31, 2012, Park had commitments to lend $4.0 million and $5.0 million, respectively, of additional funds to borrowers whose loan terms had been modified in a TDR.

The specific reserve related to TDRs at December 31, 2013 and December 31, 2012 was $7.5 million and $5.6 million, respectively. Modifications made in 2012 and 2013 were largely the result of renewals, extending the maturity date of the loan, at terms consistent with the original note. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310.  Additional specific reserves of $1.1 million were recorded during the year ended December 31, 2013, as a result of TDRs identified in the 2013 year. Additional specific reserves of $2.3 million were recorded during the year ended December 31, 2012 as a result of TDRs identified in the 2012 year.

The terms of certain other loans were modified during the years ended December 31, 2013 and December 31, 2012 that did not meet the definition of a TDR. Modified/renewed substandard commercial loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $878,000 and $800,000, respectively. The renewal/modification of these loans: (1) involved a renewal/modification of the terms of a loan to a borrower who was no longer experiencing financial difficulties, (2) resulted in a delay in a payment that was considered to be insignificant, or (3) resulted in Park obtaining additional collateral or guarantees that improved the likelihood of the ultimate collection of the loan such that the modification was deemed to be at market terms.  Modified consumer loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $24.2 million and $26.5 million, respectively. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds.

The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2013 and December 31, 2012 as well as the recorded investment of these contracts at December 31, 2013 and December 31, 2012. The recorded investment pre- and post-modification is generally the same.

	Year ended December 31, 2013
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	34	$	7	$	1,334	$	1,341
Commercial real estate	22	—		8,563		8,563
Construction real estate:
SEPH commercial land and development	—	—		—		—
Remaining commercial	3	—		98		98
Mortgage	—	—		—		—
Installment	4	26		25		51
Residential real estate:
Commercial	15	—		2,552		2,552
Mortgage	62	1,967		2,278		4,245
HELOC	16	175		—		175
Installment	13	113		179		292
Consumer	327	805		345		1,150
Total loans	496	$	3,093	$	15,374	$	18,467

F- 31

Notes to Consolidated Financial Statements

	Year ended December 31, 2012
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	44	$	2,843	$	1,499	$	4,342
Commercial real estate	25	2,648		3,611		6,259
Construction real estate:
SEPH commercial land and development	12	—		1,301		1,301
Remaining commercial	15	531		6,579		7,110
Mortgage	2	99		85		184
Installment	6	175		78		253
Residential real estate:
Commercial	18	1,139		1,842		2,981
Mortgage	129	4,279		5,776		10,055
HELOC	46	736		58		794
Installment	57	761		508		1,269
Consumer	600	1,899		670		2,569
Total loans	954	$	15,110	$	22,007	$	37,117

Of those loans listed in the tables above which were modified during the year ended December 31, 2013, $5.5 million were on nonaccrual status as of December 31, 2012, but were not classified as TDRs. Of those loans which were modified during the year ended December 31, 2012, $6.5 million were on nonaccrual status as of December 31, 2011, but were not classified as TDRs.

The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2013 and December 31, 2012. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.

	Year ended December 31, 2013			Year ended December 31, 2012
(In thousands)	Number of Contracts	Recorded Investment		Number of Contracts		Recorded Investment
Commercial, financial and agricultural	11	$	771	8		$	244
Commercial real estate	11	2,839		10		2,113
Construction real estate:
SEPH commercial land and development	—	—		7		970
Remaining commercial	—	—		4		1,476
Mortgage	—	—		1		85
Installment	1	10		1		27
Residential real estate:
Commercial	4	1,683		1		16
Mortgage	26	1,533		39		2,863
HELOC	—	—		5		70
Installment	5	72		9		272
Consumer	74	471		123		743
Leases	—	—		—		—
Total loans	132	$	7,379	$	208	$	8,879

F- 32

Notes to Consolidated Financial Statements

Of the $7.4 million in modified TDRs which defaulted during the year ended December 31, 2013, $397,000 were accruing loans and $7.0 million were nonaccrual loans. Of the $8.9 million in modified TDRs which defaulted during the year ended December 31, 2012, $606,000 were accruing loans and $8.3 million were nonaccrual loans.

Management transfers a loan to OREO at the time that Park takes deed/title of the asset. At December 31, 2013 and 2012, Park had $34.6 million and $35.7 million, respectively, of OREO.

Certain of the Corporation’s executive officers, directors and related entities of directors are loan customers of PNB. As of December 31, 2013 and 2012, credit exposure aggregating approximately $49.7 million and $39.4 million, respectively, was outstanding to such parties. Of this total exposure, approximately $37.7 million and $35.3 million were outstanding at December 31, 2013 and 2012, respectively, with the remaining balance representing available credit. During 2013, new loans and advances on existing loans were made to these executive officers, directors and related entities totaling $547,000 and $11.9 million, respectively. These extensions of credit were offset by payments of $10.0 million. During 2012, new loans and advances on existing loans were $1.7 million and $13.0 million, respectively. These extensions of credit were offset by payments of $17.2 million and the removal of $4.4 million in loans to Vision Bank's executive officers, directors and related entities.

6. Allowance for Loan Losses

The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 of these Notes to Consolidated Financial Statements.

Management extended the historical loss calculation period from 48 months to 54 months during the third quarter of 2013, incorporating net charge-offs plus changes in specific reserves through June 30, 2013 and to 60 months during the fourth quarter of 2013, incorporating net charge-offs plus changes in specific reserves through December 31, 2013. As part of the update in the third quarter of 2013, management determined that it was appropriate to more heavily weight those years with higher losses in the historical loss calculation. Given the continued uncertainty in the current economic environment, management did not feel that it was appropriate to continue to apply equal percentages to each of the years in the historical loss calculation. Management considers the uncertainty in the current economic environment to be more similar to the economic conditions in 2009 through 2011 period than the 2012 though 2013 period. Specifically, rather than applying equal percentages to each year in the historical loss calculation, management applied more weight to the 2009 through 2011 period compared to the 2012 through 2013 period. The impact of the change in the third quarter resulted in general reserves as a percentage of performing loans of 1.09% at September 30, 2013, which was consistent with the 1.09% at June 30, 2013.

The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables.

	Year ended December 31, 2013
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Charge-offs	6,160			1,832			1,791			3,207			6,163			—			19,153
Recoveries	(1,314		)	(726		)	(9,378		)	(6,000		)	(2,249		)	(2		)	(19,669		)
Net Charge-offs (recoveries)	4,846			1,106			(7,587		)	(2,793		)	3,914			(2		)	(516		)
Provision (Recovery)	3,429			5,269			(7,573		)	(3,301		)	5,593			(2		)	3,415
Ending balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		—			$	59,468

F- 33

Notes to Consolidated Financial Statements

	Year ended December 31, 2012
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases		Total
Allowance for credit losses:
Beginning balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		$	—	$	68,444
Charge-offs	26,847			10,454			9,985			8,607			5,375			—		61,268
Recoveries	(1,066		)	(783		)	(2,979		)	(5,559		)	(2,555		)	—		(12,942		)
Net Charge-offs	25,781			9,671			7,006			3,048			2,820			—		48,326
Provision (Recovery)	24,466			5,868			(586		)	2,115			3,556			—		35,419
Ending balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		—		$	55,537

	Year ended December 31, 2011
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	11,555		$	24,369		$	70,462		$	30,259		$	6,925		$	5		$	143,575
Transfer of loans at fair value	2			150			63			4			—			—			219
Transfer of allowance to held for sale (1)	1,184			4,327			1,998			5,450			141			—			13,100
Charge-offs	18,350			23,063			64,166			20,691			7,612			—			133,882
Recoveries	(1,402		)	(1,825		)	(1,463		)	(1,719		)	(2,385		)	(4		)	(8,798		)
Net Charge-offs (recoveries)	16,948			21,238			62,703			18,972			5,227			(4		)	125,084
Provision (Recovery)	23,529			16,885			8,735			9,859			4,273			(9		)	63,272
Ending balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		—			$	68,444

(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale.

Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2013 and 2012, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2013 and 2012, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 of these Notes to Consolidated Financial Statements).

F- 34

Notes to Consolidated Financial Statements

The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows: 

	December 31, 2013
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,268		$	5,496		$	1,132		$	555		$	—		$	—		$	10,451
Collectively evaluated for impairment	10,950			10,403			5,723			13,696			8,245			—			49,017
Total ending allowance balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		$	—		$	59,468
Loan Balance:
Loans individually evaluated for impairment	$	20,724		$	41,816		$	15,559		$	33,406		$	799		$	—		$	112,304
Loans collectively evaluated for impairment	804,708			1,070,457			140,557			1,766,141			722,934			3,404			4,508,201
Total ending loan balance	$	825,432		$	1,112,273		$	156,116		$	1,799,547		$	723,733		$	3,404		$	4,620,505
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	15.77		%	13.14		%	7.28		%	1.66		%	—		%	—		%	9.31		%
Loans collectively evaluated for impairment	1.36		%	0.97		%	4.07		%	0.78		%	1.14		%	—		%	1.09		%
Total ending loan balance	1.72		%	1.43		%	4.39		%	0.79		%	1.14		%	—		%	1.29		%
Recorded Investment:
Loans individually evaluated for impairment	$	20,727		$	41,822		$	15,559		$	33,408		$	799		$	—		$	112,315
Loans collectively evaluated for impairment	807,784			1,074,216			140,944			1,769,604			725,709			3,427			4,521,684
Total ending loan balance	$	828,511		$	1,116,038		$	156,503		$	1,803,012		$	726,508		$	3,427		$	4,633,999

F- 35

Notes to Consolidated Financial Statements

	December 31, 2012
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,180		$	1,540		$	2,277		$	1,279		$	—		$	—		$	8,276
Collectively evaluated for impairment	12,455			10,196			4,564			13,480			6,566			—			47,261
Total ending allowance balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Loan Balance:
Loans individually evaluated for impairment	$	22,523		$	44,267		$	34,814		$	35,616		$	18		$	—		$	137,238
Loans collectively evaluated for impairment	801,404			1,047,897			130,714			1,678,029			651,912			3,128			4,313,084
Total ending loan balance	$	823,927		$	1,092,164		$	165,528		$	1,713,645		$	651,930		$	3,128		$	4,450,322
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	14.12		%	3.48		%	6.54		%	3.59		%	—		%	—		%	6.03		%
Loans collectively evaluated for impairment	1.55		%	0.97		%	3.49		%	0.80		%	1.01		%	—		%	1.10		%
Total ending loan balance	1.90		%	1.07		%	4.13		%	0.86		%	1.01		%	—		%	1.25		%
Recorded Investment:
Loans individually evaluated for impairment	$	22,587		$	44,278		$	34,834		$	35,622		$	18		$	—		$	137,339
Loans collectively evaluated for impairment	804,316			1,051,725			131,176			1,681,449			654,747			3,157			4,326,570
Total ending loan balance	$	826,903		$	1,096,003		$	166,010		$	1,717,071		$	654,765		$	3,157		$	4,463,909

F- 36

Notes to Consolidated Financial Statements

7. Premises and Equipment

The major categories of premises and equipment and accumulated depreciation are summarized as follows:

December 31 (In thousands)	2013			2012
Land	$	17,657		$	17,354
Buildings	70,183			69,091
Equipment, furniture and fixtures	36,937			61,679
Leasehold improvements	3,903			4,009
Total	$	128,680		$	152,133
Less accumulated depreciation	(73,402		)	(98,382		)
Premises and equipment, net	$	55,278		$	53,751

Depreciation expense amounted to $7.3 million, $7.0 million and $7.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: 

(In thousands)
2014	1,351
2015	945
2016	628
2017	475
2018	744
Thereafter	605
Total	$	4,748

Rent expense for Park was $1.8 million, $1.9 million and $2.4 million, for the years ended December 31, 2013, 2012 and 2011, respectively.

8. Deposits

At December 31, 2013 and 2012, non-interest bearing and interest bearing deposits were as follows:

December 31 (In thousands)	2013		2012
Non-interest bearing	$	1,193,553	$	1,137,290
Interest bearing	3,596,441		3,578,742
Total	$	4,789,994	$	4,716,032

F- 37

Notes to Consolidated Financial Statements

At December 31, 2013, the maturities of time deposits were as follows: 

(In thousands)
2014	$	883,231
2015	215,866
2016	104,274
2017	80,856
2018	39,485
After 5 years	947
Total	$	1,324,659

At December 31, 2013, Park had approximately $18.4 million of deposits received from executive officers, directors and their related entities.

Maturities of time deposits over $100,000 as of December 31, 2013 were:

December 31 (In thousands)
3 months or less	$	186,194
Over 3 months through 6 months	114,979
Over 6 months through 12 months	146,315
Over 12 months	153,966
Total	$	601,454

9. Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2013		2012
Securities sold under agreements to repurchase and federal funds purchased	$	242,029	$	244,168
Federal Home Loan Bank advances	—		100,000
Total short-term borrowings	$	242,029	$	344,168

F- 38

Notes to Consolidated Financial Statements

The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: 

(In thousands)	Repurchase agreements and Federal Funds Purchased			FHLB Advances
2013
Ending balance	$	242,029		$	—
Highest month-end balance	280,863			—
Average daily balance	251,868			1,255
Weighted-average interest rate:
As of year-end	0.19		%	—		%
Paid during the year	0.21		%	0.41		%
2012
Ending balance	$	244,168		$	100,000
Highest month-end balance	302,946			100,000
Average daily balance	257,341			1,320
Weighted-average interest rate:
As of year-end	0.23		%	0.38		%
Paid during the year	0.26		%	0.28		%

At December 31, 2012, outstanding FHLB advances were collateralized by investment securities owned by the Corporation’s bank subsidiary and by various loans pledged under a blanket agreement by the Corporation’s bank subsidiary.

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that are pledged. At December 31, 2013 and 2012, $2,072 million and $2,053 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s bank subsidiary.

Note 4 states that $648 million and $667 million of securities were pledged to secure repurchase agreements as of December 31, 2013 and 2012, respectively. Park’s repurchase agreements in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. Park’s repurchase agreements with a third-party financial institution are classified as long-term debt. See Note 10 of these Notes to Consolidated Financial Statements.

F- 39

Notes to Consolidated Financial Statements

10. Long-Term Debt

Long-term debt is listed below:

December 31,	2013					2012
(In thousands)	Outstanding Balance			Average Rate		Outstanding Balance			Average Rate
Total Federal Home Loan Bank advances by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	51,000			3.37	%	51,000			3.37	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	530,307		2.39	%	506,259			2.42	%
Total broker repurchase agreements by year of maturity:
2017	300,000			1.75	%	300,000			1.75	%
Total	$	300,000		1.75	%	$	300,000		1.75	%
Total combined long-term debt by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	351,000			1.99	%	351,000			1.99	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	830,307		2.16	%	$	806,259		2.17	%
Prepayment penalty	(19,766		)	—		(24,601		)	—
Total long-term debt	$	810,541		2.82	%	$	781,658		2.87	%

On November 30, 2012, Park restructured $300 million in repurchase agreements at a rate of 1.75%. As part of this restructuring, Park paid a prepayment penalty of $25 million. The penalty is being amortized as an adjustment to interest expense over the remaining term of the repurchase agreements using the effective interest method, resulting in an effective interest rate of 3.40%. Of the $25 million prepayment penalty, $19.8 million remained to be amortized as of December 31, 2013. The remaining amortization will be $4.9 million in 2014, $5.0 million in 2015, $5.1 million in 2016 and $4.8 million in 2017.

Park had approximately $176.7 million of long-term debt at December 31, 2013 with a contractual maturity longer than five years. However, approximately $150 million of this debt is callable by the issuer in 2014.

At December 31, 2013 and 2012, FHLB advances were collateralized by investment securities owned by PNB’s banking divisions and by various loans pledged under a blanket agreement by the PNB's divisions.

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that were pledged. See Note 9 of these Notes to Consolidated Financial Statements for the amount of commercial real estate and residential mortgage loans that were pledged to the FHLB at December 31, 2013 and December 31, 2012.

11. Subordinated Debentures/Notes

As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005.

F- 40

Notes to Consolidated Financial Statements

On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. These Trust Preferred Securities qualify as Tier I capital under Federal Reserve Board guidelines. All of the common securities of Trust I are owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which carry a floating rate based on a three-month LIBOR plus 148 basis points. The debentures represent the sole asset of Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 148 basis points per annum. The Trust Preferred Securities are mandatorily redeemable upon maturity of the notes in December 2035, or upon earlier redemption as provided in the notes. Park has the right to redeem the notes purchased by Trust I in whole or in part, on or after December 30, 2010. As specified in the indenture, if the notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest.

In accordance with GAAP, Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability.

On December 23, 2009, Park entered into a Note Purchase Agreement, dated December 23, 2009, with 38 purchasers (the “2009 Purchasers”). Under the terms of the Note Purchase Agreement, the 2009 Purchasers purchased from Park an aggregate principal amount of $35.25 million of 10% Subordinated Notes due December 23, 2019 (the “2009 Notes”). The 2009 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. The 2009 Notes may not be prepaid in any amount prior to December 23, 2014; however, subsequent to that date, Park may prepay, without penalty, all or a portion of the principal amount outstanding. Of the $35.25 million in 2009 Notes, $14.05 million were purchased by related parties.

On April 20, 2012, Park entered into a Note Purchase Agreement, dated April 20, 2012 (the “2012 Purchase Agreement”), with 56 purchasers (the "2012 Purchasers"). Under the terms of the 2012 Purchase Agreement, the 2012 Purchasers purchased from Park an aggregate principal amount of $30 million of 7% Subordinated Notes Due April 20, 2022 (the "2012 Notes"). The 2012 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. Each 2012 Note was purchased at a purchase price of 100% of the principal amount thereof. The 2012 Notes may not be prepaid by Park prior to April 20, 2017. From and after April 20, 2017, Park may prepay all, or from time to time, any part of the 2012 Notes at 100% of the principal amount (plus accrued interest) without penalty, subject to any requirement under Federal Reserve Board regulations to obtain prior approval from the Federal Reserve Board before making any prepayment.

12. Share-Based Compensation

The Park National Corporation 2005 Incentive Stock Option Plan (the “2005 Plan”) was adopted by the Board of Directors of Park on January 18, 2005, and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 18, 2005. Under the 2005 Plan, 1,500,000 common shares were authorized for delivery upon the exercise of incentive stock options. All of the common shares delivered upon the exercise of incentive stock options granted under the 2005 Plan were to be treasury shares. The 2005 Plan was terminated on April 22, 2013 and no common shares were delivered thereunder.

The Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan replaces the 2005 Plan and Park's Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the "Directors' Stock Plan") which were terminated immediately following the approval of the 2013 Incentive Plan. The 2013 Incentive Plan makes equity-based awards and cash-based awards available for grant to participants in the form of incentive stock options, nonqualified stock options, stock appreciations rights, restricted common shares, restricted stock awards that may be settled in common shares, cash or a combination of the two, unrestricted common shares and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares are authorized to be granted. The common shares to be issued and delivered under the 2013 Incentive Plan may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. No awards may be made under the 2013 Incentive Plan after April 22, 2023.

At December 31, 2013, 589,450 common shares were available for future grants under the 2013 Incentive Plan. During 2013, Park granted 10,550 common shares to directors under the 2013 Incentive Plan. The common shares granted to directors were not subjected to a vesting period and resulted in expense of $850,000 which is included in Professional fees and services on the Consolidated Income Statement. As of December 31, 2013, there had been no awards made to employees under the 2013 Incentive Plan.

F- 41

Notes to Consolidated Financial Statements

There were no options outstanding under the the 2005 Plan as of December 31, 2013 or December 31, 2012.  There were no options granted or exercised in 2013, 2012 or 2011. Additionally, no share-based compensation expense was recognized for 2013, 2012 or 2011 related to awards to employees.

13. Benefit Plans

The Corporation has a noncontributory Defined Benefit Pension Plan (the “Pension Plan”) covering substantially all of the employees of the Corporation and its subsidiaries. The Pension Plan provides benefits based on an employee’s years of service and compensation.

The Corporation generally contributes annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. In January 2012, management contributed $15.9 million, of which $14.3 million was deductible on the 2011 tax return and $1.6 million was deductible on the 2012 tax return. In January 2013, management contributed $12.6 million, of which $11.0 million was deductible on the 2012 tax return and $1.6 million will be deductible on the 2013 tax return. See Note 14 of these Notes to Consolidated Financial Statements. There is no pension contribution expected in 2014.

Using an accrual measurement date of December 31, 2013 and 2012, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)	2013			2012
Change in fair value of plan assets
Fair value at beginning of measurement period	$	117,768		$	96,581
Actual return on plan assets	31,518			11,256
Company contributions	12,638			15,900
Benefits paid	(9,185		)	(5,969		)
Fair value at end of measurement period	$	152,739		$	117,768
Change in benefit obligation
Projected benefit obligation at beginning of measurement period	$	97,653		$	81,507
Service cost	4,817			4,271
Interest cost	4,223			4,048
Actuarial (gains)/loss	(8,329		)	13,796
Benefits paid	(9,185		)	(5,969		)
Projected benefit obligation at the end of measurement period	$	89,179		$	97,653
Funded status at end of year (fair value of plan assets less benefit obligation)	$	63,560		$	20,115

The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:

		Percentage of Plan Assets
Asset category	Target Allocation	2013		2012
Equity securities	50% - 100%	83	%	83	%
Fixed income and cash equivalents	remaining balance	17	%	17	%
Total		100	%	100	%

The investment policy, as established by the Retirement Plan Committee, is to invest assets according to the target allocation stated above. Assets will be reallocated periodically based on the investment strategy of the Retirement Plan Committee. The investment policy is reviewed periodically.

The expected long-term rate of return on plan assets used to measure the benefit obligation as of December 31, 2013 and 2012 was 7.25% and 7.5%, respectively. This return was based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each class.

F- 42

Notes to Consolidated Financial Statements

The accumulated benefit obligation for the Pension Plan was $75.9 million and $85.1 million at December 31, 2013 and 2012, respectively.

On November 17, 2009, the Park Pension Plan completed the purchase of 115,800 common shares of Park for $7.0 million or $60.45 per share. At December 31, 2013 and 2012, the fair value of the 115,800 common shares held by the Pension Plan was $9.9 million, or $85.07 per share and $7.5 million, or $64.63 per share, respectively.

The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were as follows:

	2013		2012		2011
Discount rate	5.30	%	4.47	%	5.18	%
Rate of compensation increase			3.00	%	3.00	%
Under age 30	10.00	%
Ages 30-39	6.00	%
Ages 40 and over	3.00	%

The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):

2014	$	5,732
2015	5,943
2016	6,047
2017	6,597
2018	6,845
2019-2023	42,387
Total	$	73,551

The following table shows ending balances of accumulated other comprehensive loss at December 31, 2013 and 2012.

(In thousands)	2013			2012
Prior service cost	$	(34	)	$	(54	)
Net actuarial loss	(8,579		)	(41,691		)
Total	(8,613		)	(41,745		)
Deferred taxes	3,015			14,611
Accumulated other comprehensive loss	$	(5,598	)	$	(27,134	)

F- 43

Notes to Consolidated Financial Statements

Using an actuarial measurement date of December 31 for 2013, 2012 and 2011, components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows:

(In thousands)	2013			2012			2011
Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss)
Service cost	$	(4,817	)	$	(4,271	)	$	(4,557	)
Interest cost	(4,223		)	(4,048		)	(3,967		)
Expected return on plan assets	9,536			8,742			7,543
Amortization of prior service cost	(20		)	(20		)	(19		)
Recognized net actuarial loss	(2,703		)	(1,708		)	(1,411		)
Net periodic benefit cost	$	(2,227	)	$	(1,305	)	$	(2,411	)
Change to net actuarial gain/(loss) for the period	$	30,409		$	(11,236	)	$	(9,164	)
Amortization of prior service cost	20			20			19
Amortization of net loss	2,703			1,708			1,411
Total recognized in other comprehensive income/(loss)	33,132			(9,508		)	(7,734		)
Total recognized in net benefit cost and other comprehensive income/(loss)	$	30,905		$	(10,813	)	$	(10,145	)

The estimated prior service costs for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $20,000. There is no net actuarial (loss) expected to be recognized in the next fiscal year.

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are listed below:

	2013		2012		2011
Discount Rate	4.47	%	5.18	%	5.50	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected long-term return on plan assets	7.50	%	7.75	%	7.75	%

The Pension Plan maintains cash in a PNB savings account. The Pension Plan cash balance was $2.3 million at December 31, 2013.

GAAP defines fair value as the price that would be received by Park for an asset or paid by Park to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date, using the most advantageous market for the asset or liability. The fair values of equity securities, consisting of mutual fund investments and common stock (U.S. large cap) held by the Pension Plan and the fixed income and cash equivalents, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The market value of Pension Plan assets at December 31, 2013 was $152.7 million. At December 31, 2013, $128.7 million of equity investments and cash in the Pension Plan were categorized as Level 1 inputs; $24.0 million of plan investments in corporate (U.S. large cap) and U.S. Government sponsored entity bonds were categorized as Level 2 inputs, as fair value was based on quoted market prices of comparable instruments; and no investments were categorized as Level 3 inputs. The market value of Pension Plan assets was $117.8 million at December 31, 2012. At December 31, 2012, $98.8 million of investments in the Pension Plan were categorized as Level 1 inputs; $18.9 million were categorized as Level 2; and no investments were categorized as Level 3.

F- 44

Notes to Consolidated Financial Statements

The Corporation has a voluntary salary deferral plan covering substantially all of the employees of the Corporation and its subsidiaries. Eligible employees may contribute a portion of their compensation subject to a maximum statutory limitation. The Corporation provides a matching contribution established annually by the Corporation. Contribution expense for the Corporation was $1.1 million, $1.0 million, and $1.1 million for 2013, 2012 and 2011, respectively.

The Corporation has a Supplemental Executive Retirement Plan (SERP) covering certain key officers of the Corporation and its subsidiaries with defined pension benefits in excess of limits imposed by federal tax law. The accrued benefit cost for the SERP totaled $6.8 million and $7.4 million for 2013 and 2012, respectively. The expense for the Corporation was $0.2 million for 2013, $0.3 million for 2012 and $0.6 million for 2011.

14. Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows:

December 31 (In thousands)	2013		2012
Deferred tax assets:
Allowance for loan losses	$	20,814	$	19,438
Accumulated other comprehensive loss – Pension Plan	3,015		14,611
Accumulated other comprehensive loss – Unrealized losses on securities	16,057		—
Intangible assets	673		697
Deferred compensation	3,611		3,750
OREO devaluations	5,287		4,855
Partnership adjustments	3,793		3,329
Other	3,705		2,973
Total deferred tax assets	$	56,955	$	49,653
Deferred tax liabilities:
Accumulated other comprehensive income – Unrealized gains on securities	—		5,178
Deferred investment income	10,199		10,199
Pension Plan	25,261		25,517
Mortgage servicing rights	3,154		2,717
Other	850		646
Total deferred tax liabilities	$	39,464	$	44,257
Net deferred tax assets	$	17,491	$	5,396

Park performs an analysis to determine if a valuation allowance against deferred tax assets is required in accordance with GAAP. Prior to the sale of substantially all of its assets in February 2012, Vision was subject to income tax in Alabama and Florida. During 2011, Park recognized $6.1 million in state tax expense which was the charge necessary to write off the previously reported state operating loss carry-forward asset and other state deferred tax assets at Vision. Prior to the execution of the Vision Purchase Agreement with Centennial, management of Park had believed that a merger of Vision into PNB (the national bank subsidiary of Park) would enable Park to fully utilize the state net operating loss carry-forward asset recorded at Vision. The structure of the transactions contemplated by the Vision Purchase Agreement with Centennial did not allow either the buyer or the seller to benefit from the previously recorded net operating loss carry-forward asset at Vision to offset future taxable income; therefore, this asset was written off by Vision at December 31, 2011.

Management has determined that it is not required to establish a valuation allowance against remaining deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods.

F- 45

Notes to Consolidated Financial Statements

The components of the provision for federal and state income taxes are shown below:

December 31, (In thousands)	2013			2012		2011
Currently payable
Federal	$	27,587		$	12,984	$	5,949
State	—			—		—
Deferred
Federal	(2,456		)	12,717		22,378
State	—			—		8,382
Valuation allowance
Federal	—			—		—
State	—			—		(2,294		)
Total	$	25,131		$	25,701	$	34,415

The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2013, 2012 and 2011.

December 31	2013		2012		2011
Statutory federal corporate tax rate	35.0	%	35.0	%	35.0	%
Changes in rates resulting from:
Tax exempt interest income, net of disallowed interest	(0.8	)%	(0.9	)%	(1.0	)%
Bank owned life insurance	(1.7	)%	(1.6	)%	(1.5	)%
Tax credits (low income housing)	(6.6	)%	(6.1	)%	(5.2	)%
State income tax expense, net of federal benefit	—	%	—	%	4.7	%
Valuation allowance, net of federal benefit	—	%	—	%	(1.3	)%
Other	(1.3	)%	(1.8	)%	(1.2	)%
Effective tax rate	24.6	%	24.6	%	29.5	%

Park and its Ohio-based subsidiaries do not pay state income tax to the state of Ohio, but pay a franchise tax based on their year-end equity. The franchise tax expense is included in the state tax expense and is shown in “state taxes” on Park’s Consolidated Statements of Income. Vision did not record state income tax expense (benefit) in 2012.

Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.

(In thousands)	2013			2012			2011
January 1 Balance	$	517		$	485		$	477
Additions based on tax positions related to the current year	74			74			70
Additions for tax positions of prior years	4			25			1
Reductions for tax positions of prior years	—			—			(3		)
Reductions due to statute of limitations	(77		)	(67		)	(60		)
December 31 Balance	$	518		$	517		$	485

The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in the future periods at December 31, 2013, 2012 and 2011 was $403,000, $404,000 and $378,000, respectively. Park does not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the next year.

F- 46

Notes to Consolidated Financial Statements

The (income)/expense related to interest and penalties recorded in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 was $(500), $4,500 and $2,500, respectively. The amount accrued for interest and penalties at December 31, 2013, 2012 and 2011 was $67,000, $67,500 and $63,000, respectively.

Park and its subsidiaries are subject to U.S. federal income tax. Some of Park’s subsidiaries are subject to state income tax in the following states: Alabama, Florida, California and Kentucky. Park is no longer subject to examination by federal or state taxing authorities for the tax year 2009 and the years prior.

The 2007 and 2008 federal income tax returns of Park were recently under examination by the Internal Revenue Service. Additionally, the 2009 state of Ohio franchise tax return was recently under examination. The IRS examination closed in the first quarter of 2012 with no adjustments. The Ohio examination closed in 2011 with no material adjustments.

15. Other Comprehensive Income (Loss)

Other comprehensive income (loss) components, net of tax, are shown in the following table for the years ended December 31, 2013, 2012 and 2011.

Year ended December 31, (in thousands)		Changes in Pension Plan assets and benefit obligations			Unrealized gains and losses on available-for-sale securities			Unrealized net holding loss on cash flow hedge			Total
Beginning balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
	Other comprehensive gain (loss) before reclassifications	19,766			(39,448		)	—			$	(19,682	)
	Amounts reclassified from accumulated other comprehensive income	1,770			11			—			$	1,781
Net current period other comprehensive income (loss)		21,536			(39,437		)	—			$	(17,901	)
Ending balance at December 31, 2013		$	(5,598	)	$	(29,821	)	$	—		$	(35,419	)
Beginning balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)
	Net current period other comprehensive income (loss)	(6,180		)	(3,057		)	550			$	(8,687	)
Ending balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
Beginning balance at January 1, 2011		$	(15,927	)	$	15,121		$	(1,062	)	$	(1,868	)
	Net current period other comprehensive income (loss)	(5,027		)	(2,448		)	512			$	(6,963	)
Ending balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)

During the year ended December 31, 2013, there was $17,000 ($11,000 net of tax) reclassified out of accumulated other comprehensive income due to an other-than-temporary impairment charge on an available-for-sale security. This charge was recorded within miscellaneous expense on the Consolidated Statement of Income. During the year ended December 31, 2011, $28.8 million ($18.7 million after-tax) was reclassified out of accumulated other comprehensive income (loss) due to gains recognized in net income as the result of the sale of securities. These gains were recorded within net gain on sales of securities on the Consolidated Statement of Income.

F- 47

Notes to Consolidated Financial Statements

The following table provides information concerning significant amounts reclassified out of accumulated other comprehensive income (loss) related to Pension Plan assets and benefit obligations for the year ended December 31, 2013:

Year ended December 31, 2013 (in thousands)		Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Income
Amortization of defined benefit pension items
	Amortization of prior service cost	$	20	Salaries and employee benefits
	Amortization of net loss	2,703		Salaries and employee benefits
Total income before income taxes		2,723
	Federal income taxes	953
	Net of tax	$	1,770

16. Earnings Per Common Share

GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of options, warrants and convertible securities.

The following table sets forth the computation of basic and diluted earnings per common share:

Year ended December 31 (In thousands, except share data)	2013		2012		2011
Numerator:
Net income available to common shareholders	$	77,227	$	75,205	$	76,284
Denominator:
Basic earnings per common share:
Weighted-average shares	15,412,365		15,407,078		15,400,155
Effect of dilutive securities – stock options and warrants	—		1,063		1,291
Diluted earnings per common share:
Adjusted weighted-average shares and assumed conversions	15,412,365		15,408,141		15,401,446
Earnings per common share:
Basic earnings per common share	$	5.01	$	4.88	$	4.95
Diluted earnings per common share	$	5.01	$	4.88	$	4.95

As of December 31, 2011, options to purchase 74,020 common shares were outstanding under Park’s 2005 Plan. All options had expired by December 31, 2012. A warrant to purchase 227,376 common shares was outstanding at December 31, 2011 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program ("CPP"). Park repurchased the CPP warrant on May 2, 2012. In addition, warrants to purchase an aggregate of 71,984 common shares were outstanding at December 31, 2010 as a result of the issuance of common shares and warrants to purchase common shares on December 10, 2010 (the "December 2010 Warrants"). The December 2010 Warrants expired in 2011, with no warrants being exercised, but have been considered in the 2011 diluted earnings per share calculation.

The common shares represented by the options and the December 2010 Warrants for the twelve months ended December 31, 2012 and 2011, totaling a weighted average of 63,308 and 126,292, respectively, were not included in the computation of diluted earnings per common share because the respective exercise prices exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect. The warrant to purchase 227,376 common shares issued under the CPP was included in the computation of diluted earnings per common share for the years ended December 31, 2012 and 2011, as the dilutive effect of this warrant was 1,063 and 1,291 common shares for the twelve month periods ended December 31, 2012 and December 31, 2011, respectively. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97.

There were no options or warrants outstanding to include in the calculation of diluted earnings per share for the year ended December 31, 2013.

F- 48

Notes to Consolidated Financial Statements

17. Dividend Restrictions

Bank regulators limit the amount of dividends a subsidiary bank can declare in any calendar year without obtaining prior approval. At December 31, 2013, approximately $65.6 million of the total shareholders’ equity of PNB was available for the payment of dividends to the Corporation, without approval by the applicable regulatory authorities.

18. Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk

The Corporation is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements.

The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers.

The total amounts of off-balance sheet financial instruments with credit risk were as follows:

December 31 (In thousands)	2013		2012
Loan commitments	$	821,795	$	815,585
Standby letters of credit	20,590		22,961

The loan commitments are generally for variable rates of interest.

The Corporation grants retail, commercial and commercial real estate loans to customers primarily located in Ohio. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties.

Although the Corporation has a diversified loan portfolio, a substantial portion of the borrowers’ ability to honor their contracts is dependent upon the economic conditions in each borrower’s geographic location and industry.

19. Derivative Instruments

FASB ASC 815, Derivatives and Hedging, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by GAAP, the Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivatives and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified into earnings when the hedged transaction affects earnings, with any ineffective portion of changes in the fair value of the derivative recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction.

During the first quarter of 2008, the Company executed an interest rate swap to hedge a $25 million floating-rate subordinated note that was entered into by PNB during the fourth quarter of 2007. The Company’s objective in using this derivative was to add stability to interest expense and to manage its exposure to interest rate risk. Our interest rate swap involved the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount, and was designated as a cash flow hedge. This interest rate swap matured on December 28, 2012. No hedge ineffectiveness on the cash flow hedge was recognized during the year ended December 31, 2012 or 2011.

F- 49

Notes to Consolidated Financial Statements

For the year ended December 31, 2012, the change in the fair value of the interest rate swap reported in other comprehensive income was a gain of $550,000 (net of taxes of $296,000). There was zero balance related to the interest rate swap in accumulated other comprehensive income as of December 31, 2012.

As of December 31, 2013 and 2012, no derivatives were designated as cash flow hedges, fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes.

As of December 31, 2013 and December 31, 2012, Park had mortgage loan interest rate lock commitments (IRLCs) outstanding of approximately $5.2 million and $28.9 million, respectively. Park has specific contracts to sell each of these loans to a third-party investor. These loan commitments represent derivative instruments, which are required to be carried at fair value. The derivative instruments used are not designed as hedges under GAAP. The fair value of the derivative instruments was approximately $61,000 at December 31, 2013 and $372,000 at December 31, 2012. The fair value of the derivative instruments is included within loans held for sale and the corresponding income is included within non-yield loan fee income. Gains and losses resulting from expected sales of mortgage loans are recognized when the respective loan contract is entered into between the borrower, Park, and the third-party investor. The fair value of Park’s mortgage IRLCs is based on current secondary market pricing.

In connection with the sale of Park’s Class B Visa shares during the 2009 year, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. The fair value of the swap liability of $135,000 at both December 31, 2013 and 2012, is an estimate of the exposure based upon probability-weighted potential Visa litigation losses and consideration of the Visa settlement agreement announced on July 13, 2012 to resolve the Federal Multi-District Interchange Litigation.

20. Loan Servicing

Park serviced sold mortgage loans of $1,326 million at December 31, 2013, compared to $1,311 million at December 31, 2012 and $1,347 million at December 31, 2011. At December 31, 2013, $10.7 million of the sold mortgage loans were sold with recourse compared to $16.3 million at December 31, 2012. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. As of December 31, 2013 and December 31, 2012, management had established a reserve of $1.0 million and $550,000, respectively, to account for future loan repurchases.

The amortization of mortgage loan servicing rights is included within “Other service income”. Generally, mortgage servicing rights are capitalized and amortized on an individual sold loan basis. When a sold mortgage loan is paid off, the related mortgage servicing rights are fully amortized.

Activity for mortgage servicing rights and the related valuation allowance follows:

December 31 (In thousands)	2013			2012			2011
Mortgage servicing rights:
Carrying amount, net, beginning of year	$	7,763		$	9,301		$	10,488
Additions	2,436			3,399			1,659
Amortization	(2,479		)	(3,634		)	(2,573		)
Change in valuation allowance	1,293			(1,303		)	(273		)
Carrying amount, net, end of year	$	9,013		$	7,763		$	9,301
Valuation allowance:
Beginning of year	$	2,324		$	1,021		$	748
Change in valuation allowance	(1,293		)	1,303			273
End of year	$	1,031		$	2,324		$	1,021

The fair value of mortgage servicing rights at December 31, 2013 was established using a discount rate of 10% and constant prepayment speeds ranging from 6.6% to 22.5%.

Servicing fees included in other service income were $3.6 million, $3.6 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively.

F- 50

Notes to Consolidated Financial Statements

21. Fair Value

 The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:

• Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date.

• Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices.

• Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals or internal estimates of collateral values in accordance with Park's valuation requirements per its commercial and real estate loan policies.

Assets and Liabilities Measured at Fair Value on a Recurring Basis:

The following table presents assets and liabilities measured at fair value on a recurring basis:

Fair Value Measurements at December 31, 2013 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	525,136	$	—	$	525,136
Obligations of states and political subdivisions	—		—		—		—
U.S. Government sponsored entities’ asset-backed securities	—		648,471		—		648,471
Equity securities	1,900		—		759		2,659
Mortgage loans held for sale	—		1,666		—		1,666
Mortgage IRLCs	—		61		—		61
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

F- 51

Notes to Consolidated Financial Statements

Fair Value Measurements at December 31, 2012 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	695,727	$	—	$	695,727
Obligations of states and political subdivisions	—		1,003		—		1,003
U.S. Government sponsored entities’ asset-backed securities	—		415,502		—		415,502
Equity securities	1,442		—		780		2,222
Mortgage loans held for sale	—		25,743		—		25,743
Mortgage IRLCs	—		372		—		372
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

There were no transfers between Level 1 and Level 2 during 2013 or 2012. Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period.

The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above:

Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The Fair Value Measurements tables exclude Park’s FHLB stock and FRB stock. These assets are carried at their respective redemption values, as it is not practicable to calculate their fair values. For securities where quoted prices or market prices of similar securities are not available, which include municipal securities, fair values are calculated using discounted cash flows.

Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses.

Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2.

Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2.

F- 52

Notes to Consolidated Financial Statements

The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
(In thousands)	Equity Securities			Fair Value Swap
Balance at January 1, 2013	$	780		$	(135	)
Total Gains/(Losses)
Included in earnings - realized	(17		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	(4		)	—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			—
Balance at December 31, 2013	$	759		$	(135	)
Balance at January 1, 2012	$	763		$	(700	)
Total Gains/(Losses)
Included in earnings - realized	(54		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	71			—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			565
Balance at December 31, 2012	$	780		$	(135	)

Assets and liabilities measured at fair value on a nonrecurring basis:

The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below:

Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated valuations are obtained annually for all impaired loans in accordance with Company policy.

Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.

F- 53

Notes to Consolidated Financial Statements

Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are two types of appraisals, real estate appraisals and lot development loan appraisals, received by the Company. These are discussed below:

• Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties.

• Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs.

MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds utilized. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2.

The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement.

The following table presents assets and liabilities measured at fair value on a nonrecurring basis:

Fair Value Measurements at December 31, 2013 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Impaired Loans:
Commercial real estate	$	—	$	—	$	21,100	$	21,100
Construction real estate:
SEPH commercial land and development	—		—		4,777		4,777
Remaining commercial	—		—		3,788		3,788
Residential real estate	—		—		4,154		4,154
Total impaired loans	$	—	$	—	$	33,819	$	33,819
Mortgage Servicing Rights	—		2,259		—		2,259
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	11,041	$	11,041
Residential real estate	—		—		3,366		3,366
Commercial real estate	—		—		4,119		4,119
Total Other Real Estate Owned	$	—	$	—	$	18,526	$	18,526

F- 54

Notes to Consolidated Financial Statements

Fair Value Measurements at December 31, 2012 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Impaired Loans:
Commercial real estate	$	—	$	—	$	25,997	$	25,997
Construction real estate:
SEPH commercial land and development	—		—		12,832		12,832
Remaining commercial	—		—		8,113		8,113
Residential real estate	—		—		6,990		6,990
Total impaired loans	$	—	$	—	$	53,932	$	53,932
Mortgage Servicing Rights	—		6,642		—		6,642
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	12,134	$	12,134
Residential real estate	—		—		4,307		4,307
Commercial real estate	—		—		3,485		3,485
Total Other Real Estate Owned	$	—	$	—	$	19,926	$	19,926

Impaired loans had a recorded investment of $112.3 million at December 31, 2013, after partial charge-offs of $63.3 million. Additionally, these impaired loans had a specific valuation allowance of $10.5 million. Of the $112.3 million impaired loan portfolio at December 31, 2013, loans with a recorded investment of $41.0 million were carried at their fair value of $33.8 million, as a result of charge-offs of $49.0 million and a specific valuation allowance of $7.2 million. An additional specific valuation allowance of $3.3 million at December 31, 2013 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $71.3 million of impaired loans were carried at cost, as the fair value of the underlying collateral or present value of expected future cash flows on each of these loans exceeded the recorded investment for each individual credit. At December 31, 2012, impaired loans had a recorded investment of $137.2 million, after partial charge-offs of $105.1 million. Additionally, these impaired loans had a specific valuation allowance of $8.3 million. Of the $137.2 million impaired loan portfolio at December 31, 2012, loans with a recorded investment of $59.0 million were carried at their fair value of $53.9 million as a result of partial charge-offs of $91.6 million and a specific valuation allowance for those loans carried at fair value of $5.1 million. An additional specific valuation allowance of $3.2 million at December 31, 2012 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $78.2 million of impaired loans at December 31, 2012 were carried at cost. The financial impact of credit adjustments related to impaired loans carried at fair value during the years ended December 31, 2013, 2012 and 2011 was $8.1 million, $16.0 million, and $37.4 million, respectively.

MSRs, which are carried at the lower of cost or fair value, were recorded at $9.0 million at December 31, 2013. Of the $9.0 million MSR carrying balance at December 31, 2013, $2.3 million was recorded at fair value and included a valuation allowance of $1.0 million. The remaining $6.7 million was recorded at cost, as the fair value exceeded cost at December 31, 2013. At December 31, 2012, MSRs were recorded at $7.8 million, including a valuation allowance of $2.3 million. Income/(Expense) related to MSRs carried at fair value for the years ended December 31, 2013, 2012 and 2011 was $1.3 million, $(1.3) million and $(273,000), respectively.

Total OREO held by Park at December 31, 2013 and December 31, 2012 was $34.6 million and $35.7 million, respectively. Approximately 53% and 55% of OREO held by Park at December 31, 2013 and at December 31, 2012, respectively, was carried at fair value due to devaluations taken subsequent to the initial OREO measurement. At December 31, 2013 and December 31, 2012, the estimated fair value of OREO, less estimated selling costs, amounted to $18.5 million and $19.9 million, respectively. The financial impact of OREO fair value adjustments for the years ended December 31, 2013, 2012 and 2011 was $3.2 million, $6.9 million and $8.2 million, respectively.

F- 55

Notes to Consolidated Financial Statements

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013 and December 31, 2012:

December 31, 2013
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	21,100	Sales comparison approach	Adj to comparables	0.0% - 109.0% (22.8%)
			Income approach	Capitalization rate	8.0% - 12.5% (9.1%)
			Cost approach	Accumulated depreciation	11.7% - 65.0% (37.1%)
Construction real estate:
SEPH commercial land and development	$	4,777	Sales comparison approach	Adj to comparables	0.0% - 96.0% (13.9%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (14.9%)
Remaining commercial	$	3,788	Sales comparison approach	Adj to comparables	0.0% - 40.0% (22.4%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (18.0%)
Residential real estate	$	4,154	Sales comparison approach	Adj to comparables	0.0% - 121.8% (14.9%)
			Income approach	Capitalization rate	7.8% - 10.0% (8.4%)
Other real estate owned:
Commercial real estate	$	4,119	Sales comparison approach	Adj to comparables	0.0% - 140.0% (17.7%)
			Income approach	Capitalization rate	8.0% - 11.5% (9.6%)
			Cost approach	Accumulated depreciation	60.0% - 95.0% (80.0%)
Construction real estate	$	11,041	Sales comparison approach	Adj to comparables	0.0% - 484.0% (36.2%)
			Bulk sale approach	Discount rate	13.0% - 14.0% (13.6%)
Residential real estate	$	3,366	Sales comparison approach	Adj to comparables	0.0% - 273.0% (19.2%)
			Income approach	Capitalization rate	5.4% - 7.8% (7.4%)

F- 56

Notes to Consolidated Financial Statements

December 31, 2012
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	25,997	Sales comparison approach	Adj to comparables	0.0% - 116.0% (22.3%)
			Income approach	Capitalization rate	7.5% - 20.9% (10.1%)
			Cost approach	Accumulated depreciation	23.0% - 63.0% (50.4%)
Construction real estate:
SEPH commercial land and development	$	12,832	Sales comparison approach	Adj to comparables	0.0% - 218.0% (31.9%)
			Bulk sale approach	Discount rate	11.0% - 55.0% (23.4%)
Remaining commercial	$	8,113	Sales comparison approach	Adj to comparables	0.0% - 75.0% (26.2%)
			Bulk sale approach	Discount rate	10.0% - 55.0% (18.3%)
Residential real estate	$	6,990	Sales comparison approach	Adj to comparables	0.0% - 178.0% (17.9%)
Other real estate owned:
Commercial real estate	$	3,485	Sales comparison approach	Adj to comparables	0.0% - 67.0% (25.8%)
			Income approach	Capitalization rate	11.0% (11.0%)
			Bulk sale approach	Discount rate	13.0% (13.0%)
			Cost approach	Accumulated depreciation	40.9% - 90.0% (65.0%)
Construction real estate	$	12,134	Sales comparison approach	Adj to comparables	0.0% - 273.0% (34.0%)
			Income approach	Capitalization rate	8.5% (8.5%)
			Bulk sale approach	Discount rate	10.0% - 12.0% (10.8%)
Residential real estate	$	4,307	Sales comparison approach	Adj to comparables	1.0% - 61.0% (18.0%)
			Income approach	Capitalization rate	7.9% - 9.3% (8.7%)
			Cost approach	Accumulated depreciation	6.0% (6.0%)

The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for assets and liabilities not discussed above:

Cash and cash equivalents:The carrying amounts reported in the Consolidated BalanceSheets for cash and short-term instruments approximate those assets’ fair values.

Loans receivable:For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.

F- 57

Notes to Consolidated Financial Statements

Off-balance sheet instruments:Fair values for the Corporation’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material.

Deposit liabilities:The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits.

Short-term borrowings:The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values.

Long-term debt:Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities.

Subordinated debentures and notes:Fair values for subordinated debentures and notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities.

The fair value of financial instruments at December 31, 2013 and December 31, 2012, was as follows:

	December 31, 2013
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	147,030	$	147,030	$	—	$	—	$	147,030
Investment securities	1,358,327		1,900		1,361,009		759		1,363,668
Accrued interest receivable - securities	4,840		—		4,840		—		4,840
Accrued interest receivable - loans	13,495		—		—		13,495		13,495
Mortgage loans held for sale	1,666		—		1,666		—		1,666
Impaired loans carried at fair value	33,819		—		—		33,819		33,819
Mortgage IRLCs	61		—		61		—		61
Other loans	4,525,491		—		—		4,531,680		4,531,680
Loans receivable, net	$	4,561,037	$	—	$	1,727	$	4,565,499	$	4,567,226
Financial liabilities:
Non-interest bearing checking accounts	$	1,193,553	$	1,193,553	$	—	—		$	1,193,553
Interest bearing transaction accounts	1,145,525		1,145,525		—		—		1,145,525
Savings accounts	1,124,994		1,124,994		—		—		1,124,994
Time deposits	1,324,659		—		1,331,129		—		1,331,129
Other	1,263		1,263		—		—		1,263
Total deposits	$	4,789,994	$	3,465,335	$	1,331,129	$	—	$	4,796,464
Short-term borrowings	$	242,029	$	—	$	242,029	$	—	$	242,029
Long-term debt	810,541		—		860,963		—		860,963
Subordinated debentures/notes	80,250		—		83,140		—		83,140
Accrued interest payable – deposits	1,366		16		1,350		—		1,366
Accrued interest payable – debt/borrowings	1,535		4		1,531		—		1,535
Derivative financial instruments:
Fair value swap	135		—		—		135		135

F- 58

Notes to Consolidated Financial Statements

	December 31, 2012
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	201,305	$	201,305	$	—	$	—	$	201,305
Investment securities	1,515,844		1,442		1,522,937		780		1,525,159
Accrued interest receivable - securities	6,122		—		6,122		—		6,122
Accrued interest receivable - loans	13,588		—		2		13,586		13,588
Mortgage loans held for sale	25,743		—		25,743		—		25,743
Impaired loans carried at fair value	53,932		—		—		53,932		53,932
Mortgage IRLCs	372		—		372		—		372
Other loans	4,314,738		—		—		4,348,705		4,348,705
Loans receivable, net	$	4,394,785	$	—	$	26,115	$	4,402,637	$	4,428,752
Financial liabilities:
Non-interest bearing checking accounts	$	1,137,290	$	1,137,290	$	—	—		$	1,137,290
Interest bearing transaction accounts	1,088,617		1,088,617		—		—		1,088,617
Savings accounts	1,038,356		1,038,356		—		—		1,038,356
Time deposits	1,450,424		—		1,458,793		—		1,458,793
Other	1,345		1,345		—		—		1,345
Total deposits	$	4,716,032	$	3,265,608	$	1,458,793	$	—	$	4,724,401
Short-term borrowings	$	344,168	$	—	$	344,168	$	—	$	344,168
Long-term debt	781,658		—		861,466		—		861,466
Subordinated debentures/notes	80,250		—		79,503		—		79,503
Accrued interest payable – deposits	1,960		21		1,939		—		1,960
Accrued interest payable – debt/borrowings	1,499		8		1,491		—		1,499
Derivative financial instruments:
Fair value swap	$	135	$	—	$	—	$	135	$	135

22. Capital Ratios

At December 31, 2013 and 2012, the Corporation and PNB had Tier 1, total risk-based capital and leverage ratios which were well above both the required minimum levels of 4.00%, 8.00% and 4.00%, respectively, and the well-capitalized levels of 6.00%, 10.00% and 5.00%, respectively.

The following table indicates the capital ratios for Park and PNB at December 31, 2013 and December 31, 2012.

	2013						2012
	Tier 1 Risk-Based		Total Risk-Based		Leverage		Tier 1 Risk-Based		Total Risk-Based		Leverage
Park National Bank	10.01	%	11.78	%	7.10	%	9.28	%	11.17	%	6.43	%
Park	13.27	%	15.91	%	9.48	%	13.12	%	15.77	%	9.17	%

F- 59

Notes to Consolidated Financial Statements

Failure to meet the minimum requirements above could cause the Federal Reserve Board to take action. PNB is also subject to the capital requirements of its primary regulator, the OCC. As of December 31, 2013 and 2012, Park and PNB were well-capitalized and met all capital requirements to which each was then subject. There are no conditions or events since PNB's most recent regulatory report filings, that management believes have changed the risk categories for PNB.

The following table reflects various measures of capital for Park and PNB:

					To Be Adequately Capitalized				To Be Well Capitalized
(In thousands)	Actual Amount		Ratio		Amount		Ratio		Amount		Ratio
At December 31, 2013
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	545,144	11.78	%	$	370,198	8.00	%	$	462,747	10.00	%
Park	754,605		15.91	%	379,446		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	463,015	10.01	%	$	185,099	4.00	%	$	277,648	6.00	%
Park	629,410		13.27	%	189,723		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	463,015	7.10	%	$	261,025	4.00	%	$	326,281	5.00	%
Park	629,410		9.48	%	265,633		4.00	%	N/A		N/A
At December 31, 2012
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	502,680	11.17	%	$	359,971	8.00	%	$	449,964	10.00	%
Park	732,413		15.77	%	371,477		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	417,690	9.28	%	$	179,986	4.00	%	$	269,978	6.00	%
Park	609,411		13.12	%	185,739		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	417,690	6.43	%	$	259,769	4.00	%	$	324,711	5.00	%
Park	609,411		9.17	%	265,719		4.00	%	N/A		N/A

23. Segment Information

The Corporation is a financial holding company headquartered in Newark, Ohio. Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision(headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, GFSC was added as a reportable segment in the first quarter of 2012.

GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i)

F- 60

Notes to Consolidated Financial Statements

discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker.  

Operating results for the year ended December 31, 2013 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	210,781	$	—	$	8,741	$	(1,325	)	$	2,828		$	221,025
Provision for (recovery of) loan losses	14,039		—		1,175		(11,799		)	—			3,415
Other income	70,841		—		11		1,956			469			73,277
Other expense	165,665		—		3,133		12,211			7,520			188,529
Income (loss) before taxes	101,918		—		4,444		219			(4,223		)	102,358
Income taxes (benefit)	26,324		—		1,556		77			(2,826		)	25,131
Net income (loss)	$	75,594	$	—	$	2,888	$	142		$	(1,397	)	$	77,227
Balances at December 31, 2013
Assets	$	6,524,098	$	—	$	47,115	$	72,781		$	(5,647	)	$	6,638,347
Loans	4,559,406		—		47,228		38,014			(24,143		)	4,620,505
Deposits	4,896,405		—		7,159		—			(113,570		)	4,789,994

Operating results for the year ended December 31, 2012 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	221,758	$	—	$	9,156	$	(341	)	$	4,742		$	235,315
Provision for loan losses	16,678		—		859		17,882			—			35,419
Other income	70,739		—		—		21,431			233			92,403
Other expense	156,516		—		2,835		22,032			6,585			187,968
Income (loss) before taxes	119,303		—		5,462		(18,824		)	(1,610		)	104,331
Income taxes (benefit)	32,197		—		1,912		(6,603		)	(1,805		)	25,701
Net income (loss)	$	87,106	$	—	$	3,550	$	(12,221	)	$	195		$	78,630
Balances at December 31, 2012
Assets	$	6,502,579	$	—	$	49,926	$	104,428		$	(14,130	)	$	6,642,803
Loans	4,369,173		—		50,082		59,178			(28,111		)	4,450,322
Deposits	4,814,107		—		8,358		—			(106,433		)	4,716,032

Operating results for the year ended December 31, 2011 (In thousands)
	PNB		VB			GFSC		SEPH			All Other			Total
Net interest income (loss)	$	236,282	$	27,078		$	8,693	$	(974	)	$	2,155		$	273,234
Provision for loan losses	30,220		31,052			2,000		—			—			63,272
Other income (loss)	90,982		6,617			—		(3,039		)	350			94,910
Other expense	146,235		31,379			2,506		1,082			7,115			188,317
Income (loss) before taxes	150,809		(28,736		)	4,187		(5,095		)	(4,610		)	116,555
Income taxes (benefit)	43,958		(6,210		)	1,466		(1,784		)	(3,015		)	34,415
Net income (loss)	$	106,851	$	(22,526	)	$	2,721	$	(3,311	)	$	(1,595	)	$	82,140
Balances at December 31, 2011
Assets	$	6,281,747	$	650,935		$	46,682	$	34,989		$	(42,108	)	$	6,972,245
Assets held for sale (1)	—		382,462			—		—			—			382,462
Loans	4,172,424		123,883			47,111		—			(26,319		)	4,317,099
Deposits	4,611,646		32			8,013		—			(154,577		)	4,465,114
Liabilities held for sale (2)	—		536,186			—		—			—			536,186

(1) The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012.

(2) The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

F- 61

Notes to Consolidated Financial Statements

The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals:

	2013
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	218,197		$	7,315	$	173,694	$	27,957		$	6,643,994		$	4,903,564
Elimination of intersegment items	8,659			—		—		—			(30,369		)	(113,570		)
Parent Co. totals - not eliminated	(5,831		)	—		7,520		(2,826		)	24,722			—
Totals	$	221,025		$	7,315	$	181,214	$	25,131		$	6,638,347		$	4,789,994

	2012
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	230,573		$	6,954	$	174,429	$	27,506		$	6,656,933		$	4,822,465
Elimination of intersegment items	8,558			—		—		—			(35,639		)	(106,433		)
Parent Co. totals - not eliminated	(3,816		)	—		6,585		(1,805		)	21,509			—
Totals	$	235,315		$	6,954	$	181,014	$	25,701		$	6,642,803		$	4,716,032

	2011
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	271,079		$	7,583	$	173,619	$	37,430		$	7,014,353		$	4,619,691
Elimination of intersegment items	4,492			—		—		—			(63,243		)	(154,577		)
Parent Co. totals - not eliminated	(2,337		)	—		7,115		(3,015		)	21,135			—
Totals	$	273,234		$	7,583	$	180,734	$	34,415		$	6,972,245		$	4,465,114

24. Parent Company Statements

The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below.

Investments in subsidiaries are accounted for using the equity method of accounting.

The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries.

Cash represents non-interest bearing deposits with PNB.

Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $2.54 million, $4.54 million and $4.21 million in 2013, 2012 and 2011, respectively.

At December 31, 2013 and 2012, shareholders’ equity reflected in the Parent Company balance sheet includes $196.0 million and $173.1 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation.

F- 62

Notes to Consolidated Financial Statements

Balance Sheets
December 31, 2013 and 2012
(In thousands)	2013		2012
Assets:
Cash	$	106,942	$	98,726
Investment in subsidiaries	582,992		589,523
Debentures receivable from PNB	25,000		30,000
Other investments	2,297		2,133
Other assets	21,984		19,639
Total assets	$	739,215	$	740,021
Liabilities:
Subordinated notes	80,250		80,250
Other liabilities	7,218		9,405
Total liabilities	87,468		89,655
Total shareholders’ equity	651,747		650,366
Total liabilities and shareholders’ equity	$	739,215	$	740,021

Statements of Income
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013		2012			2011
Income:
Dividends from subsidiaries	$	15,000	$	197,000		$	105,000
Interest and dividends	8,659		10,027			5,643
Other	531		232			385
Total income	24,190		207,259			111,028
Expense:
Other, net	13,413		11,869			10,639
Total expense	13,413		11,869			10,639
Income before federal taxes and equity in undistributed income (losses) of subsidiaries	10,777		195,390			100,389
Federal income tax benefit	2,826		1,806			3,016
Income before equity in undistributed income (losses) of subsidiaries	13,603		197,196			103,405
Equity in undistributed income (losses) of subsidiaries	63,624		(118,566		)	(21,265		)
Net income	$	77,227	$	78,630		$	82,140

F- 63

Notes to Consolidated Financial Statements

Statements of Cash Flows
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013			2012			2011
Operating activities:
Net income	$	77,227		$	78,630		$	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income)/losses of subsidiaries	(63,624		)	118,566			21,265
Compensation expense for issuance of treasury stock to directors	850			407			—
Decrease in other assets	(2,215		)	5,748			8,268
Increase (decrease) in other liabilities	(3,030		)	1,724			(7,875		)
Net cash provided by operating activities	9,208			205,075			103,798
Investing activities:
Purchase of investment securities	—			—			(250		)
Capital contribution to subsidiary	(45,000		)	(45,000		)	(36,000		)
Purchase of debentures receivable from subsidiaries	—			(115,000		)	(30,000		)
Repayment of debentures receivable from subsidiaries	101,960			52,000			—
Net cash provided by (used in) investing activities	56,960			(108,000		)	(66,250		)
Financing activities:
Cash dividends paid	(57,949		)	(60,154		)	(62,907		)
Payment to repurchase warrants	—			(2,843		)	—
Payment to repurchase preferred shares	—			(100,000		)	—
Proceeds from issuance of subordinated notes	—			30,000			—
Cash payment for fractional shares	(3		)	(2		)	(2		)
Net cash used in financing activities	(57,952		)	(132,999		)	(62,909		)
Increase/(decrease) in cash	8,216			(35,924		)	(25,361		)
Cash at beginning of year	98,726			134,650			160,011
Cash at end of year	$	106,942		$	98,726		$	134,650

25. Participation in the U.S. Treasury Capital Purchase Program (CPP)

On December 23, 2008, Park issued $100 million of Fixed-Rate Cumulative Perpetual Preferred Shares, Series A, with a liquidation preference of $1,000 per share (the “Series A Preferred Shares”), associated with Park's participation in the CPP. As part of its participation in the CPP, Park also issued a warrant to the U.S. Treasury to purchase 227,376 common shares (the “Warrant”).

On April 25, 2012, Park entered into a Letter Agreement with the U.S. Treasury pursuant to which Park repurchased the 100,000 Series A Preferred Shares for a purchase price of $100 million plus a pro rata accrued and unpaid dividend. Total consideration of $101.0 million included accrued and unpaid dividends of $1.0 million. In addition to the accrued and unpaid dividends of $1.0 million, the charge to retained earnings, resulting from the repurchase of the Series A Preferred Shares, was $1.6 million on April 25, 2012.

On May 2, 2012, Park entered into a Letter Agreement pursuant to which Park repurchased from the U.S. Treasury the Warrant to purchase 227,376 Park common shares in full for consideration of $2.8 million, or $12.50 per Park common share.

F- 64

EX-21

Exhibit 21

SUBSIDIARIES OF PARK NATIONAL CORPORATION

Name of Subsidiary		Jurisdiction of Incorporation or Formation
The Park National Bank (“PNB”)		United States (federally-chartered national banking association)
•	Park Investments, Inc. (NOTE: is a wholly-owned subsidiary of PNB)	Delaware
•	Scope Leasing, Inc. (NOTE: is a wholly-owned subsidiary of PNB) [Also does business under “Scope Aircraft Finance”]	Ohio
•	River Park Properties, LLC (NOTE: is a wholly-owned subsidiary of PNB)	Ohio
•	Sunny Green, LLC (NOTE: is a wholly-owned subsidiary of PNB)	Ohio
•	Park Title Agency, LLC. (NOTE: PNB holds 49% of ownership interest and other member, which is not a subsidiary of Park National Corporation, holds 51% of ownership interest)	Ohio
•	The following are the divisions of PNB:
	∗ Fairfield National Bank (also sometimes known as “Fairfield National Division”)	n/a
	∗ The Park National Bank of Southwest Ohio & Northern Kentucky	n/a
	∗ Century National Bank	n/a
	∗ Second National Bank	n/a
	∗ Richland Bank (also sometimes known as “The Richland Trust Company”)	n/a
	∗ United Bank, N.A.	n/a
	∗ First-Knox National Bank (also sometimes known as “The First-Knox National Bank of Mount Vernon”)	n/a
	∗ Farmers Bank (also sometimes known as “Farmers and Savings”)	n/a
	∗ Security National Bank (also sometimes known as “The Security National Bank and Trust Co.” or “Security National Bank & Trust Company”)	n/a
	∗ Unity National Bank	n/a
Guardian Financial Services Company [Also does business under “Guardian Finance Company”]		Ohio

Name of Subsidiary		Jurisdiction of Incorporation or Formation
SE Property Holdings, LLC		Ohio
•	Vision-Park Properties, L.L.C. (NOTE: SEPH is sole member)	Florida
•	87A Orange Beach LLC (NOTE: SEPH is sole member)	Ohio
•	Morningside Holdings LLC (NOTE: SEPH is sole member)	Ohio
•	Swindall Holdings LLC (NOTE: SEPH is sole member)	Ohio
•	Swindall Partnership Holdings LLC (NOTE: SEPH is sole member)	Ohio
Vision Bancshares Trust I (NOTE: Park holds all of the common securities as successor Depositor; floating rate preferred securities are held by institutional investors)		Delaware

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements of Park National Corporation:

Form S-8 No.  33-92060

Form S-8 No.  333-52653

Form S-8 No.  333-59360

Form S-8 No.  333-59378

Form S-8 No.  333-91178

Form S-8 No.  333-168334

Form S-3 No. 333-181515

Form S-8 No. 333-188323

of our report dated February 25, 2014, relating to the consolidated financial statements and effectiveness of internal control over financial reporting, appearing in this Annual Report on Form 10-K.

Crowe Horwath LLP

Columbus, Ohio

February 25, 2014

EX-24

Exhibit 24

POWER OF ATTORNEY

The undersigned officer and director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ C. Daniel DeLawder

C. Daniel DeLawder

POWER OF ATTORNEY

The undersigned officer and director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ David L. Trautman

David L. Trautman

POWER OF ATTORNEY

The undersigned officer of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder and David L. Trautman, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Brady T. Burt

Brady T. Burt

POWER OF ATTORNEY

The undersigned officer of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Matthew R. Miller

Matthew R. Miller

POWER OF ATTORNEY

The undersigned officer of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in her name and on her behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as she could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Donna M. Alvarado

Donna M. Alvarado

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in her name and on her behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as she could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Maureen Buchwald

Maureen Buchwald

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Harry O. Egger

Harry O. Egger

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ F. William Englefield IV

F. William Englefield IV

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Stephen J. Kambeitz

Stephen J. Kambeitz

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ William T. McConnell

William T. McConnell

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Timothy S. McLain

Timothy S. McLain

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Dr. Charles W. Noble, Sr.

Dr. Charles W. Noble, Sr.

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ John J. O'Neill

John J. O'Neill

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Robert E. O'Neill

Robert E. O'Neill

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Rick R. Taylor

Rick R. Taylor

POWER OF ATTORNEY

The undersigned director of Park National Corporation, an Ohio corporation (the “Corporation”), which anticipates filing with the Securities and Exchange Commission, Washington, D.C., under the provisions of the Securities Exchange Act of 1934, as amended, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2013, hereby constitutes and appoints C. Daniel DeLawder, David L. Trautman and Brady T. Burt, and each of them, with full power of substitution and resubstitution, as attorney-in-fact and agent to execute, deliver and file, in his name and on his behalf, in any and all capacities, such Annual Report on Form 10‑K and any and all amendments thereto, and any and all applications or documents to be filed with the Securities and Exchange Commission pertaining to such Annual Report on Form 10-K, with full power and authority to do and perform any and all acts and things whatsoever required and necessary to be done in the premises, as fully to all intents and purposes as he could do if personally present. The undersigned hereby ratifies and confirms all that each said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney this 27 day of January, 2014.

/s/ Leon Zazworsky

Leon Zazworsky

EX-31.1

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certifications

[Principal Executive Officer]

CERTIFICATIONS

I, David L. Trautman, certify that:

1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2013, of Park National Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  February 25, 2014	By:	/s/ David L. Trautman
	Printed Name: David L. Trautman
	Title: Chief Executive Officer and President

EX-31.2

Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certifications

[Principal Financial Officer]

CERTIFICATIONS

I, Brady T. Burt, certify that:

1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2013, of Park National Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   February 25, 2014	By:	/s/ Brady T. Burt
	Printed Name: Brady T. Burt
	Title: Chief Financial Officer, Secretary, and Treasurer

EX-32.1

Exhibit 32

CERTIFICATIONS PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF

TITLE 18 OF THE UNITED STATES CODE*

In connection with the Annual Report of Park National Corporation (the “Company”) on Form 10-K for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned David L. Trautman, Chief Executive Officer and President of the Corporation, and Brady T. Burt, Chief Financial Officer, Secretary, and Treasurer of the Corporation, certify, pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of the Company and its subsidiaries.

/s/ David L. Trautman	/s/ Brady T. Burt
David L. Trautman	Brady T. Burt
Chief Executive Officer and President (Principal Executive Officer)	Chief Financial Officer, Secretary, and Treasurer (Principal Financial Officer)
Dated: February 25, 2014	Dated: February 25, 2014

*    These certifications are being furnished as required by Rule 13a – 14(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 1350 of Chapter 63 of Title 18 of the United States Code, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section.

These certifications shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates these certifications by reference.

XML

Loans (Tables)

12 Months Ended

Dec. 31, 2013

Loans and Leases Receivable Disclosure [Abstract]

Schedule of composition of loan portfolio by class of loan

The composition of the loan portfolio, by class of loan, as of December 31, 2013 and December 31, 2012 was as follows:

	12/31/2013						12/31/2012
(In thousands)	Loan Balance		Accrued Interest Receivable		Recorded Investment		Loan Balance		Accrued Interest Receivable		Recorded Investment
Commercial, financial and agricultural *	$	825,432	$	3,079	$	828,511	$	823,927	$	2,976	$	826,903
Commercial real estate *	1,112,273		3,765		1,116,038		1,092,164		3,839		1,096,003
Construction real estate:
SEPH commercial land and development *	5,846		2		5,848		15,105		37		15,142
Remaining commercial	110,842		263		111,105		115,473		331		115,804
Mortgage	31,882		96		31,978		26,373		81		26,454
Installment	7,546		26		7,572		8,577		33		8,610
Residential real estate:
Commercial	407,387		904		408,291		392,203		959		393,162
Mortgage	1,144,754		1,559		1,146,313		1,064,787		1,399		1,066,186
HELOC	213,565		870		214,435		212,905		892		213,797
Installment	33,841		132		33,973		43,750		176		43,926
Consumer	723,733		2,775		726,508		651,930		2,835		654,765
Leases	3,404		23		3,427		3,128		29		3,157
Total loans	$	4,620,505	$	13,494	$	4,633,999	$	4,450,322	$	13,587	$	4,463,909

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

Schedule of recorded investment in nonaccrual restructured and loans past due 90 days or more and accruing

The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2013 and December 31, 2012:

	12/31/2013
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	20,633	$	107	$	80	$	20,820
Commercial real estate	39,588		2,234		2		41,824
Construction real estate:
SEPH commercial land and development	4,777		—		—		4,777
Remaining commercial	10,476		306		—		10,782
Mortgage	87		97		—		184
Installment	39		192		—		231
Residential real estate:
Commercial	32,495		913		—		33,408
Mortgage	20,564		11,708		549		32,821
HELOC	2,129		751		—		2,880
Installment	965		885		80		1,930
Consumer	3,463		1,616		1,016		6,095
Total loans	$	135,216	$	18,809	$	1,727	$	155,752

	12/31/2012
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	17,324	$	5,277	$	37	$	22,638
Commercial real estate	40,983		3,295		1,007		45,285
Construction real estate:
SEPH commercial land and development	13,939		—		—		13,939
Remaining commercial	14,977		6,597		—		21,574
Mortgage	158		100		—		258
Installment	149		175		—		324
Residential real estate:
Commercial	33,961		1,661		94		35,716
Mortgage	28,260		9,425		950		38,635
HELOC	1,689		736		—		2,425
Installment	1,670		780		54		2,504
Consumer	2,426		1,900		888		5,214
Total loans	$	155,536	$	29,946	$	3,030	$	188,512

Schedule of loans individually evaluated for impairment and loans collectively evaluated for impairment

The following table provides additional information regarding those nonaccrual and accruing troubled debt restructured loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment		Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment
Commercial, financial and agricultural	$	20,740	$	20,727	$	13	$	22,601	$	22,587	$	14
Commercial real estate	41,822		41,822		—		44,278		44,278		—
Construction real estate:
SEPH commercial land and development	4,777		4,777		—		13,939		13,260		679
Remaining commercial	10,782		10,782		—		21,574		21,574		—
Mortgage	184		—		184		258		—		258
Installment	231		—		231		324		—		324
Residential real estate:
Commercial	33,408		33,408		—		35,622		35,622		—
Mortgage	32,272		—		32,272		37,685		—		37,685
HELOC	2,880		—		2,880		2,425		—		2,425
Installment	1,850		—		1,850		2,450		—		2,450
Consumer	5,079		799		4,280		4,326		18		4,308
Total loans	$	154,025	$	112,315	$	41,710	$	185,482	$	137,339	$	48,143

Schedule of loans individually evaluated for impairment by class of loan

The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Unpaid principal balance		Recorded investment		Allowance for loan losses allocated		Unpaid principal balance		Recorded investment		Allowance for loan losses allocated
With no related allowance recorded
Commercial, financial and agricultural	$	22,429	$	12,885	$	—	$	23,782	$	14,683	$	—
Commercial real estate	56,870		34,149		—		56,258		35,097		—
Construction real estate:
SEPH commercial land and development	23,722		4,777		—		57,346		13,260		—
Remaining commercial	8,429		6,872		—		29,328		14,093		—
Residential real estate:
Commercial	36,709		31,461		—		39,918		31,957		—
Consumer	799		799		—		18		18		—
With an allowance recorded
Commercial, financial and agricultural	12,616		7,842		3,268		12,268		7,904		3,180
Commercial real estate	7,966		7,673		5,496		11,412		9,181		1,540
Construction real estate:
Remaining commercial	3,909		3,910		1,132		8,071		7,481		2,277
Residential real estate:
Commercial	2,129		1,947		555		3,944		3,665		1,279
Consumer	—		—		—		—		—		—
Total	$	175,578	$	112,315	$	10,451	$	242,345	$	137,339	$	8,276

Schedule of average recorded investment and interest income recognized on loans individually evaluated for impairment

The following tables present the average recorded investment and interest income recognized on loans individually evaluated for impairment for the years ended December 31, 2013, 2012, and 2011.

			Year ended December 31, 2013
(In thousands)	Recorded Investment as of December 31, 2013		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	20,727	$	20,523	$	412
Commercial real estate	41,822		41,426		1,151
Construction real estate:
SEPH commercial land and development	4,777		8,723		—
Remaining commercial	10,782		17,829		616
Residential real estate:
Commercial	33,408		34,972		461
Consumer	799		616		—
Total	$	112,315	$	124,089	$	2,640

			Year ended December 31, 2012
(In thousands)	Recorded Investment as of December 31, 2012		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	22,587	$	35,305	$	529
Commercial real estate	44,278		44,541		968
Construction real estate:
SEPH commercial land and development	13,260		17,277		—
Remaining commercial	21,574		27,774		818
Residential real estate:
Commercial	35,622		39,248		497
Consumer	18		19		1
Total	$	137,339	$	164,164	$	2,813

			Year ended December 31, 2011
(In thousands)	Recorded Investment as of December 31, 2011		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	40,621	$	23,518	$	209
Commercial real estate	51,978		49,927		829
Construction real estate:
Vision commercial land and development	24,328		58,792		—
Remaining commercial	25,912		29,152		339
Residential real estate:
Commercial	44,276		52,640		214
Consumer	20		16		1
Total	$	187,135	$	214,045	$	1,592

Schedule of aging of the recorded investment in past due loans

The following tables present the aging of the recorded investment in past due loans as of December 31, 2013 and December 31, 2012 by class of loan.

	12/31/2013
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	1,233	$	13,275	$	14,508	$	814,003	$	828,511
Commercial real estate	2,168		18,274		20,442		1,095,596		1,116,038
Construction real estate:
SEPH commercial land and development	—		4,242		4,242		1,606		5,848
Remaining commercial	—		3,463		3,463		107,642		111,105
Mortgage	264		75		339		31,639		31,978
Installment	207		14		221		7,351		7,572
Residential real estate:
Commercial	900		5,659		6,559		401,732		408,291
Mortgage	13,633		11,829		25,462		1,120,851		1,146,313
HELOC	571		402		973		213,462		214,435
Installment	696		436		1,132		32,841		33,973
Consumer	12,143		3,941		16,084		710,424		726,508
Leases	—		—		—		3,427		3,427
Total loans	$	31,815	$	61,610	$	93,425	$	4,540,574	$	4,633,999

* Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

	12/31/2012
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	6,251	$	11,811	$	18,062	$	808,841	$	826,903
Commercial real estate	2,212		26,355		28,567		1,067,436		1,096,003
Construction real estate:
SEPH commercial land and development	686		11,314		12,000		3,142		15,142
Remaining commercial	3,652		5,838		9,490		106,314		115,804
Mortgage	171		85		256		26,198		26,454
Installment	135		40		175		8,435		8,610
Residential real estate:
Commercial	1,163		5,917		7,080		386,082		393,162
Mortgage	11,948		17,370		29,318		1,036,868		1,066,186
HELOC	620		309		929		212,868		213,797
Installment	563		787		1,350		42,576		43,926
Consumer	12,924		2,688		15,612		639,153		654,765
Leases	—		—		—		3,157		3,157
Total loans	$	40,325	$	82,514	$	122,839	$	4,341,070	$	4,463,909

Schedule of recorded investment by loan grade

The tables below present the recorded investment by loan grade at December 31, 2013 and December 31, 2012 for all commercial loans:

	12/31/2013
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	6,055	$	532	$	20,740	$	801,184	$	828,511
Commercial real estate*	11,591		1,525		41,822		1,061,100		1,116,038
Construction real estate:
SEPH commercial land and development*	354		—		4,777		717		5,848
Remaining commercial	6,858		244		10,782		93,221		111,105
Residential real estate:
Commercial	5,033		397		33,408		369,453		408,291
Leases	—		—		—		3,427		3,427
Total Commercial Loans	$	29,891	$	2,698	$	111,529	$	2,329,102	$	2,473,220

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class.

	12/31/2012
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	9,537	$	10,874	$	22,601	$	783,891	$	826,903
Commercial real estate*	25,616		3,960		44,278		1,022,149		1,096,003
Construction real estate:
SEPH commercial land and development*	411		—		13,939		792		15,142
Remaining commercial	6,734		—		21,574		87,496		115,804
Residential real estate:
Commercial	8,994		2,053		35,622		346,493		393,162
Leases	—		—		—		3,157		3,157
Total Commercial Loans	$	51,292	$	16,887	$	138,014	$	2,243,978	$	2,450,171

Schedule of troubled debt restructurings on financing receivables

The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2013 and December 31, 2012 as well as the recorded investment of these contracts at December 31, 2013 and December 31, 2012. The recorded investment pre- and post-modification is generally the same.

	Year ended December 31, 2013
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	34	$	7	$	1,334	$	1,341
Commercial real estate	22	—		8,563		8,563
Construction real estate:
SEPH commercial land and development	—	—		—		—
Remaining commercial	3	—		98		98
Mortgage	—	—		—		—
Installment	4	26		25		51
Residential real estate:
Commercial	15	—		2,552		2,552
Mortgage	62	1,967		2,278		4,245
HELOC	16	175		—		175
Installment	13	113		179		292
Consumer	327	805		345		1,150
Total loans	496	$	3,093	$	15,374	$	18,467

	Year ended December 31, 2012
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	44	$	2,843	$	1,499	$	4,342
Commercial real estate	25	2,648		3,611		6,259
Construction real estate:
SEPH commercial land and development	12	—		1,301		1,301
Remaining commercial	15	531		6,579		7,110
Mortgage	2	99		85		184
Installment	6	175		78		253
Residential real estate:
Commercial	18	1,139		1,842		2,981
Mortgage	129	4,279		5,776		10,055
HELOC	46	736		58		794
Installment	57	761		508		1,269
Consumer	600	1,899		670		2,569
Total loans	954	$	15,110	$	22,007	$	37,117

Schedule recorded investment in financing receivables which were modified as troubled debt restructurings within the previous 12 months and for which there was a payment default during the 12 month

The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2013 and December 31, 2012. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.

	Year ended December 31, 2013			Year ended December 31, 2012
(In thousands)	Number of Contracts	Recorded Investment		Number of Contracts		Recorded Investment
Commercial, financial and agricultural	11	$	771	8		$	244
Commercial real estate	11	2,839		10		2,113
Construction real estate:
SEPH commercial land and development	—	—		7		970
Remaining commercial	—	—		4		1,476
Mortgage	—	—		1		85
Installment	1	10		1		27
Residential real estate:
Commercial	4	1,683		1		16
Mortgage	26	1,533		39		2,863
HELOC	—	—		5		70
Installment	5	72		9		272
Consumer	74	471		123		743
Leases	—	—		—		—
Total loans	132	$	7,379	$	208	$	8,879

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Loan Servicing - Activity for MSRs And Related Valuation Allowance (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Mortgage servicing rights:
Carrying amount, net, beginning of year	$ 7,763	$ 9,301	$ 10,488
Additions	2,436	3,399	1,659
Amortization	(2,479)	(3,634)	(2,573)
Change in valuation allowance	1,293	(1,303)	(273)
Carrying amount, net, end of year	9,013	7,763	9,301
Valuation allowance:
Beginning of year	2,324	1,021	748
Change in valuation allowance	(1,293)	1,303	273
End of year	$ 1,031	$ 2,324	$ 1,021

XML

Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

Balance Sheets
December 31, 2013 and 2012
(In thousands)	2013		2012
Assets:
Cash	$	106,942	$	98,726
Investment in subsidiaries	582,992		589,523
Debentures receivable from PNB	25,000		30,000
Other investments	2,297		2,133
Other assets	21,984		19,639
Total assets	$	739,215	$	740,021
Liabilities:
Subordinated notes	80,250		80,250
Other liabilities	7,218		9,405
Total liabilities	87,468		89,655
Total shareholders’ equity	651,747		650,366
Total liabilities and shareholders’ equity	$	739,215	$	740,021

Statements of Income

Statements of Income
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013		2012			2011
Income:
Dividends from subsidiaries	$	15,000	$	197,000		$	105,000
Interest and dividends	8,659		10,027			5,643
Other	531		232			385
Total income	24,190		207,259			111,028
Expense:
Other, net	13,413		11,869			10,639
Total expense	13,413		11,869			10,639
Income before federal taxes and equity in undistributed income (losses) of subsidiaries	10,777		195,390			100,389
Federal income tax benefit	2,826		1,806			3,016
Income before equity in undistributed income (losses) of subsidiaries	13,603		197,196			103,405
Equity in undistributed income (losses) of subsidiaries	63,624		(118,566		)	(21,265		)
Net income	$	77,227	$	78,630		$	82,140

Statements of Cash Flows

Statements of Cash Flows
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013			2012			2011
Operating activities:
Net income	$	77,227		$	78,630		$	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income)/losses of subsidiaries	(63,624		)	118,566			21,265
Compensation expense for issuance of treasury stock to directors	850			407			—
Decrease in other assets	(2,215		)	5,748			8,268
Increase (decrease) in other liabilities	(3,030		)	1,724			(7,875		)
Net cash provided by operating activities	9,208			205,075			103,798
Investing activities:
Purchase of investment securities	—			—			(250		)
Capital contribution to subsidiary	(45,000		)	(45,000		)	(36,000		)
Purchase of debentures receivable from subsidiaries	—			(115,000		)	(30,000		)
Repayment of debentures receivable from subsidiaries	101,960			52,000			—
Net cash provided by (used in) investing activities	56,960			(108,000		)	(66,250		)
Financing activities:
Cash dividends paid	(57,949		)	(60,154		)	(62,907		)
Payment to repurchase warrants	—			(2,843		)	—
Payment to repurchase preferred shares	—			(100,000		)	—
Proceeds from issuance of subordinated notes	—			30,000			—
Cash payment for fractional shares	(3		)	(2		)	(2		)
Net cash used in financing activities	(57,952		)	(132,999		)	(62,909		)
Increase/(decrease) in cash	8,216			(35,924		)	(25,361		)
Cash at beginning of year	98,726			134,650			160,011
Cash at end of year	$	106,942		$	98,726		$	134,650

XML

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per common share

The following table sets forth the computation of basic and diluted earnings per common share:

Year ended December 31 (In thousands, except share data)	2013		2012		2011
Numerator:
Net income available to common shareholders	$	77,227	$	75,205	$	76,284
Denominator:
Basic earnings per common share:
Weighted-average shares	15,412,365		15,407,078		15,400,155
Effect of dilutive securities – stock options and warrants	—		1,063		1,291
Diluted earnings per common share:
Adjusted weighted-average shares and assumed conversions	15,412,365		15,408,141		15,401,446
Earnings per common share:
Basic earnings per common share	$	5.01	$	4.88	$	4.95
Diluted earnings per common share	$	5.01	$	4.88	$	4.95

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Segment Information - Schedule of Operating Results by Segment (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net interest income (loss)	$ 221,025	$ 235,315	$ 273,234
Provision for loan losses	3,415	35,419	63,272
Other income	73,277	92,403	94,910
Other expense	188,529	187,968	188,317
Income (loss) before taxes	102,358	104,331	116,555
Income before income taxes	102,358	104,331	116,555
Income taxes (benefit)	25,131	25,701	34,415
Net income	77,227	78,630	82,140
Assets	6,638,347	6,642,803	6,972,245
Assets held for sale (1)			382,462	[1]
Loans	4,620,505	4,450,322	4,317,099
Total loans	4,620,505	4,450,322	4,317,099
Deposits	4,789,994	4,716,032	4,465,114
Liabilities held for sale (2)			536,186	[2]
PNB
Segment Reporting Information [Line Items]
Net interest income (loss)	210,781	221,758	236,282
Provision for loan losses	14,039	16,678	30,220
Other income	70,841	70,739	90,982
Other expense	165,665	156,516	146,235
Income (loss) before taxes	101,918	119,303	150,809
Income before income taxes	101,918	119,303	150,809
Income taxes (benefit)	26,324	32,197	43,958
Net income	75,594	87,106	106,851
Assets	6,524,098	6,502,579	6,281,747
Assets held for sale (1)			0	[1]
Loans	4,559,406	4,369,173	4,172,424
Total loans	4,559,406	4,369,173	4,172,424
Deposits	4,896,405	4,814,107	4,611,646
Liabilities held for sale (2)			0	[2]
VB
Segment Reporting Information [Line Items]
Net interest income (loss)	0	0	27,078
Provision for loan losses	0	0	31,052
Other income	0	0	6,617
Other expense	0	0	31,379
Income (loss) before taxes	0	0	(28,736)
Income before income taxes	0	0	(28,736)
Income taxes (benefit)	0	0	(6,210)
Net income	0	0	(22,526)
Assets	0	0	650,935
Assets held for sale (1)			382,462	[1]
Loans	0	0	123,883
Total loans	0	0	123,883
Deposits	0	0	32
Liabilities held for sale (2)			536,186	[2]
GFSC
Segment Reporting Information [Line Items]
Net interest income (loss)	8,741	9,156	8,693
Provision for loan losses	1,175	859	2,000
Other income	11	0	0
Other expense	3,133	2,835	2,506
Income (loss) before taxes	4,444	5,462	4,187
Income before income taxes	4,444	5,462	4,187
Income taxes (benefit)	1,556	1,912	1,466
Net income	2,888	3,550	2,721
Assets	47,115	49,926	46,682
Assets held for sale (1)			0	[1]
Loans	47,228	50,082	47,111
Total loans	47,228	50,082	47,111
Deposits	7,159	8,358	8,013
Liabilities held for sale (2)			0	[2]
SEPH
Segment Reporting Information [Line Items]
Net interest income (loss)	(1,325)	(341)	(974)
Provision for loan losses	(11,799)	17,882	0
Other income	1,956	21,431	(3,039)
Other expense	12,211	22,032	1,082
Income (loss) before taxes	219	(18,824)	(5,095)
Income before income taxes	219	(18,824)	(5,095)
Income taxes (benefit)	77	(6,603)	(1,784)
Net income	142	(12,221)	(3,311)
Assets	72,781	104,428	34,989
Assets held for sale (1)			0	[1]
Loans	38,014	59,178	0
Total loans	38,014	59,178	0
Deposits	0	0	0
Liabilities held for sale (2)			0	[2]
All Other
Segment Reporting Information [Line Items]
Net interest income (loss)	2,828	4,742	2,155
Provision for loan losses	0	0	0
Other income	469	233	350
Other expense	7,520	6,585	7,115
Income (loss) before taxes	(4,223)	(1,610)	(4,610)
Income before income taxes	(4,223)	(1,610)	(4,610)
Income taxes (benefit)	(2,826)	(1,805)	(3,015)
Net income	(1,397)	195	(1,595)
Assets	(5,647)	(14,130)	(42,108)
Assets held for sale (1)			0	[1]
Loans	(24,143)	(28,111)	(26,319)
Total loans	(24,143)	(28,111)	(26,319)
Deposits	(113,570)	(106,433)	(154,577)
Liabilities held for sale (2)			$ 0	[2]

[1] The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012.

[2] The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

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Loans - Loans Individually and Collectively Evaluated for Impairment (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	$ 154,025	$ 185,482
Loans individually evaluated for impairment	112,315	137,339
Loans collectively evaluated for impairment	41,710	48,143
Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	20,740	22,601
Loans individually evaluated for impairment	20,727	22,587
Loans collectively evaluated for impairment	13	14
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	41,822	44,278
Loans individually evaluated for impairment	41,822	44,278
Loans collectively evaluated for impairment	0	0
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	4,777	13,939
Loans individually evaluated for impairment	4,777	13,260
Loans collectively evaluated for impairment	0	679
Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	10,782	21,574
Loans individually evaluated for impairment	10,782	21,574
Loans collectively evaluated for impairment	0	0
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	184	258
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	184	258
Installment
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	231	324
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	231	324
Commercial
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	33,408	35,622
Loans individually evaluated for impairment	33,408	35,622
Loans collectively evaluated for impairment	0	0
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	32,272	37,685
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	32,272	37,685
HELOC
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	2,880	2,425
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	2,880	2,425
Installment
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	1,850	2,450
Loans individually evaluated for impairment	0	0
Loans collectively evaluated for impairment	1,850	2,450
Consumer
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual and accruing troubled debt restructurings	5,079	4,326
Loans individually evaluated for impairment	799	18
Loans collectively evaluated for impairment	$ 4,280	$ 4,308

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Parent Company Statements - Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets:
Other assets	$ 506,046	$ 464,962
Total assets	6,638,347	6,642,803	6,972,245
Liabilities:
Subordinated notes	80,250	80,250
Other liabilities	63,786	70,329
Total liabilities	5,986,600	5,992,437
Total liabilities and shareholders’ equity	6,638,347	6,642,803
Parent Company
Assets:
Cash	106,942	98,726	134,650	160,011
Investment in subsidiaries	582,992	589,523
Debentures receivable from PNB	25,000	30,000
Other investments	2,297	2,133
Other assets	21,984	19,639
Total assets	739,215	740,021
Liabilities:
Subordinated notes	80,250	80,250
Other liabilities	7,218	9,405
Total liabilities	87,468	89,655
Total shareholders’ equity	651,747	650,366
Total liabilities and shareholders’ equity	$ 739,215	$ 740,021

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Summary of Significant Accounting Policies - Narrative (Details) (USD $)	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2013	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			0
Average required reserve balance			$ 48,000,000	$ 41,000,000
Mortgage loans held for sale, carrying value			1,666,000	25,743,000
Mortgage loans held for sale, contractual balance			1,600,000	25,200,000
Expected gain on sale of mortgage loans held for sale			28,000	568,000
Historical loss period used in estimating loan loss reserve	48 months	54 months	60 months
Reserve coverage period in historical losses			1 year 248 days	1 year 189 days
Common stock granted to directors			10,550	6,120	7,020
Core deposits
Accounting Policies [Line Items]
Accumulated amortization of core deposit intangibles			$ 22,100,000	$ 21,800,000
Directors
Accounting Policies [Line Items]
Common stock granted to directors			10,550	6,120	7,020
Commercial Loan
Accounting Policies [Line Items]
Reserve coverage period in historical losses			2 years 153 days	2 years 215 days

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Allowance for Loan Losses - Composition of the Allowance for Loan Losses (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	$ 59,468		$ 55,537		$ 68,444	$ 143,575
Allowance For Credit Losses Transfer Of Loans At Fair Value					219
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					13,100
Ending allowance balance attributed to loans
Individually evaluated for impairment	10,451		8,276
Collectively evaluated for impairment	49,017		47,261
Total ending allowance balance	59,468		55,537
Loan Balance:
Loans individually evaluated for impairment	112,304		137,238
Loans collectively evaluated for impairment	4,508,201		4,313,084
Total ending loan balance	4,620,505		4,450,322
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	9.31%		6.03%
Loans collectively evaluated for impairment	1.09%		1.10%
Total ending loan balance	1.29%		1.25%
Recorded Investment:
Loans individually evaluated for impairment	112,315		137,339
Loans collectively evaluated for impairment	4,521,684		4,326,570
Recorded Investment	4,633,999		4,463,909
Financing Receivable, Allowance for Credit Losses, Write-downs	19,153		61,268		133,882
Financing Receivable, Allowance for Credit Losses, Recovery	(19,669)		(12,942)		(8,798)
Financing Receivables Allowance For Credit Losses Net Charge Offs	(516)		48,326		125,084
Provision for Loan, Lease, and Other Losses	3,415		35,419		63,272
Commercial, financial and agricultural
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	14,218		15,635		16,950	11,555
Allowance For Credit Losses Transfer Of Loans At Fair Value					2
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					1,184
Ending allowance balance attributed to loans
Individually evaluated for impairment	3,268		3,180
Collectively evaluated for impairment	10,950		12,455
Total ending allowance balance	14,218		15,635
Loan Balance:
Loans individually evaluated for impairment	20,724		22,523
Loans collectively evaluated for impairment	804,708		801,404
Total ending loan balance	825,432	[1]	823,927	[1]
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	15.77%		14.12%
Loans collectively evaluated for impairment	1.36%		1.55%
Total ending loan balance	1.72%		1.90%
Recorded Investment:
Loans individually evaluated for impairment	20,727		22,587
Loans collectively evaluated for impairment	807,784		804,316
Recorded Investment	828,511	[1]	826,903	[1]
Financing Receivable, Allowance for Credit Losses, Write-downs	6,160		26,847		18,350
Financing Receivable, Allowance for Credit Losses, Recovery	(1,314)		(1,066)		(1,402)
Financing Receivables Allowance For Credit Losses Net Charge Offs	4,846		25,781		16,948
Provision for Loan, Lease, and Other Losses	3,429		24,466		23,529
Commercial real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	15,899		11,736		15,539	24,369
Allowance For Credit Losses Transfer Of Loans At Fair Value					150
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					4,327
Ending allowance balance attributed to loans
Individually evaluated for impairment	5,496		1,540
Collectively evaluated for impairment	10,403		10,196
Total ending allowance balance	15,899		11,736
Loan Balance:
Loans individually evaluated for impairment	41,816		44,267
Loans collectively evaluated for impairment	1,070,457		1,047,897
Total ending loan balance	1,112,273	[1]	1,092,164	[1]
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	13.14%		3.48%
Loans collectively evaluated for impairment	0.97%		0.97%
Total ending loan balance	1.43%		1.07%
Recorded Investment:
Loans individually evaluated for impairment	41,822		44,278
Loans collectively evaluated for impairment	1,074,216		1,051,725
Recorded Investment	1,116,038	[1]	1,096,003	[1]
Financing Receivable, Allowance for Credit Losses, Write-downs	1,832		10,454		23,063
Financing Receivable, Allowance for Credit Losses, Recovery	(726)		(783)		(1,825)
Financing Receivables Allowance For Credit Losses Net Charge Offs	1,106		9,671		21,238
Provision for Loan, Lease, and Other Losses	5,269		5,868		16,885
Construction real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	6,855		6,841		14,433	70,462
Allowance For Credit Losses Transfer Of Loans At Fair Value					63
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					1,998
Ending allowance balance attributed to loans
Individually evaluated for impairment	1,132		2,277
Collectively evaluated for impairment	5,723		4,564
Total ending allowance balance	6,855		6,841
Loan Balance:
Loans individually evaluated for impairment	15,559		34,814
Loans collectively evaluated for impairment	140,557		130,714
Total ending loan balance	156,116		165,528
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	7.28%		6.54%
Loans collectively evaluated for impairment	4.07%		3.49%
Total ending loan balance	4.39%		4.13%
Recorded Investment:
Loans individually evaluated for impairment	15,559		34,834
Loans collectively evaluated for impairment	140,944		131,176
Recorded Investment	156,503		166,010
Financing Receivable, Allowance for Credit Losses, Write-downs	1,791		9,985		64,166
Financing Receivable, Allowance for Credit Losses, Recovery	(9,378)		(2,979)		(1,463)
Financing Receivables Allowance For Credit Losses Net Charge Offs	(7,587)		7,006		62,703
Provision for Loan, Lease, and Other Losses	(7,573)		(586)		8,735
Residential real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	14,251		14,759		15,692	30,259
Allowance For Credit Losses Transfer Of Loans At Fair Value					4
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					5,450
Ending allowance balance attributed to loans
Individually evaluated for impairment	555		1,279
Collectively evaluated for impairment	13,696		13,480
Total ending allowance balance	14,251		14,759
Loan Balance:
Loans individually evaluated for impairment	33,406		35,616
Loans collectively evaluated for impairment	1,766,141		1,678,029
Total ending loan balance	1,799,547		1,713,645
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	1.66%		3.59%
Loans collectively evaluated for impairment	0.78%		0.80%
Total ending loan balance	0.79%		0.86%
Recorded Investment:
Loans individually evaluated for impairment	33,408		35,622
Loans collectively evaluated for impairment	1,769,604		1,681,449
Recorded Investment	1,803,012		1,717,071
Financing Receivable, Allowance for Credit Losses, Write-downs	3,207		8,607		20,691
Financing Receivable, Allowance for Credit Losses, Recovery	(6,000)		(5,559)		(1,719)
Financing Receivables Allowance For Credit Losses Net Charge Offs	(2,793)		3,048		18,972
Provision for Loan, Lease, and Other Losses	(3,301)		2,115		9,859
Consumer
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	8,245		6,566		5,830	6,925
Allowance For Credit Losses Transfer Of Loans At Fair Value					0
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					141
Ending allowance balance attributed to loans
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	8,245		6,566
Total ending allowance balance	8,245		6,566
Loan Balance:
Loans individually evaluated for impairment	799		18
Loans collectively evaluated for impairment	722,934		651,912
Total ending loan balance	723,733		651,930
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	0.00%		0.00%
Loans collectively evaluated for impairment	1.14%		1.01%
Total ending loan balance	1.14%		1.01%
Recorded Investment:
Loans individually evaluated for impairment	799		18
Loans collectively evaluated for impairment	725,709		654,747
Recorded Investment	726,508		654,765
Financing Receivable, Allowance for Credit Losses, Write-downs	6,163		5,375		7,612
Financing Receivable, Allowance for Credit Losses, Recovery	(2,249)		(2,555)		(2,385)
Financing Receivables Allowance For Credit Losses Net Charge Offs	3,914		2,820		5,227
Provision for Loan, Lease, and Other Losses	5,593		3,556		4,273
Leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Loans and Leases Receivable, Allowance	0		0		0	5
Allowance For Credit Losses Transfer Of Loans At Fair Value					0
Allowance For Credit Losses Transfer Of Allowance To Held For Sale					0
Ending allowance balance attributed to loans
Individually evaluated for impairment	0		0
Collectively evaluated for impairment	0		0
Total ending allowance balance	0		0
Loan Balance:
Loans individually evaluated for impairment	0		0
Loans collectively evaluated for impairment	3,404		3,128
Total ending loan balance	3,404		3,128
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	0.00%		0.00%
Loans collectively evaluated for impairment	0.00%		0.00%
Total ending loan balance	0.00%		0.00%
Recorded Investment:
Loans individually evaluated for impairment	0		0
Loans collectively evaluated for impairment	3,427		3,157
Recorded Investment	3,427		3,157
Financing Receivable, Allowance for Credit Losses, Write-downs	0		0		0
Financing Receivable, Allowance for Credit Losses, Recovery	(2)		0		(4)
Financing Receivables Allowance For Credit Losses Net Charge Offs	(2)		0		(4)
Provision for Loan, Lease, and Other Losses	$ (2)		$ 0		$ (9)

[1] Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

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Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
January 1 Balance	$ 517	$ 485	$ 477
Additions based on tax positions related to the current year	74	74	70
Additions for tax positions of prior years	4	25	1
Reductions for tax positions of prior years	0	0	(3)
Reductions due to statute of limitations	(77)	(67)	(60)
December 31 Balance	$ 518	$ 517	$ 485

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities

Significant components of the Corporation’s deferred tax assets and liabilities are as follows:

December 31 (In thousands)	2013		2012
Deferred tax assets:
Allowance for loan losses	$	20,814	$	19,438
Accumulated other comprehensive loss – Pension Plan	3,015		14,611
Accumulated other comprehensive loss – Unrealized losses on securities	16,057		—
Intangible assets	673		697
Deferred compensation	3,611		3,750
OREO devaluations	5,287		4,855
Partnership adjustments	3,793		3,329
Other	3,705		2,973
Total deferred tax assets	$	56,955	$	49,653
Deferred tax liabilities:
Accumulated other comprehensive income – Unrealized gains on securities	—		5,178
Deferred investment income	10,199		10,199
Pension Plan	25,261		25,517
Mortgage servicing rights	3,154		2,717
Other	850		646
Total deferred tax liabilities	$	39,464	$	44,257
Net deferred tax assets	$	17,491	$	5,396

Federal and state income taxes

The components of the provision for federal and state income taxes are shown below:

December 31, (In thousands)	2013			2012		2011
Currently payable
Federal	$	27,587		$	12,984	$	5,949
State	—			—		—
Deferred
Federal	(2,456		)	12,717		22,378
State	—			—		8,382
Valuation allowance
Federal	—			—		—
State	—			—		(2,294		)
Total	$	25,131		$	25,701	$	34,415

Schedule of income tax rate reconciliation

The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2013, 2012 and 2011.

December 31	2013		2012		2011
Statutory federal corporate tax rate	35.0	%	35.0	%	35.0	%
Changes in rates resulting from:
Tax exempt interest income, net of disallowed interest	(0.8	)%	(0.9	)%	(1.0	)%
Bank owned life insurance	(1.7	)%	(1.6	)%	(1.5	)%
Tax credits (low income housing)	(6.6	)%	(6.1	)%	(5.2	)%
State income tax expense, net of federal benefit	—	%	—	%	4.7	%
Valuation allowance, net of federal benefit	—	%	—	%	(1.3	)%
Other	(1.3	)%	(1.8	)%	(1.2	)%
Effective tax rate	24.6	%	24.6	%	29.5	%

Reconciliation of unrecognized tax benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.

(In thousands)	2013			2012			2011
January 1 Balance	$	517		$	485		$	477
Additions based on tax positions related to the current year	74			74			70
Additions for tax positions of prior years	4			25			1
Reductions for tax positions of prior years	—			—			(3		)
Reductions due to statute of limitations	(77		)	(67		)	(60		)
December 31 Balance	$	518		$	517		$	485

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Parent Company Statements

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Statements

Parent Company Statements

The Parent Company statements should be read in conjunction with the consolidated financial statements and the information set forth below.

Investments in subsidiaries are accounted for using the equity method of accounting.

The effective tax rate for the Parent Company is substantially less than the statutory rate due principally to tax-exempt dividends from subsidiaries.

Cash represents non-interest bearing deposits with PNB.

Net cash provided by operating activities reflects cash payments (received from subsidiaries) for income taxes of $2.54 million, $4.54 million and $4.21 million in 2013, 2012 and 2011, respectively.

At December 31, 2013 and 2012, shareholders’ equity reflected in the Parent Company balance sheet includes $196.0 million and $173.1 million, respectively, of undistributed earnings of the Corporation’s subsidiaries which are restricted from transfer as dividends to the Corporation.

Balance Sheets
December 31, 2013 and 2012
(In thousands)	2013		2012
Assets:
Cash	$	106,942	$	98,726
Investment in subsidiaries	582,992		589,523
Debentures receivable from PNB	25,000		30,000
Other investments	2,297		2,133
Other assets	21,984		19,639
Total assets	$	739,215	$	740,021
Liabilities:
Subordinated notes	80,250		80,250
Other liabilities	7,218		9,405
Total liabilities	87,468		89,655
Total shareholders’ equity	651,747		650,366
Total liabilities and shareholders’ equity	$	739,215	$	740,021

Statements of Income
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013		2012			2011
Income:
Dividends from subsidiaries	$	15,000	$	197,000		$	105,000
Interest and dividends	8,659		10,027			5,643
Other	531		232			385
Total income	24,190		207,259			111,028
Expense:
Other, net	13,413		11,869			10,639
Total expense	13,413		11,869			10,639
Income before federal taxes and equity in undistributed income (losses) of subsidiaries	10,777		195,390			100,389
Federal income tax benefit	2,826		1,806			3,016
Income before equity in undistributed income (losses) of subsidiaries	13,603		197,196			103,405
Equity in undistributed income (losses) of subsidiaries	63,624		(118,566		)	(21,265		)
Net income	$	77,227	$	78,630		$	82,140

Statements of Cash Flows
for the years ended December 31, 2013, 2012 and 2011
(In thousands)	2013			2012			2011
Operating activities:
Net income	$	77,227		$	78,630		$	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income)/losses of subsidiaries	(63,624		)	118,566			21,265
Compensation expense for issuance of treasury stock to directors	850			407			—
Decrease in other assets	(2,215		)	5,748			8,268
Increase (decrease) in other liabilities	(3,030		)	1,724			(7,875		)
Net cash provided by operating activities	9,208			205,075			103,798
Investing activities:
Purchase of investment securities	—			—			(250		)
Capital contribution to subsidiary	(45,000		)	(45,000		)	(36,000		)
Purchase of debentures receivable from subsidiaries	—			(115,000		)	(30,000		)
Repayment of debentures receivable from subsidiaries	101,960			52,000			—
Net cash provided by (used in) investing activities	56,960			(108,000		)	(66,250		)
Financing activities:
Cash dividends paid	(57,949		)	(60,154		)	(62,907		)
Payment to repurchase warrants	—			(2,843		)	—
Payment to repurchase preferred shares	—			(100,000		)	—
Proceeds from issuance of subordinated notes	—			30,000			—
Cash payment for fractional shares	(3		)	(2		)	(2		)
Net cash used in financing activities	(57,952		)	(132,999		)	(62,909		)
Increase/(decrease) in cash	8,216			(35,924		)	(25,361		)
Cash at beginning of year	98,726			134,650			160,011
Cash at end of year	$	106,942		$	98,726		$	134,650

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Premises And Equipment - Narrative (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 7.3	$ 7.0	$ 7.6
Rent expense	$ 1.8	$ 1.9	$ 2.4

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Fair Values - Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financial assets:
Impaired loans carried at fair value	$ 33,800	$ 53,900
Carrying value
Financial assets:
Cash and money market instruments	147,030	201,305
Investment securities	1,358,327	1,515,844
Mortgage loans held for sale	1,666	25,743
Impaired loans carried at fair value	33,819	53,932
Mortgage IRLCs	61	372
Other loans	4,525,491	4,314,738
Loans receivable, net	4,561,037	4,394,785
Financial liabilities:
Non-interest bearing checking accounts	1,193,553	1,137,290
Interest bearing transactions accounts	1,145,525	1,088,617
Savings accounts	1,124,994	1,038,356
Time Deposits, Fair Value	1,324,659	1,450,424
Other	1,263	1,345
Total deposits	4,789,994	4,716,032
Short-term borrowings	242,029	344,168
Long-term debt	810,541	781,658
Subordinated debentures/notes	80,250	80,250
Carrying value | Fair value swap
Derivative financial instruments:
Swaps, fair value	135	135
Level 1
Financial assets:
Cash and money market instruments	147,030	201,305
Investment securities	1,900	1,442
Mortgage loans held for sale
Impaired loans carried at fair value
Mortgage IRLCs	0
Other loans
Loans receivable, net	0	0
Financial liabilities:
Non-interest bearing checking accounts	1,193,553	1,137,290
Interest bearing transactions accounts	1,145,525	1,088,617
Savings accounts	1,124,994	1,038,356
Time Deposits, Fair Value
Other	1,263	1,345
Total deposits	3,465,335	3,265,608
Short-term borrowings
Long-term debt
Subordinated debentures/notes
Level 1 | Fair value swap
Derivative financial instruments:
Swaps, fair value
Level 2
Financial assets:
Cash and money market instruments
Investment securities	1,361,009	1,522,937
Mortgage loans held for sale	1,666	25,743
Impaired loans carried at fair value
Mortgage IRLCs	61	372
Other loans
Loans receivable, net	1,727	26,115
Financial liabilities:
Non-interest bearing checking accounts
Interest bearing transactions accounts
Savings accounts
Time Deposits, Fair Value	1,331,129	1,458,793
Other
Total deposits	1,331,129	1,458,793
Short-term borrowings	242,029	344,168
Long-term debt	860,963	861,466
Subordinated debentures/notes	83,140	79,503
Level 2 | Fair value swap
Derivative financial instruments:
Swaps, fair value
Level 3
Financial assets:
Cash and money market instruments
Investment securities	759	780
Mortgage loans held for sale
Impaired loans carried at fair value	33,819	53,932
Mortgage IRLCs	0
Other loans	4,531,680	4,348,705
Loans receivable, net	4,565,499	4,402,637
Financial liabilities:
Non-interest bearing checking accounts
Interest bearing transactions accounts
Savings accounts
Time Deposits, Fair Value
Other
Total deposits	0	0
Short-term borrowings
Long-term debt
Subordinated debentures/notes
Level 3 | Fair value swap
Derivative financial instruments:
Swaps, fair value	135	135
Total fair value
Financial assets:
Cash and money market instruments	147,030	201,305
Investment securities	1,363,668	1,525,159
Mortgage loans held for sale	1,666	25,743
Impaired loans carried at fair value	33,819	53,932
Mortgage IRLCs	61	372
Other loans	4,531,680	4,348,705
Loans receivable, net	4,567,226	4,428,752
Financial liabilities:
Non-interest bearing checking accounts	1,193,553	1,137,290
Interest bearing transactions accounts	1,145,525	1,088,617
Savings accounts	1,124,994	1,038,356
Time Deposits, Fair Value	1,331,129	1,458,793
Other	1,263	1,345
Total deposits	4,796,464	4,724,401
Short-term borrowings	242,029	344,168
Long-term debt	860,963	861,466
Subordinated debentures/notes	83,140	79,503
Total fair value | Fair value swap
Derivative financial instruments:
Swaps, fair value	135	135
Securities | Carrying value
Financial assets:
Accrued interest receivable	4,840	6,122
Securities | Level 1
Financial assets:
Accrued interest receivable
Securities | Level 2
Financial assets:
Accrued interest receivable	4,840	6,122
Securities | Level 3
Financial assets:
Accrued interest receivable
Securities | Total fair value
Financial assets:
Accrued interest receivable	4,840	6,122
Loans | Carrying value
Financial assets:
Accrued interest receivable	13,495	13,588
Loans | Level 1
Financial assets:
Accrued interest receivable
Loans | Level 2
Financial assets:
Accrued interest receivable		2
Loans | Level 3
Financial assets:
Accrued interest receivable	13,495	13,586
Loans | Total fair value
Financial assets:
Accrued interest receivable	13,495	13,588
Deposits | Carrying value
Financial liabilities:
Accrued interest payable	1,366	1,960
Deposits | Level 1
Financial liabilities:
Accrued interest payable	16	21
Deposits | Level 2
Financial liabilities:
Accrued interest payable	1,350	1,939
Deposits | Level 3
Financial liabilities:
Accrued interest payable
Deposits | Total fair value
Financial liabilities:
Accrued interest payable	1,366	1,960
Borrowings | Carrying value
Financial liabilities:
Accrued interest payable	1,535	1,499
Borrowings | Level 1
Financial liabilities:
Accrued interest payable	4	8
Borrowings | Level 2
Financial liabilities:
Accrued interest payable	1,531	1,491
Borrowings | Level 3
Financial liabilities:
Accrued interest payable
Borrowings | Total fair value
Financial liabilities:
Accrued interest payable	$ 1,535	$ 1,499

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Participation In The U.S. Treasury Capital Purchase Program (Details) (USD $)	12 Months Ended			12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012 Series A preferred stock	Dec. 23, 2008 Series A preferred stock	May 02, 2012 U.S. Treasury Capital Purchase Program
Participation In The U.S. Treasury Capital Repurchase Program [Line Items]
Preferred stock value	$ 0		$ 0		$ 100,000,000
Liquidation preference per senior preferred shares	$ 0		$ 0		$ 1,000
Number of securities repurchasable						227,376
Stock repurchased during period, shares				100,000
Stock repurchased during period, value				100,000,000
Payments for repurchase of preferred stock and preference stock including unpaid dividends				101,000,000
Dividends, preferred stock, cash	1,571,000	5,000,000		972,000
Charge to retained earnings from preferred stock repurchase				1,600,000
Number of warrants repurchased						227,376
Payments for repurchase of warrants						$ 2,800,000
Repurchase price per share						$ 12.50

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Loans - Aging of Recorded Investment in Past Due Loans(Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	$ 31,815		$ 40,325
Past due nonaccrual loans and loans past due 90 days or more and accruing	61,610	[1]	82,514	[2]
Total past due	93,425		122,839
Total current	4,540,574		4,341,070
Recorded Investment	4,633,999		4,463,909
Commercial, financial and agricultural
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	1,233		6,251
Past due nonaccrual loans and loans past due 90 days or more and accruing	13,275	[1]	11,811	[2]
Total past due	14,508		18,062
Total current	814,003		808,841
Recorded Investment	828,511	[3]	826,903	[3]
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	2,168		2,212
Past due nonaccrual loans and loans past due 90 days or more and accruing	18,274	[1]	26,355	[2]
Total past due	20,442		28,567
Total current	1,095,596		1,067,436
Recorded Investment	1,116,038	[3]	1,096,003	[3]
Construction real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Recorded Investment	156,503		166,010
SEPH commercial land and development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days
Past due nonaccrual loans and loans past due 90 days or more and accruing	4,242	[1]
Total past due	4,242
Total current	1,606
Recorded Investment	5,848
SEPH commercial land and development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days			686
Past due nonaccrual loans and loans past due 90 days or more and accruing			11,314	[2]
Total past due			12,000
Total current			3,142
Recorded Investment			15,142
Remaining commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days			3,652
Past due nonaccrual loans and loans past due 90 days or more and accruing	3,463	[1]	5,838	[2]
Total past due	3,463		9,490
Total current	107,642		106,314
Recorded Investment	111,105		115,804
Mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	264		171
Past due nonaccrual loans and loans past due 90 days or more and accruing	75	[1]	85	[2]
Total past due	339		256
Total current	31,639		26,198
Recorded Investment	31,978		26,454
Installment
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	207		135
Past due nonaccrual loans and loans past due 90 days or more and accruing	14	[1]	40	[2]
Total past due	221		175
Total current	7,351		8,435
Recorded Investment	7,572		8,610
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	900		1,163
Past due nonaccrual loans and loans past due 90 days or more and accruing	5,659	[1]	5,917	[2]
Total past due	6,559		7,080
Total current	401,732		386,082
Recorded Investment	408,291		393,162
Mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	13,633		11,948
Past due nonaccrual loans and loans past due 90 days or more and accruing	11,829	[1]	17,370	[2]
Total past due	25,462		29,318
Total current	1,120,851		1,036,868
Recorded Investment	1,146,313		1,066,186
HELOC
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	571		620
Past due nonaccrual loans and loans past due 90 days or more and accruing	402	[1]	309	[2]
Total past due	973		929
Total current	213,462		212,868
Recorded Investment	214,435		213,797
Installment
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	696		563
Past due nonaccrual loans and loans past due 90 days or more and accruing	436	[1]	787	[2]
Total past due	1,132		1,350
Total current	32,841		42,576
Recorded Investment	33,973		43,926
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days	12,143		12,924
Past due nonaccrual loans and loans past due 90 days or more and accruing	3,941	[1]	2,688	[2]
Total past due	16,084		15,612
Total current	710,424		639,153
Recorded Investment	726,508		654,765
Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Accruing loans past due 30-89 days
Past due nonaccrual loans and loans past due 90 days or more and accruing		[1]		[2]
Total past due
Total current	3,427		3,157
Recorded Investment	$ 3,427		$ 3,157

[1] Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

[2] Includes $3.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

[3] Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

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Long-Term Debt - Schedule of long-Term Debt (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Long-term Debt, Fiscal Year Maturity [Abstract]
2012	$ 100,500	$ 50,500
2013	51,000	100,500
2014	26,000	51,000
2015	351,000	1,000
2016	125,062	351,000
2017		100,088
Thereafter	176,745	152,171
Total long-term debt, excluding prepayment penalty	830,307	806,259
Prepayment penalty	19,766	24,601
Total long-term debt	810,541	781,658
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract]
2012	1.51%	1.07%
2013	2.00%	1.51%
2014	0.92%	2.00%
2015	1.99%	2.05%
2016	2.11%	1.99%
2017		2.34%
Long-term Debt, Maturities, Repayments of Principal after Year Five	176,745
Thereafter		3.34%
Average rate, total, excluding prepayment penalty	2.16%	2.17%
Average rate, total	2.82%	2.87%
Long Term Debt Maturities Average Rate In After Year Five	3.13%
FHLB Advances
Long-term Debt, Fiscal Year Maturity [Abstract]
2012	100,500	50,500
2013	51,000	100,500
2014	26,000	51,000
2015	51,000	1,000
2016	125,062	51,000
2017		100,088
Thereafter		152,171
Total long-term debt, excluding prepayment penalty	530,307	506,259
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract]
2012	1.51%	1.07%
2013	2.00%	1.51%
2014	0.92%	2.00%
2015	3.37%	2.05%
2016	2.11%	3.37%
2017		2.34%
Long-term Debt, Maturities, Repayments of Principal after Year Five	176,745
Thereafter		3.34%
Average rate, total, excluding prepayment penalty	2.39%	2.42%
Long Term Debt Maturities Average Rate In After Year Five	3.13%
Broker Repurchase Agreements
Long-term Debt, Fiscal Year Maturity [Abstract]
2015	300,000
2016		300,000
Total long-term debt, excluding prepayment penalty	300,000	300,000
Prepayment penalty	$ (19,766)
Long-term Debt, Fiscal Year Maturity, Average Rate [Abstract] [Abstract]
2015	1.75%
2016		1.75%
Average rate, total, excluding prepayment penalty	1.75%	1.75%

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Summary of Significant Accounting Policies - Activity in Goodwill and Other Intangible Assets (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Goodwill and Intangible Assets [Line Items]
Goodwill And Finite Lived Intangible Assets	$ 72,334	$ 72,671	$ 74,843	$ 78,377
Goodwill [Roll Forward]
Beginning balance	72,334	72,334	72,334
Ending balance	72,334	72,334	72,334
Goodwill and Core Deposit Intangibles [Roll Forward]
Amortization of intangibles	337	2,172	3,534
Core deposits
Core Deposit Intangibles [Roll Forward]
Beginning balance	337	2,509	6,043
Amortization	(337)	(2,172)	(3,534)
Ending balance	$ 0	$ 337	$ 2,509

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Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Risks and Uncertainties [Abstract]
Loan commitments	$ 821,795	$ 815,585
Standby letters of credit	$ 20,590	$ 22,961

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Loans - Recorded Investment in Financing Receivable Modified as TDR Within 12 Month (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 contracts	Dec. 31, 2012 contracts
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	132	208
Recorded Investment	$ 7,379	$ 8,879
Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	11	8
Recorded Investment	771	244
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	11	10
Recorded Investment	2,839	2,113
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	7
Recorded Investment		970
Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	4
Recorded Investment		1,476
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	1
Recorded Investment	0	85
Installment
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	1	1
Recorded Investment	10	27
Commercial
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	4	1
Recorded Investment	1,683	16
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	26	39
Recorded Investment	1,533	2,863
HELOC
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	5
Recorded Investment		70
Installment
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	5	9
Recorded Investment	72	272
Leases
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	74	123
Recorded Investment	471	743
Leases
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	0
Recorded Investment	$ 0

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Short-Term Borrowings - Narrative (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
FHLB Advances
Short-term Debt [Line Items]
Commercial real estate and residential mortgage loans pledged under blanket agreement	$ 2,072	$ 2,053
Repurchase agreements and Federal Funds Purchased
Short-term Debt [Line Items]
Securities pledged to secure repurchase agreements	$ 648	$ 667

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Premises And Equipment - Schedule of Future Minimum Rental Payments Under Operating Leases (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2014	$ 1,351
2015	945
2016	628
2017	475
2018	744
Thereafter	605
Total	$ 4,748

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Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Short-term Debt [Line Items]
Securities sold under agreements to repurchase and federal funds purchased	$ 242,029	$ 244,168
Federal Home Loan Bank advances	0	100,000
Total short-term borrowings	242,029	344,168
Repurchase agreements and Federal Funds Purchased
Short-term Debt [Line Items]
Total short-term borrowings	242,029	244,168
Highest month-end balance	280,863	302,946
Average daily balance	251,868	257,341
Weighted-average interest rate:
As of year-end	0.19%	0.23%
Paid during the year	0.21%	0.26%
FHLB Advances
Short-term Debt [Line Items]
Total short-term borrowings	0	100,000
Highest month-end balance	0	100,000
Average daily balance	$ 1,255	$ 1,320
Weighted-average interest rate:
As of year-end	0.00%	0.38%
Paid during the year	0.41%	0.28%

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Allowance for Loan Losses - Allowance Calculation at the Segment Level and Adjusted Beginning Balance for the Allowance for Credit Losses (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2013	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Loan and Lease Losses, Reserve Estimate Methodology, Historical Loss Period Factor	48 months	54 months	60 months
General reserves as a percent of performing loans	1.10%	1.10%
Beginning balance	$ 55,537	$ 55,537	$ 55,537	$ 68,444	$ 143,575
Transfer of loans at fair value					219
Transfer of allowance to held for sale					13,100
Charge-offs			19,153	61,268	133,882
Recoveries			(19,669)	(12,942)	(8,798)
Net Charge-offs			(516)	48,326	125,084
Provision (Recovery)			3,415	35,419	63,272
Ending balance			59,468	55,537	68,444
Commercial, financial and agricultural
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	15,635	15,635	15,635	16,950	11,555
Transfer of loans at fair value					2
Transfer of allowance to held for sale					1,184
Charge-offs			6,160	26,847	18,350
Recoveries			(1,314)	(1,066)	(1,402)
Net Charge-offs			4,846	25,781	16,948
Provision (Recovery)			3,429	24,466	23,529
Ending balance			14,218	15,635	16,950
Commercial real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	11,736	11,736	11,736	15,539	24,369
Transfer of loans at fair value					150
Transfer of allowance to held for sale					4,327
Charge-offs			1,832	10,454	23,063
Recoveries			(726)	(783)	(1,825)
Net Charge-offs			1,106	9,671	21,238
Provision (Recovery)			5,269	5,868	16,885
Ending balance			15,899	11,736	15,539
Construction real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	6,841	6,841	6,841	14,433	70,462
Transfer of loans at fair value					63
Transfer of allowance to held for sale					1,998
Charge-offs			1,791	9,985	64,166
Recoveries			(9,378)	(2,979)	(1,463)
Net Charge-offs			(7,587)	7,006	62,703
Provision (Recovery)			(7,573)	(586)	8,735
Ending balance			6,855	6,841	14,433
Residential real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	14,759	14,759	14,759	15,692	30,259
Transfer of loans at fair value					4
Transfer of allowance to held for sale					5,450
Charge-offs			3,207	8,607	20,691
Recoveries			(6,000)	(5,559)	(1,719)
Net Charge-offs			(2,793)	3,048	18,972
Provision (Recovery)			(3,301)	2,115	9,859
Ending balance			14,251	14,759	15,692
Consumer
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	6,566	6,566	6,566	5,830	6,925
Transfer of loans at fair value					0
Transfer of allowance to held for sale					141
Charge-offs			6,163	5,375	7,612
Recoveries			(2,249)	(2,555)	(2,385)
Net Charge-offs			3,914	2,820	5,227
Provision (Recovery)			5,593	3,556	4,273
Ending balance			8,245	6,566	5,830
Leases
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning balance	0	0	0	0	5
Transfer of loans at fair value					0
Transfer of allowance to held for sale					0
Charge-offs			0	0	0
Recoveries			(2)	0	(4)
Net Charge-offs			(2)	0	(4)
Provision (Recovery)			(2)	0	(9)
Ending balance			$ 0	$ 0	$ 0

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Loans - Loans Individually Evaluated for Impairment by Class of Loans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	$ 175,578	$ 242,345
Recorded investment	112,315	137,339	187,135
Allowance for loan losses allocated	10,451	8,276
Impaired Financing Receivable, Average Recorded Investment	124,089	164,164	214,045
Impaired Financing Receivable, Interest Income, Cash Basis Method	2,640	2,813	1,592
Commercial, financial and agricultural
Financing Receivable, Impaired [Line Items]
Recorded investment	20,727	22,587	40,621
Impaired Financing Receivable, Average Recorded Investment	20,523	35,305	23,518
Impaired Financing Receivable, Interest Income, Cash Basis Method	412	529	209
Commercial, financial and agricultural | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	22,429	23,782
Recorded investment	12,885	14,683
Allowance for loan losses allocated
Commercial, financial and agricultural | With an allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	12,616	12,268
Recorded investment	7,842	7,904
Allowance for loan losses allocated	3,268	3,180
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded investment	41,822	44,278	51,978
Impaired Financing Receivable, Average Recorded Investment	41,426	44,541	49,927
Impaired Financing Receivable, Interest Income, Cash Basis Method	1,151	968	829
Commercial real estate | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	56,870	56,258
Recorded investment	34,149	35,097
Allowance for loan losses allocated
Commercial real estate | With an allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	7,966	11,412
Recorded investment	7,673	9,181
Allowance for loan losses allocated	5,496	1,540
SEPH commercial land and development | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	23,722	57,346
Recorded investment	4,777	13,260
Allowance for loan losses allocated
Remaining commercial
Financing Receivable, Impaired [Line Items]
Recorded investment	10,782	21,574	25,912
Impaired Financing Receivable, Average Recorded Investment	17,829	27,774	29,152
Impaired Financing Receivable, Interest Income, Cash Basis Method	616	818	339
Remaining commercial | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	8,429	29,328
Recorded investment	6,872	14,093
Allowance for loan losses allocated
Remaining commercial | With an allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	3,909	8,071
Recorded investment	3,910	7,481
Allowance for loan losses allocated	1,132	2,277
Commercial
Financing Receivable, Impaired [Line Items]
Recorded investment	33,408	35,622	44,276
Impaired Financing Receivable, Average Recorded Investment	34,972	39,248	52,640
Impaired Financing Receivable, Interest Income, Cash Basis Method	461	497	214
Commercial | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	36,709	39,918
Recorded investment	31,461	31,957
Allowance for loan losses allocated
Commercial | With an allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	2,129	3,944
Recorded investment	1,947	3,665
Allowance for loan losses allocated	555	1,279
Consumer
Financing Receivable, Impaired [Line Items]
Recorded investment	799	18	20
Impaired Financing Receivable, Average Recorded Investment	616	19	16
Impaired Financing Receivable, Interest Income, Cash Basis Method		1	1
Consumer | With no related allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance	799	18
Recorded investment	799	18
Allowance for loan losses allocated
Consumer | With an allowance recorded
Financing Receivable, Impaired [Line Items]
Unpaid principal balance
Recorded investment
Allowance for loan losses allocated
Construction Real Estate Vision Commercial Land And Development [Member]
Financing Receivable, Impaired [Line Items]
Recorded investment		13,260	24,328
Impaired Financing Receivable, Average Recorded Investment		17,277	58,792
Impaired Financing Receivable, Interest Income, Cash Basis Method

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Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

GAAP requires the reporting of basic and diluted earnings per common share. Basic earnings per common share excludes any dilutive effects of options, warrants and convertible securities.

The following table sets forth the computation of basic and diluted earnings per common share:

Year ended December 31 (In thousands, except share data)	2013		2012		2011
Numerator:
Net income available to common shareholders	$	77,227	$	75,205	$	76,284
Denominator:
Basic earnings per common share:
Weighted-average shares	15,412,365		15,407,078		15,400,155
Effect of dilutive securities – stock options and warrants	—		1,063		1,291
Diluted earnings per common share:
Adjusted weighted-average shares and assumed conversions	15,412,365		15,408,141		15,401,446
Earnings per common share:
Basic earnings per common share	$	5.01	$	4.88	$	4.95
Diluted earnings per common share	$	5.01	$	4.88	$	4.95

As of December 31, 2011, options to purchase 74,020 common shares were outstanding under Park’s 2005 Plan. All options had expired by December 31, 2012. A warrant to purchase 227,376 common shares was outstanding at December 31, 2011 as a result of Park’s participation in the U.S. Treasury Capital Purchase Program ("CPP"). Park repurchased the CPP warrant on May 2, 2012. In addition, warrants to purchase an aggregate of 71,984 common shares were outstanding at December 31, 2010 as a result of the issuance of common shares and warrants to purchase common shares on December 10, 2010 (the "December 2010 Warrants"). The December 2010 Warrants expired in 2011, with no warrants being exercised, but have been considered in the 2011 diluted earnings per share calculation.

The common shares represented by the options and the December 2010 Warrants for the twelve months ended December 31, 2012 and 2011, totaling a weighted average of 63,308 and 126,292, respectively, were not included in the computation of diluted earnings per common share because the respective exercise prices exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect. The warrant to purchase 227,376 common shares issued under the CPP was included in the computation of diluted earnings per common share for the years ended December 31, 2012 and 2011, as the dilutive effect of this warrant was 1,063 and 1,291 common shares for the twelve month periods ended December 31, 2012 and December 31, 2011, respectively. The exercise price of the CPP warrant to purchase 227,376 common shares was $65.97.

There were no options or warrants outstanding to include in the calculation of diluted earnings per share for the year ended December 31, 2013.

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Loan Servicing (Tables)

12 Months Ended

Dec. 31, 2013

Transfers and Servicing of Financial Assets [Abstract]

Schedule of servicing assets at amortized value

Activity for mortgage servicing rights and the related valuation allowance follows:

December 31 (In thousands)	2013			2012			2011
Mortgage servicing rights:
Carrying amount, net, beginning of year	$	7,763		$	9,301		$	10,488
Additions	2,436			3,399			1,659
Amortization	(2,479		)	(3,634		)	(2,573		)
Change in valuation allowance	1,293			(1,303		)	(273		)
Carrying amount, net, end of year	$	9,013		$	7,763		$	9,301
Valuation allowance:
Beginning of year	$	2,324		$	1,021		$	748
Change in valuation allowance	(1,293		)	1,303			273
End of year	$	1,031		$	2,324		$	1,021

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Deposits (Tables)

12 Months Ended

Dec. 31, 2013

Deposits [Abstract]

Maturities Of Time Deposits Greater Than 100 K [Table Text Block]

Maturities of time deposits over $100,000 as of December 31, 2013 were:

December 31 (In thousands)
3 months or less	$	186,194
Over 3 months through 6 months	114,979
Over 6 months through 12 months	146,315
Over 12 months	153,966
Total	$	601,454

Schedule of summary of non-interest bearing and interest bearing deposits

At December 31, 2013 and 2012, non-interest bearing and interest bearing deposits were as follows:

December 31 (In thousands)	2013		2012
Non-interest bearing	$	1,193,553	$	1,137,290
Interest bearing	3,596,441		3,578,742
Total	$	4,789,994	$	4,716,032

Schedule of maturities of time deposits

At December 31, 2013, the maturities of time deposits were as follows: 

(In thousands)
2014	$	883,231
2015	215,866
2016	104,274
2017	80,856
2018	39,485
After 5 years	947
Total	$	1,324,659

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Loans - TDR Number of Contracts Modified And Recorded Investment (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 contracts	Dec. 31, 2012 contracts
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	496	954
Total Recorded Investment Modified as TDRs During Period	$ 18,467	$ 37,117
Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	34	44
Total Recorded Investment Modified as TDRs During Period	1,341	4,342
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	22	25
Total Recorded Investment Modified as TDRs During Period	8,563	6,259
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0
Total Recorded Investment Modified as TDRs During Period
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts		12
Total Recorded Investment Modified as TDRs During Period		1,301
Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	3	15
Total Recorded Investment Modified as TDRs During Period	98	7,110
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	0	2
Total Recorded Investment Modified as TDRs During Period		184
Installment
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	4	6
Total Recorded Investment Modified as TDRs During Period	51	253
Commercial
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	15	18
Total Recorded Investment Modified as TDRs During Period	2,552	2,981
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	62	129
Total Recorded Investment Modified as TDRs During Period	4,245	10,055
HELOC
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	16	46
Total Recorded Investment Modified as TDRs During Period	175	794
Installment
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	13	57
Total Recorded Investment Modified as TDRs During Period	292	1,269
Consumer
Financing Receivable, Recorded Investment [Line Items]
Number of Contracts	327	600
Total Recorded Investment Modified as TDRs During Period	1,150	2,569
Accruing
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	3,093	15,110
Accruing | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	7	2,843
Accruing | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period		2,648
Accruing | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period
Accruing | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period
Accruing | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period		531
Accruing | Mortgage
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	0	99
Accruing | Installment
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	26	175
Accruing | Commercial
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period		1,139
Accruing | Mortgage
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	1,967	4,279
Accruing | HELOC
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	175	736
Accruing | Installment
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	113	761
Accruing | Consumer
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	805	1,899
Nonaccrual
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	15,374	22,007
Nonaccrual | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	1,334	1,499
Nonaccrual | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	8,563	3,611
Nonaccrual | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period
Nonaccrual | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period		1,301
Nonaccrual | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	98	6,579
Nonaccrual | Mortgage
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period		85
Nonaccrual | Installment
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	25	78
Nonaccrual | Commercial
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	2,552	1,842
Nonaccrual | Mortgage
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	2,278	5,776
Nonaccrual | HELOC
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	0	58
Nonaccrual | Installment
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	179	508
Nonaccrual | Consumer
Financing Receivable, Recorded Investment [Line Items]
Total Recorded Investment Modified as TDRs During Period	$ 345	$ 670

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Benefit Plans - Balances of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Prior service cost	$ (34)	$ (54)
Net actuarial loss	(8,579)	(41,691)
Total	(8,613)	(41,745)
Deferred taxes	3,015	14,611
Accumulated other comprehensive loss	$ (5,598)	$ (27,134)

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Sale Of Vision Bank Business (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of composition of pre-tax gain on sale of business

The pre-tax gain, net of expense is summarized in the table below:

(In thousands)
Premium paid	$	27,913
One-time gains	298
Loss on sale of fixed assets	(2,434		)
Employment and severance agreements	(1,610		)
Other one-time charges, including estimates	(2,000		)
Pre-tax gain	$	22,167

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Capital Ratios (Tables)

12 Months Ended

Dec. 31, 2013

Capital [Abstract]

Schedule of compliance with regulatory capital requirements under banking regulations

The following table indicates the capital ratios for Park and PNB at December 31, 2013 and December 31, 2012.

	2013						2012
	Tier 1 Risk-Based		Total Risk-Based		Leverage		Tier 1 Risk-Based		Total Risk-Based		Leverage
Park National Bank	10.01	%	11.78	%	7.10	%	9.28	%	11.17	%	6.43	%
Park	13.27	%	15.91	%	9.48	%	13.12	%	15.77	%	9.17	%

Schedule of various measures of capital ratio

The following table reflects various measures of capital for Park and PNB:

					To Be Adequately Capitalized				To Be Well Capitalized
(In thousands)	Actual Amount		Ratio		Amount		Ratio		Amount		Ratio
At December 31, 2013
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	545,144	11.78	%	$	370,198	8.00	%	$	462,747	10.00	%
Park	754,605		15.91	%	379,446		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	463,015	10.01	%	$	185,099	4.00	%	$	277,648	6.00	%
Park	629,410		13.27	%	189,723		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	463,015	7.10	%	$	261,025	4.00	%	$	326,281	5.00	%
Park	629,410		9.48	%	265,633		4.00	%	N/A		N/A
At December 31, 2012
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	502,680	11.17	%	$	359,971	8.00	%	$	449,964	10.00	%
Park	732,413		15.77	%	371,477		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	417,690	9.28	%	$	179,986	4.00	%	$	269,978	6.00	%
Park	609,411		13.12	%	185,739		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	417,690	6.43	%	$	259,769	4.00	%	$	324,711	5.00	%
Park	609,411		9.17	%	265,719		4.00	%	N/A		N/A

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Loans - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Recorded Investment [Line Items]
Troubled Debt Restructuring, Classification removed	$ 7,700,000
Loans net of deferred origination fees, costs and unearned income	7,300,000	6,700,000
Overdrawn deposit account reclassified to loans	3,300,000	3,000,000
Partial charge-offs on impaired loans	63,300,000	105,100,000
Allowance for loans individually evaluated for impairment	10,451,000	8,276,000
Recorded investment, related to loans	21,400,000	28,200,000
Average balance of financing receivable, individually evaluated for impairment	124,100,000	164,200,000	214,000,000
Loans 90 days past due and still accruing	1,727,000	3,030,000
TDRs included in nonaccrual loan totals	76,300,000	84,700,000
Nonaccrual TDRs considered current	50,600,000	52,600,000
TDRs included in accruing loan totals	18,800,000	29,900,000
Commitments to lend additional funds to borrowers whose terms had been modified in a TDR	4,000,000	5,000,000
Specific reserves related to troubled debt restructuring	7,500,000	5,600,000
Additional specific reserves related to troubled debt restructuring	1,100,000	2,300,000
Modified substandard commercial loans, total recorded investment	900,000	800,000
Modified substandard consumer loans total recorded investment	24,200,000	26,500,000
Nonaccrual loans not classified as TDRs at prior fiscal year end	5,500,000	6,500,000
Recorded investment modified as TDRs	7,379,000	8,879,000
Other real estate owned	34,600,000	35,700,000
With no related allowance recorded
Financing Receivable, Recorded Investment [Line Items]
Partial charge-offs on impaired loans	58,100,000	97,600,000
With an allowance recorded
Financing Receivable, Recorded Investment [Line Items]
Partial charge-offs on impaired loans	5,200,000	7,500,000
Consumer
Financing Receivable, Recorded Investment [Line Items]
Allowance for loans individually evaluated for impairment	0	0
Loans 90 days past due and still accruing	1,016,000	888,000
Executive officers and directors
Financing Receivable, Recorded Investment [Line Items]
Loans due from related party	49,700,000	39,400,000
New loan made to related party	500,000	1,700,000
Repayment of loans due from related party	10,000,000	17,200,000
Increase (Decrease) in Customer Advances	11,900,000	13,000,000
Removal of related party loans due to sale		4,400,000
Accruing
Financing Receivable, Recorded Investment [Line Items]
Aggregate amount of loans modified during period	397,000	600,000
Nonaccrual
Financing Receivable, Recorded Investment [Line Items]
Aggregate amount of loans modified during period	7,000,000	8,300,000
Loans receivable | Executive officers and directors
Financing Receivable, Recorded Investment [Line Items]
Loans due from related party	$ 37,700,000	$ 35,300,000

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Loan Servicing - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers and Servicing of Financial Assets [Abstract]
Serviced sold mortgage loans	$ 1,326,000,000	$ 1,311,000,000	$ 1,347,000,000
Serviced sold mortgage loans with recourse	11,000,000	16,000,000
Mortgage loans sold with recourse, reserve	1,049,000	550,000
Mortgage servicing rights, discount rate	10.00%
Servicing fees included in other service income	$ 3,600,000	$ 3,600,000	$ 3,900,000
Minimum
Transfers and Servicing of Financial Assets [Abstract]
Mortgage servicing rights, constant prepayment speeds	7.00%
Maximum
Transfers and Servicing of Financial Assets [Abstract]
Mortgage servicing rights, constant prepayment speeds	23.00%

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Sale Of Vision Bank Business - Schedule of Composition of Pre-tax Gain on Sale of Business (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations and Disposal Groups [Abstract]
Premium paid		$ 27,913
One-time gains		298
Loss on sale of fixed assets		(2,434)
Employment and severance agreements		(1,610)
Other one-time charges, including estimates		(2,000)
Pre-tax gain	$ 0	$ 22,167	$ 0

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Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Other Comprehensive Income (Loss) [Abstract]

Schedule of components of other comprehensive income (loss)

The following table provides information concerning significant amounts reclassified out of accumulated other comprehensive income (loss) related to Pension Plan assets and benefit obligations for the year ended December 31, 2013:

Year ended December 31, 2013 (in thousands)		Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Income
Amortization of defined benefit pension items
	Amortization of prior service cost	$	20	Salaries and employee benefits
	Amortization of net loss	2,703		Salaries and employee benefits
Total income before income taxes		2,723
	Federal income taxes	953
	Net of tax	$	1,770

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:
Net income	$ 77,227	$ 78,630	$ 82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	3,415	35,419	63,272
Loan put provision	0	3,299	0
Amortization of loan fees and costs, net	3,611	2,119	2,871
Provision for depreciation	7,315	6,954	7,583
Other than temporary impairment on investment securities	17	54	0
Amortization of intangible assets	337	2,172	3,534
(Accretion)/amortization of investment securities	(33)	(239)	490
Amortization of prepayment penalty on long term debt	4,835
Deferred income tax	(2,456)	12,717	28,466
Realized net investment security gains	0	0	(28,829)
Compensation expense for issuance of treasury shares to directors	850	407	388
Loan originations to be sold in secondary market	(317,534)	(442,890)	(269,922)
Proceeds from sale of loans in secondary market	341,611	422,875	263,170
Gain on sale of loans in secondary market	4,093	5,807	3,557
OREO devaluations	3,180	6,872	8,219
Bank owned life insurance income	(5,041)	(4,754)	(5,089)
Changes in assets and liabilities:
Increase in other assets	514	(15,231)	(18,722)
Decrease in other liabilities	(7,389)	(9,010)	(10,826)
Cash included in assets held for sale	0	0	(6,766)
Net cash provided by operating activities	114,552	105,201	123,536
Investing activities:
Proceeds from sales of held-to-maturity securities	0	0	25,410
Available-for-sale	75,000	0	584,573
Proceeds from calls and maturities of securities:
Held-to-maturity	219,329	681,513	454,937
Available-for-sale	385,259	666,431	557,552
Purchase of securities:
Held-to-maturity	0	(262,679)	(625,925)
Available-for-sale	(582,728)	(964,704)	(641,751)
Net decrease in other investments	0	1,697	1,095
Net loan originations, portfolio loans	190,167	163,106	71,862
Sales of assets/liabilities related to Vision Bank	0	(144,436)	0
Purchases of bank owned life insurance, net	(4,600)	(2,500)	(3,000)
Purchases of premises and equipment, net	(8,842)	(6,964)	(6,618)
Net cash (used in) provided by investing activities	(106,749)	(194,748)	274,411
Financing activities
Net increase (decrease) in deposits	73,962	250,918	(97,708)
Net (decrease) increase in short-term borrowings	(102,139)	80,574	(400,075)
Proceeds from issuance of subordinated notes	0	30,000	0
Proceeds from long-term debt	75,000	300,000	203,000
Repayment of sub-debt	0	(25,000)	0
Repayment of long-term debt	(50,952)	(340,129)	(16,551)
Cash payment for repurchase of common share warrant from U.S. Treasury	0	(2,843)	0
Repurchase of preferred shares from U.S. Treasury	0	(100,000)	0
Cash dividends paid	(57,949)	(60,154)	(62,907)
Net cash (used in) provided by financing activities	(62,078)	133,366	(374,241)
(Decrease) increase in cash and cash equivalents	(54,275)	43,819	23,706
Cash and cash equivalents at beginning of year	201,305	157,486	133,780
Cash and cash equivalents at end of year	$ 147,030	$ 201,305	$ 157,486

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Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	$ 33,800	$ 53,900
Nonrecurring basis
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	33,819	53,932
Mortgage Servicing Rights	2,259	6,642
Other loans	18,526	19,926
Nonrecurring basis | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Mortgage Servicing Rights
Other loans	0	0
Nonrecurring basis | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Mortgage Servicing Rights	2,259	6,642
Other loans	0	0
Nonrecurring basis | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	33,819	53,932
Mortgage Servicing Rights
Other loans	18,526	19,926
Nonrecurring basis | Commercial real estate
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	21,100	25,997
Other loans	4,119	3,485
Nonrecurring basis | Commercial real estate | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Other loans	0	0
Nonrecurring basis | Commercial real estate | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Other loans	0	0
Nonrecurring basis | Commercial real estate | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	21,100	25,997
Other loans	4,119	3,485
Nonrecurring basis | Construction real estate
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Other loans	11,041	12,134
Nonrecurring basis | Construction real estate | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Other loans	0	0
Nonrecurring basis | Construction real estate | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Other loans	0	0
Nonrecurring basis | Construction real estate | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Other loans	11,041	12,134
Nonrecurring basis | SEPH commercial land and development
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	4,777
Nonrecurring basis | SEPH commercial land and development | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | SEPH commercial land and development | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | SEPH commercial land and development | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	4,777
Nonrecurring basis | SEPH commercial land and development
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value		12,832
Nonrecurring basis | SEPH commercial land and development | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | SEPH commercial land and development | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | SEPH commercial land and development | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value		12,832
Nonrecurring basis | Remaining commercial
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	3,788	8,113
Nonrecurring basis | Remaining commercial | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | Remaining commercial | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Nonrecurring basis | Remaining commercial | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	3,788	8,113
Nonrecurring basis | Residential real estate
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	4,154	6,990
Other loans	3,366	4,307
Nonrecurring basis | Residential real estate | Level 1
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Other loans	0	0
Nonrecurring basis | Residential real estate | Level 2
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value
Other loans	0	0
Nonrecurring basis | Residential real estate | Level 3
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Impaired loans carried at fair value	4,154	6,990
Other loans	$ 3,366	$ 4,307

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Sale Of Vision Bank Business - Schedule of Balance Sheet of SEPH (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loans	$ 4,620,505	$ 4,450,322	$ 4,317,099
OREO	34,636	35,718
Other assets	506,046	464,962
Total assets	6,638,347	6,642,803	6,972,245
Other liabilities	63,786	70,329
Total liabilities and shareholders’ equity	$ 6,638,347	$ 6,642,803

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Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2013

Short-term Debt [Abstract]

Schedule of short-term debt

Short-term borrowings were as follows:

December 31 (In thousands)	2013		2012
Securities sold under agreements to repurchase and federal funds purchased	$	242,029	$	244,168
Federal Home Loan Bank advances	—		100,000
Total short-term borrowings	$	242,029	$	344,168

The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: 

(In thousands)	Repurchase agreements and Federal Funds Purchased			FHLB Advances
2013
Ending balance	$	242,029		$	—
Highest month-end balance	280,863			—
Average daily balance	251,868			1,255
Weighted-average interest rate:
As of year-end	0.19		%	—		%
Paid during the year	0.21		%	0.41		%
2012
Ending balance	$	244,168		$	100,000
Highest month-end balance	302,946			100,000
Average daily balance	257,341			1,320
Weighted-average interest rate:
As of year-end	0.23		%	0.38		%
Paid during the year	0.26		%	0.28		%

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Loan Servicing

12 Months Ended

Dec. 31, 2013

Transfers and Servicing of Financial Assets [Abstract]

Loan Servicing

Loan Servicing

Park serviced sold mortgage loans of $1,326 million at December 31, 2013, compared to $1,311 million at December 31, 2012 and $1,347 million at December 31, 2011. At December 31, 2013, $10.7 million of the sold mortgage loans were sold with recourse compared to $16.3 million at December 31, 2012. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. As of December 31, 2013 and December 31, 2012, management had established a reserve of $1.0 million and $550,000, respectively, to account for future loan repurchases.

The amortization of mortgage loan servicing rights is included within “Other service income”. Generally, mortgage servicing rights are capitalized and amortized on an individual sold loan basis. When a sold mortgage loan is paid off, the related mortgage servicing rights are fully amortized.

Activity for mortgage servicing rights and the related valuation allowance follows:

December 31 (In thousands)	2013			2012			2011
Mortgage servicing rights:
Carrying amount, net, beginning of year	$	7,763		$	9,301		$	10,488
Additions	2,436			3,399			1,659
Amortization	(2,479		)	(3,634		)	(2,573		)
Change in valuation allowance	1,293			(1,303		)	(273		)
Carrying amount, net, end of year	$	9,013		$	7,763		$	9,301
Valuation allowance:
Beginning of year	$	2,324		$	1,021		$	748
Change in valuation allowance	(1,293		)	1,303			273
End of year	$	1,031		$	2,324		$	1,021

The fair value of mortgage servicing rights at December 31, 2013 was established using a discount rate of 10% and constant prepayment speeds ranging from 6.6% to 22.5%.

Servicing fees included in other service income were $3.6 million, $3.6 million and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively.

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Derivative Instruments

12 Months Ended

Dec. 31, 2013

Derivative Instrument Detail [Abstract]

Derivative Instruments

Derivative Instruments

FASB ASC 815, Derivatives and Hedging, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by GAAP, the Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivatives and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified into earnings when the hedged transaction affects earnings, with any ineffective portion of changes in the fair value of the derivative recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction.

During the first quarter of 2008, the Company executed an interest rate swap to hedge a $25 million floating-rate subordinated note that was entered into by PNB during the fourth quarter of 2007. The Company’s objective in using this derivative was to add stability to interest expense and to manage its exposure to interest rate risk. Our interest rate swap involved the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount, and was designated as a cash flow hedge. This interest rate swap matured on December 28, 2012. No hedge ineffectiveness on the cash flow hedge was recognized during the year ended December 31, 2012 or 2011.

For the year ended December 31, 2012, the change in the fair value of the interest rate swap reported in other comprehensive income was a gain of $550,000 (net of taxes of $296,000). There was zero balance related to the interest rate swap in accumulated other comprehensive income as of December 31, 2012.

As of December 31, 2013 and 2012, no derivatives were designated as cash flow hedges, fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes.

As of December 31, 2013 and December 31, 2012, Park had mortgage loan interest rate lock commitments (IRLCs) outstanding of approximately $5.2 million and $28.9 million, respectively. Park has specific contracts to sell each of these loans to a third-party investor. These loan commitments represent derivative instruments, which are required to be carried at fair value. The derivative instruments used are not designed as hedges under GAAP. The fair value of the derivative instruments was approximately $61,000 at December 31, 2013 and $372,000 at December 31, 2012. The fair value of the derivative instruments is included within loans held for sale and the corresponding income is included within non-yield loan fee income. Gains and losses resulting from expected sales of mortgage loans are recognized when the respective loan contract is entered into between the borrower, Park, and the third-party investor. The fair value of Park’s mortgage IRLCs is based on current secondary market pricing.

In connection with the sale of Park’s Class B Visa shares during the 2009 year, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. The fair value of the swap liability of $135,000 at both December 31, 2013 and 2012, is an estimate of the exposure based upon probability-weighted potential Visa litigation losses and consideration of the Visa settlement agreement announced on July 13, 2012 to resolve the Federal Multi-District Interchange Litigation.

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Income Taxes - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
State tax expense related to the operating loss carryforward write-off	$ 0	$ 0	$ 6,088,000
Statutory federal corporate tax rate	35.00%	35.00%	35.00%
Unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate	403,000	404,000	378,000
(Income)/expense related to interest and penalties	(500)	4,500	2,500
Accrued amount for interest and penalties	67,000	67,500	63,000
Vision Bank
Income Taxes [Line Items]
State tax expense related to the operating loss carryforward write-off			$ 6,100,000

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Summary of Significant Accounting Policies - Depreciable Lives of Premises and Equipment (Details)	12 Months Ended
	Dec. 31, 2013
Minimum | Buildings
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	5 years
Minimum | Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	3 years
Minimum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	1 year
Maximum | Buildings
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	50 years
Maximum | Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	20 years
Maximum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, depreciable lives	10 years

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt

Long-term debt is listed below:

December 31,	2013					2012
(In thousands)	Outstanding Balance			Average Rate		Outstanding Balance			Average Rate
Total Federal Home Loan Bank advances by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	51,000			3.37	%	51,000			3.37	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	530,307		2.39	%	506,259			2.42	%
Total broker repurchase agreements by year of maturity:
2017	300,000			1.75	%	300,000			1.75	%
Total	$	300,000		1.75	%	$	300,000		1.75	%
Total combined long-term debt by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	351,000			1.99	%	351,000			1.99	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	830,307		2.16	%	$	806,259		2.17	%
Prepayment penalty	(19,766		)	—		(24,601		)	—
Total long-term debt	$	810,541		2.82	%	$	781,658		2.87	%

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Fair Values

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Values

Fair Value

 The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:

• Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date.

• Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices.

• Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals or internal estimates of collateral values in accordance with Park's valuation requirements per its commercial and real estate loan policies.

Assets and Liabilities Measured at Fair Value on a Recurring Basis:

The following table presents assets and liabilities measured at fair value on a recurring basis:

Fair Value Measurements at December 31, 2013 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	525,136	$	—	$	525,136
Obligations of states and political subdivisions	—		—		—		—
U.S. Government sponsored entities’ asset-backed securities	—		648,471		—		648,471
Equity securities	1,900		—		759		2,659
Mortgage loans held for sale	—		1,666		—		1,666
Mortgage IRLCs	—		61		—		61
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

Fair Value Measurements at December 31, 2012 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	695,727	$	—	$	695,727
Obligations of states and political subdivisions	—		1,003		—		1,003
U.S. Government sponsored entities’ asset-backed securities	—		415,502		—		415,502
Equity securities	1,442		—		780		2,222
Mortgage loans held for sale	—		25,743		—		25,743
Mortgage IRLCs	—		372		—		372
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

There were no transfers between Level 1 and Level 2 during 2013 or 2012. Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period.

The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above:

Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The Fair Value Measurements tables exclude Park’s FHLB stock and FRB stock. These assets are carried at their respective redemption values, as it is not practicable to calculate their fair values. For securities where quoted prices or market prices of similar securities are not available, which include municipal securities, fair values are calculated using discounted cash flows.

Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses.

Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2.

Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2.

The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
(In thousands)	Equity Securities			Fair Value Swap
Balance at January 1, 2013	$	780		$	(135	)
Total Gains/(Losses)
Included in earnings - realized	(17		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	(4		)	—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			—
Balance at December 31, 2013	$	759		$	(135	)
Balance at January 1, 2012	$	763		$	(700	)
Total Gains/(Losses)
Included in earnings - realized	(54		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	71			—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			565
Balance at December 31, 2012	$	780		$	(135	)

Assets and liabilities measured at fair value on a nonrecurring basis:

The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below:

Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated valuations are obtained annually for all impaired loans in accordance with Company policy.

Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.

Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are two types of appraisals, real estate appraisals and lot development loan appraisals, received by the Company. These are discussed below:

• Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties.

• Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs.

MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds utilized. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2.

The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement.

The following table presents assets and liabilities measured at fair value on a nonrecurring basis:

Fair Value Measurements at December 31, 2013 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Impaired Loans:
Commercial real estate	$	—	$	—	$	21,100	$	21,100
Construction real estate:
SEPH commercial land and development	—		—		4,777		4,777
Remaining commercial	—		—		3,788		3,788
Residential real estate	—		—		4,154		4,154
Total impaired loans	$	—	$	—	$	33,819	$	33,819
Mortgage Servicing Rights	—		2,259		—		2,259
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	11,041	$	11,041
Residential real estate	—		—		3,366		3,366
Commercial real estate	—		—		4,119		4,119
Total Other Real Estate Owned	$	—	$	—	$	18,526	$	18,526

Fair Value Measurements at December 31, 2012 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Impaired Loans:
Commercial real estate	$	—	$	—	$	25,997	$	25,997
Construction real estate:
SEPH commercial land and development	—		—		12,832		12,832
Remaining commercial	—		—		8,113		8,113
Residential real estate	—		—		6,990		6,990
Total impaired loans	$	—	$	—	$	53,932	$	53,932
Mortgage Servicing Rights	—		6,642		—		6,642
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	12,134	$	12,134
Residential real estate	—		—		4,307		4,307
Commercial real estate	—		—		3,485		3,485
Total Other Real Estate Owned	$	—	$	—	$	19,926	$	19,926

Impaired loans had a recorded investment of $112.3 million at December 31, 2013, after partial charge-offs of $63.3 million. Additionally, these impaired loans had a specific valuation allowance of $10.5 million. Of the $112.3 million impaired loan portfolio at December 31, 2013, loans with a recorded investment of $41.0 million were carried at their fair value of $33.8 million, as a result of charge-offs of $49.0 million and a specific valuation allowance of $7.2 million. An additional specific valuation allowance of $3.3 million at December 31, 2013 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $71.3 million of impaired loans were carried at cost, as the fair value of the underlying collateral or present value of expected future cash flows on each of these loans exceeded the recorded investment for each individual credit. At December 31, 2012, impaired loans had a recorded investment of $137.2 million, after partial charge-offs of $105.1 million. Additionally, these impaired loans had a specific valuation allowance of $8.3 million. Of the $137.2 million impaired loan portfolio at December 31, 2012, loans with a recorded investment of $59.0 million were carried at their fair value of $53.9 million as a result of partial charge-offs of $91.6 million and a specific valuation allowance for those loans carried at fair value of $5.1 million. An additional specific valuation allowance of $3.2 million at December 31, 2012 was related to loans which were not collateral dependent and were thus not included in the fair value table above. The remaining $78.2 million of impaired loans at December 31, 2012 were carried at cost. The financial impact of credit adjustments related to impaired loans carried at fair value during the years ended December 31, 2013, 2012 and 2011 was $8.1 million, $16.0 million, and $37.4 million, respectively.

MSRs, which are carried at the lower of cost or fair value, were recorded at $9.0 million at December 31, 2013. Of the $9.0 million MSR carrying balance at December 31, 2013, $2.3 million was recorded at fair value and included a valuation allowance of $1.0 million. The remaining $6.7 million was recorded at cost, as the fair value exceeded cost at December 31, 2013. At December 31, 2012, MSRs were recorded at $7.8 million, including a valuation allowance of $2.3 million. Income/(Expense) related to MSRs carried at fair value for the years ended December 31, 2013, 2012 and 2011 was $1.3 million, $(1.3) million and $(273,000), respectively.

Total OREO held by Park at December 31, 2013 and December 31, 2012 was $34.6 million and $35.7 million, respectively. Approximately 53% and 55% of OREO held by Park at December 31, 2013 and at December 31, 2012, respectively, was carried at fair value due to devaluations taken subsequent to the initial OREO measurement. At December 31, 2013 and December 31, 2012, the estimated fair value of OREO, less estimated selling costs, amounted to $18.5 million and $19.9 million, respectively. The financial impact of OREO fair value adjustments for the years ended December 31, 2013, 2012 and 2011 was $3.2 million, $6.9 million and $8.2 million, respectively.

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013 and December 31, 2012:

December 31, 2013
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	21,100	Sales comparison approach	Adj to comparables	0.0% - 109.0% (22.8%)
			Income approach	Capitalization rate	8.0% - 12.5% (9.1%)
			Cost approach	Accumulated depreciation	11.7% - 65.0% (37.1%)
Construction real estate:
SEPH commercial land and development	$	4,777	Sales comparison approach	Adj to comparables	0.0% - 96.0% (13.9%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (14.9%)
Remaining commercial	$	3,788	Sales comparison approach	Adj to comparables	0.0% - 40.0% (22.4%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (18.0%)
Residential real estate	$	4,154	Sales comparison approach	Adj to comparables	0.0% - 121.8% (14.9%)
			Income approach	Capitalization rate	7.8% - 10.0% (8.4%)
Other real estate owned:
Commercial real estate	$	4,119	Sales comparison approach	Adj to comparables	0.0% - 140.0% (17.7%)
			Income approach	Capitalization rate	8.0% - 11.5% (9.6%)
			Cost approach	Accumulated depreciation	60.0% - 95.0% (80.0%)
Construction real estate	$	11,041	Sales comparison approach	Adj to comparables	0.0% - 484.0% (36.2%)
			Bulk sale approach	Discount rate	13.0% - 14.0% (13.6%)
Residential real estate	$	3,366	Sales comparison approach	Adj to comparables	0.0% - 273.0% (19.2%)
			Income approach	Capitalization rate	5.4% - 7.8% (7.4%)

December 31, 2012
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	25,997	Sales comparison approach	Adj to comparables	0.0% - 116.0% (22.3%)
			Income approach	Capitalization rate	7.5% - 20.9% (10.1%)
			Cost approach	Accumulated depreciation	23.0% - 63.0% (50.4%)
Construction real estate:
SEPH commercial land and development	$	12,832	Sales comparison approach	Adj to comparables	0.0% - 218.0% (31.9%)
			Bulk sale approach	Discount rate	11.0% - 55.0% (23.4%)
Remaining commercial	$	8,113	Sales comparison approach	Adj to comparables	0.0% - 75.0% (26.2%)
			Bulk sale approach	Discount rate	10.0% - 55.0% (18.3%)
Residential real estate	$	6,990	Sales comparison approach	Adj to comparables	0.0% - 178.0% (17.9%)
Other real estate owned:
Commercial real estate	$	3,485	Sales comparison approach	Adj to comparables	0.0% - 67.0% (25.8%)
			Income approach	Capitalization rate	11.0% (11.0%)
			Bulk sale approach	Discount rate	13.0% (13.0%)
			Cost approach	Accumulated depreciation	40.9% - 90.0% (65.0%)
Construction real estate	$	12,134	Sales comparison approach	Adj to comparables	0.0% - 273.0% (34.0%)
			Income approach	Capitalization rate	8.5% (8.5%)
			Bulk sale approach	Discount rate	10.0% - 12.0% (10.8%)
Residential real estate	$	4,307	Sales comparison approach	Adj to comparables	1.0% - 61.0% (18.0%)
			Income approach	Capitalization rate	7.9% - 9.3% (8.7%)
			Cost approach	Accumulated depreciation	6.0% (6.0%)

The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for assets and liabilities not discussed above:

Cash and cash equivalents:The carrying amounts reported in the Consolidated BalanceSheets for cash and short-term instruments approximate those assets’ fair values.

Loans receivable:For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.

Off-balance sheet instruments:Fair values for the Corporation’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material.

Deposit liabilities:The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits.

Short-term borrowings:The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values.

Long-term debt:Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities.

Subordinated debentures and notes:Fair values for subordinated debentures and notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities.

The fair value of financial instruments at December 31, 2013 and December 31, 2012, was as follows:

	December 31, 2013
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	147,030	$	147,030	$	—	$	—	$	147,030
Investment securities	1,358,327		1,900		1,361,009		759		1,363,668
Accrued interest receivable - securities	4,840		—		4,840		—		4,840
Accrued interest receivable - loans	13,495		—		—		13,495		13,495
Mortgage loans held for sale	1,666		—		1,666		—		1,666
Impaired loans carried at fair value	33,819		—		—		33,819		33,819
Mortgage IRLCs	61		—		61		—		61
Other loans	4,525,491		—		—		4,531,680		4,531,680
Loans receivable, net	$	4,561,037	$	—	$	1,727	$	4,565,499	$	4,567,226
Financial liabilities:
Non-interest bearing checking accounts	$	1,193,553	$	1,193,553	$	—	—		$	1,193,553
Interest bearing transaction accounts	1,145,525		1,145,525		—		—		1,145,525
Savings accounts	1,124,994		1,124,994		—		—		1,124,994
Time deposits	1,324,659		—		1,331,129		—		1,331,129
Other	1,263		1,263		—		—		1,263
Total deposits	$	4,789,994	$	3,465,335	$	1,331,129	$	—	$	4,796,464
Short-term borrowings	$	242,029	$	—	$	242,029	$	—	$	242,029
Long-term debt	810,541		—		860,963		—		860,963
Subordinated debentures/notes	80,250		—		83,140		—		83,140
Accrued interest payable – deposits	1,366		16		1,350		—		1,366
Accrued interest payable – debt/borrowings	1,535		4		1,531		—		1,535
Derivative financial instruments:
Fair value swap	135		—		—		135		135

	December 31, 2012
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	201,305	$	201,305	$	—	$	—	$	201,305
Investment securities	1,515,844		1,442		1,522,937		780		1,525,159
Accrued interest receivable - securities	6,122		—		6,122		—		6,122
Accrued interest receivable - loans	13,588		—		2		13,586		13,588
Mortgage loans held for sale	25,743		—		25,743		—		25,743
Impaired loans carried at fair value	53,932		—		—		53,932		53,932
Mortgage IRLCs	372		—		372		—		372
Other loans	4,314,738		—		—		4,348,705		4,348,705
Loans receivable, net	$	4,394,785	$	—	$	26,115	$	4,402,637	$	4,428,752
Financial liabilities:
Non-interest bearing checking accounts	$	1,137,290	$	1,137,290	$	—	—		$	1,137,290
Interest bearing transaction accounts	1,088,617		1,088,617		—		—		1,088,617
Savings accounts	1,038,356		1,038,356		—		—		1,038,356
Time deposits	1,450,424		—		1,458,793		—		1,458,793
Other	1,345		1,345		—		—		1,345
Total deposits	$	4,716,032	$	3,265,608	$	1,458,793	$	—	$	4,724,401
Short-term borrowings	$	344,168	$	—	$	344,168	$	—	$	344,168
Long-term debt	781,658		—		861,466		—		861,466
Subordinated debentures/notes	80,250		—		79,503		—		79,503
Accrued interest payable – deposits	1,960		21		1,939		—		1,960
Accrued interest payable – debt/borrowings	1,499		8		1,491		—		1,499
Derivative financial instruments:
Fair value swap	$	135	$	—	$	—	$	135	$	135

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Capital Ratios

12 Months Ended

Dec. 31, 2013

Capital [Abstract]

Capital Ratios

Capital Ratios

At December 31, 2013 and 2012, the Corporation and PNB had Tier 1, total risk-based capital and leverage ratios which were well above both the required minimum levels of 4.00%, 8.00% and 4.00%, respectively, and the well-capitalized levels of 6.00%, 10.00% and 5.00%, respectively.

The following table indicates the capital ratios for Park and PNB at December 31, 2013 and December 31, 2012.

	2013						2012
	Tier 1 Risk-Based		Total Risk-Based		Leverage		Tier 1 Risk-Based		Total Risk-Based		Leverage
Park National Bank	10.01	%	11.78	%	7.10	%	9.28	%	11.17	%	6.43	%
Park	13.27	%	15.91	%	9.48	%	13.12	%	15.77	%	9.17	%

Failure to meet the minimum requirements above could cause the Federal Reserve Board to take action. PNB is also subject to the capital requirements of its primary regulator, the OCC. As of December 31, 2013 and 2012, Park and PNB were well-capitalized and met all capital requirements to which each was then subject. There are no conditions or events since PNB's most recent regulatory report filings, that management believes have changed the risk categories for PNB.

The following table reflects various measures of capital for Park and PNB:

					To Be Adequately Capitalized				To Be Well Capitalized
(In thousands)	Actual Amount		Ratio		Amount		Ratio		Amount		Ratio
At December 31, 2013
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	545,144	11.78	%	$	370,198	8.00	%	$	462,747	10.00	%
Park	754,605		15.91	%	379,446		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	463,015	10.01	%	$	185,099	4.00	%	$	277,648	6.00	%
Park	629,410		13.27	%	189,723		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	463,015	7.10	%	$	261,025	4.00	%	$	326,281	5.00	%
Park	629,410		9.48	%	265,633		4.00	%	N/A		N/A
At December 31, 2012
Total Risk-Based Capital (to risk-weighted assets)
PNB	$	502,680	11.17	%	$	359,971	8.00	%	$	449,964	10.00	%
Park	732,413		15.77	%	371,477		8.00	%	N/A		N/A
Tier 1 Risk-Based Capital (to risk-weighted assets)
PNB	$	417,690	9.28	%	$	179,986	4.00	%	$	269,978	6.00	%
Park	609,411		13.12	%	185,739		4.00	%	N/A		N/A
Leverage Ratio (to average total assets)
PNB	$	417,690	6.43	%	$	259,769	4.00	%	$	324,711	5.00	%
Park	609,411		9.17	%	265,719		4.00	%	N/A		N/A

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Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Unrealized net holding gain (loss) on cash flow hedge, tax	$ 0	$ 296	$ 276
Unrealized net holding (loss) gain on securities-available-for-sale, tax	(21,236)	(1,645)	(1,318)
Cash dividends on common stock per share	$ 3.76	$ 3.76	$ 3.76
Change in funded status of pension plan, tax	$ 11,596	$ (3,328)	$ (2,707)

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Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

Segment Information

The Corporation is a financial holding company headquartered in Newark, Ohio. Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision(headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, GFSC was added as a reportable segment in the first quarter of 2012.

GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker.  

Operating results for the year ended December 31, 2013 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	210,781	$	—	$	8,741	$	(1,325	)	$	2,828		$	221,025
Provision for (recovery of) loan losses	14,039		—		1,175		(11,799		)	—			3,415
Other income	70,841		—		11		1,956			469			73,277
Other expense	165,665		—		3,133		12,211			7,520			188,529
Income (loss) before taxes	101,918		—		4,444		219			(4,223		)	102,358
Income taxes (benefit)	26,324		—		1,556		77			(2,826		)	25,131
Net income (loss)	$	75,594	$	—	$	2,888	$	142		$	(1,397	)	$	77,227
Balances at December 31, 2013
Assets	$	6,524,098	$	—	$	47,115	$	72,781		$	(5,647	)	$	6,638,347
Loans	4,559,406		—		47,228		38,014			(24,143		)	4,620,505
Deposits	4,896,405		—		7,159		—			(113,570		)	4,789,994

Operating results for the year ended December 31, 2012 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	221,758	$	—	$	9,156	$	(341	)	$	4,742		$	235,315
Provision for loan losses	16,678		—		859		17,882			—			35,419
Other income	70,739		—		—		21,431			233			92,403
Other expense	156,516		—		2,835		22,032			6,585			187,968
Income (loss) before taxes	119,303		—		5,462		(18,824		)	(1,610		)	104,331
Income taxes (benefit)	32,197		—		1,912		(6,603		)	(1,805		)	25,701
Net income (loss)	$	87,106	$	—	$	3,550	$	(12,221	)	$	195		$	78,630
Balances at December 31, 2012
Assets	$	6,502,579	$	—	$	49,926	$	104,428		$	(14,130	)	$	6,642,803
Loans	4,369,173		—		50,082		59,178			(28,111		)	4,450,322
Deposits	4,814,107		—		8,358		—			(106,433		)	4,716,032

Operating results for the year ended December 31, 2011 (In thousands)
	PNB		VB			GFSC		SEPH			All Other			Total
Net interest income (loss)	$	236,282	$	27,078		$	8,693	$	(974	)	$	2,155		$	273,234
Provision for loan losses	30,220		31,052			2,000		—			—			63,272
Other income (loss)	90,982		6,617			—		(3,039		)	350			94,910
Other expense	146,235		31,379			2,506		1,082			7,115			188,317
Income (loss) before taxes	150,809		(28,736		)	4,187		(5,095		)	(4,610		)	116,555
Income taxes (benefit)	43,958		(6,210		)	1,466		(1,784		)	(3,015		)	34,415
Net income (loss)	$	106,851	$	(22,526	)	$	2,721	$	(3,311	)	$	(1,595	)	$	82,140
Balances at December 31, 2011
Assets	$	6,281,747	$	650,935		$	46,682	$	34,989		$	(42,108	)	$	6,972,245
Assets held for sale (1)	—		382,462			—		—			—			382,462
Loans	4,172,424		123,883			47,111		—			(26,319		)	4,317,099
Deposits	4,611,646		32			8,013		—			(154,577		)	4,465,114
Liabilities held for sale (2)	—		536,186			—		—			—			536,186

(1) The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012.

(2) The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals:

	2013
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	218,197		$	7,315	$	173,694	$	27,957		$	6,643,994		$	4,903,564
Elimination of intersegment items	8,659			—		—		—			(30,369		)	(113,570		)
Parent Co. totals - not eliminated	(5,831		)	—		7,520		(2,826		)	24,722			—
Totals	$	221,025		$	7,315	$	181,214	$	25,131		$	6,638,347		$	4,789,994

	2012
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	230,573		$	6,954	$	174,429	$	27,506		$	6,656,933		$	4,822,465
Elimination of intersegment items	8,558			—		—		—			(35,639		)	(106,433		)
Parent Co. totals - not eliminated	(3,816		)	—		6,585		(1,805		)	21,509			—
Totals	$	235,315		$	6,954	$	181,014	$	25,701		$	6,642,803		$	4,716,032

	2011
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	271,079		$	7,583	$	173,619	$	37,430		$	7,014,353		$	4,619,691
Elimination of intersegment items	4,492			—		—		—			(63,243		)	(154,577		)
Parent Co. totals - not eliminated	(2,337		)	—		7,115		(3,015		)	21,135			—
Totals	$	273,234		$	7,583	$	180,734	$	34,415		$	6,972,245		$	4,465,114

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Deposits - Summary of Noninterest Bearing and Interest Bearing Deposits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deposits [Abstract]
Non-interest bearing	$ 1,193,553	$ 1,137,290
Interest bearing	3,596,441	3,578,742
Total deposits	$ 4,789,994	$ 4,716,032	$ 4,465,114

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Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Recurring basis, USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage Loans Held for Sale
Mortgage IRLCs
Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage Loans Held for Sale	1,666	25,743
Mortgage IRLCs	61	372
Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage Loans Held for Sale
Mortgage IRLCs
Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Mortgage Loans Held for Sale	1,666	25,743
Mortgage IRLCs	61	372
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	525,136	695,727
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
Obligations of U.S. Treasury and other U.S. Government sponsored entities | Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	525,136	695,727
Obligations of States and Political Subdivisions | Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
Obligations of States and Political Subdivisions | Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities		1,003
Obligations of States and Political Subdivisions | Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
Obligations of States and Political Subdivisions | Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities		1,003
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	648,471	415,502
U.S. Government Sponsored Entities’ Asset-Backed Securities | Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
U.S. Government Sponsored Entities’ Asset-Backed Securities | Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	648,471	415,502
Equity securities | Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	1,900	1,442
Equity securities | Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities
Equity securities | Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	759	780
Equity securities | Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Investment Securities	2,659	2,222
Fair value swap | Level 1
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Swaps, fair value
Fair value swap | Level 2
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Swaps, fair value
Fair value swap | Level 3
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Swaps, fair value	135	135
Fair value swap | Total fair value
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items]
Swaps, fair value	$ 135	$ 135

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Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2013

Allowance For Loan Losses [Abstract]

Schedule of the activity in the allowance for loan losses

The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables.

	Year ended December 31, 2013
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Charge-offs	6,160			1,832			1,791			3,207			6,163			—			19,153
Recoveries	(1,314		)	(726		)	(9,378		)	(6,000		)	(2,249		)	(2		)	(19,669		)
Net Charge-offs (recoveries)	4,846			1,106			(7,587		)	(2,793		)	3,914			(2		)	(516		)
Provision (Recovery)	3,429			5,269			(7,573		)	(3,301		)	5,593			(2		)	3,415
Ending balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		—			$	59,468

	Year ended December 31, 2012
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases		Total
Allowance for credit losses:
Beginning balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		$	—	$	68,444
Charge-offs	26,847			10,454			9,985			8,607			5,375			—		61,268
Recoveries	(1,066		)	(783		)	(2,979		)	(5,559		)	(2,555		)	—		(12,942		)
Net Charge-offs	25,781			9,671			7,006			3,048			2,820			—		48,326
Provision (Recovery)	24,466			5,868			(586		)	2,115			3,556			—		35,419
Ending balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		—		$	55,537

	Year ended December 31, 2011
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	11,555		$	24,369		$	70,462		$	30,259		$	6,925		$	5		$	143,575
Transfer of loans at fair value	2			150			63			4			—			—			219
Transfer of allowance to held for sale (1)	1,184			4,327			1,998			5,450			141			—			13,100
Charge-offs	18,350			23,063			64,166			20,691			7,612			—			133,882
Recoveries	(1,402		)	(1,825		)	(1,463		)	(1,719		)	(2,385		)	(4		)	(8,798		)
Net Charge-offs (recoveries)	16,948			21,238			62,703			18,972			5,227			(4		)	125,084
Provision (Recovery)	23,529			16,885			8,735			9,859			4,273			(9		)	63,272
Ending balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		—			$	68,444

(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale.

Schedule of the composition of the allowance for loan losses

The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows: 

	December 31, 2013
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,268		$	5,496		$	1,132		$	555		$	—		$	—		$	10,451
Collectively evaluated for impairment	10,950			10,403			5,723			13,696			8,245			—			49,017
Total ending allowance balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		$	—		$	59,468
Loan Balance:
Loans individually evaluated for impairment	$	20,724		$	41,816		$	15,559		$	33,406		$	799		$	—		$	112,304
Loans collectively evaluated for impairment	804,708			1,070,457			140,557			1,766,141			722,934			3,404			4,508,201
Total ending loan balance	$	825,432		$	1,112,273		$	156,116		$	1,799,547		$	723,733		$	3,404		$	4,620,505
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	15.77		%	13.14		%	7.28		%	1.66		%	—		%	—		%	9.31		%
Loans collectively evaluated for impairment	1.36		%	0.97		%	4.07		%	0.78		%	1.14		%	—		%	1.09		%
Total ending loan balance	1.72		%	1.43		%	4.39		%	0.79		%	1.14		%	—		%	1.29		%
Recorded Investment:
Loans individually evaluated for impairment	$	20,727		$	41,822		$	15,559		$	33,408		$	799		$	—		$	112,315
Loans collectively evaluated for impairment	807,784			1,074,216			140,944			1,769,604			725,709			3,427			4,521,684
Total ending loan balance	$	828,511		$	1,116,038		$	156,503		$	1,803,012		$	726,508		$	3,427		$	4,633,999

	December 31, 2012
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,180		$	1,540		$	2,277		$	1,279		$	—		$	—		$	8,276
Collectively evaluated for impairment	12,455			10,196			4,564			13,480			6,566			—			47,261
Total ending allowance balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Loan Balance:
Loans individually evaluated for impairment	$	22,523		$	44,267		$	34,814		$	35,616		$	18		$	—		$	137,238
Loans collectively evaluated for impairment	801,404			1,047,897			130,714			1,678,029			651,912			3,128			4,313,084
Total ending loan balance	$	823,927		$	1,092,164		$	165,528		$	1,713,645		$	651,930		$	3,128		$	4,450,322
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	14.12		%	3.48		%	6.54		%	3.59		%	—		%	—		%	6.03		%
Loans collectively evaluated for impairment	1.55		%	0.97		%	3.49		%	0.80		%	1.01		%	—		%	1.10		%
Total ending loan balance	1.90		%	1.07		%	4.13		%	0.86		%	1.01		%	—		%	1.25		%
Recorded Investment:
Loans individually evaluated for impairment	$	22,587		$	44,278		$	34,834		$	35,622		$	18		$	—		$	137,339
Loans collectively evaluated for impairment	804,316			1,051,725			131,176			1,681,449			654,747			3,157			4,326,570
Total ending loan balance	$	826,903		$	1,096,003		$	166,010		$	1,717,071		$	654,765		$	3,157		$	4,463,909

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Schedule of operating results by Segment

Segment Information

The Corporation is a financial holding company headquartered in Newark, Ohio. Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision(headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, GFSC was added as a reportable segment in the first quarter of 2012.

GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park’s current operating segments are in line with GAAP as: (i) discrete financial information is available for each operating segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker.  

Operating results for the year ended December 31, 2013 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	210,781	$	—	$	8,741	$	(1,325	)	$	2,828		$	221,025
Provision for (recovery of) loan losses	14,039		—		1,175		(11,799		)	—			3,415
Other income	70,841		—		11		1,956			469			73,277
Other expense	165,665		—		3,133		12,211			7,520			188,529
Income (loss) before taxes	101,918		—		4,444		219			(4,223		)	102,358
Income taxes (benefit)	26,324		—		1,556		77			(2,826		)	25,131
Net income (loss)	$	75,594	$	—	$	2,888	$	142		$	(1,397	)	$	77,227
Balances at December 31, 2013
Assets	$	6,524,098	$	—	$	47,115	$	72,781		$	(5,647	)	$	6,638,347
Loans	4,559,406		—		47,228		38,014			(24,143		)	4,620,505
Deposits	4,896,405		—		7,159		—			(113,570		)	4,789,994

Operating results for the year ended December 31, 2012 (In thousands)
	PNB		VB		GFSC		SEPH			All Other			Total
Net interest income (loss)	$	221,758	$	—	$	9,156	$	(341	)	$	4,742		$	235,315
Provision for loan losses	16,678		—		859		17,882			—			35,419
Other income	70,739		—		—		21,431			233			92,403
Other expense	156,516		—		2,835		22,032			6,585			187,968
Income (loss) before taxes	119,303		—		5,462		(18,824		)	(1,610		)	104,331
Income taxes (benefit)	32,197		—		1,912		(6,603		)	(1,805		)	25,701
Net income (loss)	$	87,106	$	—	$	3,550	$	(12,221	)	$	195		$	78,630
Balances at December 31, 2012
Assets	$	6,502,579	$	—	$	49,926	$	104,428		$	(14,130	)	$	6,642,803
Loans	4,369,173		—		50,082		59,178			(28,111		)	4,450,322
Deposits	4,814,107		—		8,358		—			(106,433		)	4,716,032

Operating results for the year ended December 31, 2011 (In thousands)
	PNB		VB			GFSC		SEPH			All Other			Total
Net interest income (loss)	$	236,282	$	27,078		$	8,693	$	(974	)	$	2,155		$	273,234
Provision for loan losses	30,220		31,052			2,000		—			—			63,272
Other income (loss)	90,982		6,617			—		(3,039		)	350			94,910
Other expense	146,235		31,379			2,506		1,082			7,115			188,317
Income (loss) before taxes	150,809		(28,736		)	4,187		(5,095		)	(4,610		)	116,555
Income taxes (benefit)	43,958		(6,210		)	1,466		(1,784		)	(3,015		)	34,415
Net income (loss)	$	106,851	$	(22,526	)	$	2,721	$	(3,311	)	$	(1,595	)	$	82,140
Balances at December 31, 2011
Assets	$	6,281,747	$	650,935		$	46,682	$	34,989		$	(42,108	)	$	6,972,245
Assets held for sale (1)	—		382,462			—		—			—			382,462
Loans	4,172,424		123,883			47,111		—			(26,319		)	4,317,099
Deposits	4,611,646		32			8,013		—			(154,577		)	4,465,114
Liabilities held for sale (2)	—		536,186			—		—			—			536,186

(1) The assets held for sale represent the loans and other assets at Vision that were sold in the first quarter of 2012.

(2) The liabilities held for sale represent the deposits and other liabilities at Vision that were sold in the first quarter of 2012.

Schedule of reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals

The following is a reconciliation of financial information for the reportable segments to the Corporation’s consolidated totals:

	2013
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	218,197		$	7,315	$	173,694	$	27,957		$	6,643,994		$	4,903,564
Elimination of intersegment items	8,659			—		—		—			(30,369		)	(113,570		)
Parent Co. totals - not eliminated	(5,831		)	—		7,520		(2,826		)	24,722			—
Totals	$	221,025		$	7,315	$	181,214	$	25,131		$	6,638,347		$	4,789,994

	2012
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	230,573		$	6,954	$	174,429	$	27,506		$	6,656,933		$	4,822,465
Elimination of intersegment items	8,558			—		—		—			(35,639		)	(106,433		)
Parent Co. totals - not eliminated	(3,816		)	—		6,585		(1,805		)	21,509			—
Totals	$	235,315		$	6,954	$	181,014	$	25,701		$	6,642,803		$	4,716,032

	2011
(In thousands)	Net Interest Income			Depreciation Expense		Other Expense		Income Taxes			Assets			Deposits
Totals for reportable segments	$	271,079		$	7,583	$	173,619	$	37,430		$	7,014,353		$	4,619,691
Elimination of intersegment items	4,492			—		—		—			(63,243		)	(154,577		)
Parent Co. totals - not eliminated	(2,337		)	—		7,115		(3,015		)	21,135			—
Totals	$	273,234		$	7,583	$	180,734	$	34,415		$	6,972,245		$	4,465,114

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Loans - Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Impaired [Line Items]
Recorded investment	$ 112,315	$ 137,339	$ 187,135
Average recorded investment	124,089	164,164	214,045
Interest income recognized	2,640	2,813	1,592
Commercial, financial and agricultural
Financing Receivable, Impaired [Line Items]
Recorded investment	20,727	22,587	40,621
Average recorded investment	20,523	35,305	23,518
Interest income recognized	412	529	209
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded investment	41,822	44,278	51,978
Average recorded investment	41,426	44,541	49,927
Interest income recognized	1,151	968	829
SEPH commercial land and development
Financing Receivable, Impaired [Line Items]
Recorded investment	4,777
Average recorded investment	8,723
Interest income recognized
SEPH commercial land and development
Financing Receivable, Impaired [Line Items]
Recorded investment		13,260	24,328
Average recorded investment		17,277	58,792
Interest income recognized
Remaining commercial
Financing Receivable, Impaired [Line Items]
Recorded investment	10,782	21,574	25,912
Average recorded investment	17,829	27,774	29,152
Interest income recognized	616	818	339
Commercial
Financing Receivable, Impaired [Line Items]
Recorded investment	33,408	35,622	44,276
Average recorded investment	34,972	39,248	52,640
Interest income recognized	461	497	214
Consumer
Financing Receivable, Impaired [Line Items]
Recorded investment	799	18	20
Average recorded investment	616	19	16
Interest income recognized		$ 1	$ 1

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets:
Cash and due from banks	$ 129,078	$ 164,120
Money market instruments	17,952	37,185
Cash and cash equivalents	147,030	201,305
Investment securities:
Securities available-for-sale, at fair value (amortized cost of $1,222,143 and $1,099,658 at December 31, 2013 and 2012, respectively)	1,176,266	1,114,454
Securities held-to-maturity, at amortized cost (fair value of $187,402 and $410,705 at December 31, 2013 and 2012, respectively)	182,061	401,390
Other investment securities	65,907	65,907
Total investment securities	1,424,234	1,581,751
Total loans	4,620,505	4,450,322
Allowance for loan losses	(59,468)	(55,537)
Net loans	4,561,037	4,394,785
Other assets:
Bank owned life insurance	169,284	161,069
Goodwill	72,334	72,334
Other intangibles	0	337
Premises and equipment, net	55,278	53,751
Accrued interest receivable	18,335	19,710
OREO	34,636	35,718
Mortgage loan servicing rights	9,013	7,763
Other	147,166	114,280
Total other assets	506,046	464,962
Total assets	6,638,347	6,642,803
Deposits:
Non-interest bearing	1,193,553	1,137,290
Interest bearing	3,596,441	3,578,742
Total deposits	4,789,994	4,716,032
Short-term borrowings	242,029	344,168
Long-term debt	810,541	781,658
Subordinated debentures/notes	80,250	80,250
Total borrowings	1,132,820	1,206,076
Other liabilities:
Accrued interest payable	2,901	3,459
Other	60,885	66,870
Total other liabilities	63,786	70,329
Total liabilities	5,986,600	5,992,437
Commitments and Contingencies
Shareholders’ equity:
Preferred Stock, Value, Issued	0	0
Common shares, no par value (20,000,000 shares authorized; 16,150,941 and 16,150,987 shares issued at December 31, 2013 and 2012, respectively)	302,651	302,654
Accumulated other comprehensive loss, net	(35,419)	(17,518)
Retained earnings	460,643	441,605
Less: Treasury shares (738,989 shares at December 31, 2013 and 2012, respectively)	(76,128)	(76,375)
Total shareholders’ equity	651,747	650,366
Total liabilities and shareholders’ equity	$ 6,638,347	$ 6,642,803

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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of plan assets and benefit obligation activity

Using an accrual measurement date of December 31, 2013 and 2012, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)	2013			2012
Change in fair value of plan assets
Fair value at beginning of measurement period	$	117,768		$	96,581
Actual return on plan assets	31,518			11,256
Company contributions	12,638			15,900
Benefits paid	(9,185		)	(5,969		)
Fair value at end of measurement period	$	152,739		$	117,768
Change in benefit obligation
Projected benefit obligation at beginning of measurement period	$	97,653		$	81,507
Service cost	4,817			4,271
Interest cost	4,223			4,048
Actuarial (gains)/loss	(8,329		)	13,796
Benefits paid	(9,185		)	(5,969		)
Projected benefit obligation at the end of measurement period	$	89,179		$	97,653
Funded status at end of year (fair value of plan assets less benefit obligation)	$	63,560		$	20,115

Schedule of allocation of plan assets

The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:

		Percentage of Plan Assets
Asset category	Target Allocation	2013		2012
Equity securities	50% - 100%	83	%	83	%
Fixed income and cash equivalents	remaining balance	17	%	17	%
Total		100	%	100	%

Schedule of assumptions used to determine benefit obligations

The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were as follows:

	2013		2012		2011
Discount rate	5.30	%	4.47	%	5.18	%
Rate of compensation increase			3.00	%	3.00	%
Under age 30	10.00	%
Ages 30-39	6.00	%
Ages 40 and over	3.00	%

Schedule of estimated future pension benefit Payments

The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):

2014	$	5,732
2015	5,943
2016	6,047
2017	6,597
2018	6,845
2019-2023	42,387
Total	$	73,551

Schedule of balances of accumulated other comprehensive income loss

The following table shows ending balances of accumulated other comprehensive loss at December 31, 2013 and 2012.

(In thousands)	2013			2012
Prior service cost	$	(34	)	$	(54	)
Net actuarial loss	(8,579		)	(41,691		)
Total	(8,613		)	(41,745		)
Deferred taxes	3,015			14,611
Accumulated other comprehensive loss	$	(5,598	)	$	(27,134	)

Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss)

Using an actuarial measurement date of December 31 for 2013, 2012 and 2011, components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows:

(In thousands)	2013			2012			2011
Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss)
Service cost	$	(4,817	)	$	(4,271	)	$	(4,557	)
Interest cost	(4,223		)	(4,048		)	(3,967		)
Expected return on plan assets	9,536			8,742			7,543
Amortization of prior service cost	(20		)	(20		)	(19		)
Recognized net actuarial loss	(2,703		)	(1,708		)	(1,411		)
Net periodic benefit cost	$	(2,227	)	$	(1,305	)	$	(2,411	)
Change to net actuarial gain/(loss) for the period	$	30,409		$	(11,236	)	$	(9,164	)
Amortization of prior service cost	20			20			19
Amortization of net loss	2,703			1,708			1,411
Total recognized in other comprehensive income/(loss)	33,132			(9,508		)	(7,734		)
Total recognized in net benefit cost and other comprehensive income/(loss)	$	30,905		$	(10,813	)	$	(10,145	)

Schedule of assumptions used to determine costs

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are listed below:

	2013		2012		2011
Discount Rate	4.47	%	5.18	%	5.50	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected long-term return on plan assets	7.50	%	7.75	%	7.75	%

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Benefit Plans - Estimated Future Pension Benefit Payments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract]
2013	$ 5,732
2014	5,943
2015	6,047
2016	6,597
2017	6,845
2018-2022	42,387
Total	$ 73,551

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Fair Values - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount percentage applied to real estate appraised values	15.00%
Discount percentage applied to lot development appraised values	6.00%
Impaired financing receivable, carrying value	$ 112,300,000	$ 137,200,000
Partial charge-offs on impaired loans	63,300,000	105,100,000
Allowance for loans individually evaluated for impairment	10,451,000	8,276,000
Book value of impaired loans carried at fair value	41,000,000	59,000,000
Impaired loans carried at fair value	33,800,000	53,900,000
Partial charge-Offs on impaired loans carried at fair value	49,000,000	91,600,000
Impaired Financing Receivable, Related Allowance	10,451,000	8,276,000
Remaining amount of impaired loans carried at cost	71,300,000	78,200,000
Impaired Financing Receivable, carried at fair value, related expense	8,100,000	16,000,000	37,400,000
MSR recorded at lower of cost or fair value	9,013,000	7,763,000	9,301,000	10,488,000
Mortgage Servicing Rights, at fair value	2,300,000
Valuation allowance of MSR	1,031,000	2,324,000	1,021,000	748,000
MSRs recorded at cost	6,700,000
Valuation allowance for impairment of recognized servicing assets, provisions (recoveries)	1,293,000	(1,303,000)	(273,000)
Other Real Estate, Foreclosed Assets, and Repossessed Assets	34,636,000	35,718,000
Percent of OREO held at fair value	53.49%	55.00%
Estimated fair value of other real estate owned (OREO)	18,500,000	19,900,000
OREO devaluations	3,180,000	6,872,000	8,219,000
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Financing Receivable, Related Allowance	7,200,000	5,100,000
Financing Receivable, not collateral dependent [Domain]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Financing Receivable, Related Allowance	$ 3,300,000	$ 3,176,000

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Statements of Comprehensive Income (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Tax Effect
Change in pension plan assets and benefit obligations, tax expense	$ 11,596	$ (3,328)	$ (2,707)
Unrealized net holding gain on cash flow hedge, tax Expense	0	296	276
Unrealized net holding (loss) on securities available-for-sale, tax expense	$ (21,236)	$ (1,645)	$ (1,318)

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Benefit Plans - Asset Allocation for the Pension Plan by Asset Category (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan, Information about Plan Assets [Abstract]
Actual Plan Asset Allocations	100.00%	100.00%
Equity securities
Defined Benefit Plan, Information about Plan Assets [Abstract]
Target Plan Asset Allocations Range, Minimum	50.00%
Target Plan Asset Allocations Range, Maximum	100.00%
Actual Plan Asset Allocations	83.00%	83.00%
Fixed income and cash equivalents
Defined Benefit Plan, Information about Plan Assets [Abstract]
Actual Plan Asset Allocations	17.00%	17.00%

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Summary of Significant Accounting Policies - Non-cash Items Included in Cash Provided by Operating Activities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Non-cash Item Included in Operating Activities [Abstract]
Transfers to OREO	$ 22,144	$ 23,634	$ 36,209

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Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount Rate	4.47%	5.18%	5.50%
Rate of compensation increase	3.00%	3.00%	3.00%
Expected long-term return on plan assets	7.50%	7.75%	7.75%

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management has identified the allowance for loan losses, accounting for Other Real Estate Owned (“OREO”), fair value accounting, accounting for goodwill and accounting for pension plan and other post retirement benefits as significant estimates.

Reclassifications

Reclassifications

Certain prior year amounts have been reclassified to conform with the current year presentation. Reclassifications had no effect on prior year net income or shareholders' equity.

Restrictions on Cash and Due from Banks

Restrictions on Cash and Due from Banks

The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $48.0 million at December 31, 2013 and $41.0 million at December 31, 2012. No other compensating balance arrangements were in existence at December 31, 2013.

Investment Securities

Investment Securities

Investment securities are classified upon acquisition into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading (see Note 4 of these Notes to Consolidated Financial Statements).

Held-to-maturity securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income, net of applicable taxes. The Corporation did not hold any trading securities during any period presented.

Available-for-sale and held-to-maturity securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not to be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated.

Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis.

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock

Park’s national bank subsidiary, The Park National Bank (PNB) is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Both cash and stock dividends are reported as income.

Bank Owned Life Insurance

Bank Owned Life Insurance

Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized).

Mortgage Loans Held For Sale

Mortgage Loans Held for Sale

Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $1.7 million and $25.7 million at December 31, 2013 and 2012, respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 and Note 6. The contractual balance was $1.6 million and $25.2 million at December 31, 2013 and 2012, respectively. The gain expected upon sale was $28,000 and $568,000 at December 31, 2013 and 2012, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2013 or 2012.

Mortgage Banking Derivatives

Mortgage Banking Derivatives

Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans.

Loans

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan origination fees and costs over the loan term. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment.

Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Accrued interest on these loans is considered a loss, unless the loan is well-secured and in the process of collection. Commercial loans placed on nonaccrual status are considered impaired (See Note 5 of these Notes to Consolidated Financial Statements). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when cash is actually received. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due.

The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans are removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management.

A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below:

Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 28 Ohio counties and one Kentucky county where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services.

Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate.

Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer.

Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residence or second mortgages of individuals’ primary residence in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan.

Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans and home equity based credit cards to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances.

Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries.

The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”).

In calculating the allowance for loan losses, management believes it is appropriate to utilize historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2013, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2009 through 2013 within the individual segments of the commercial and consumer loan categories. Management believes the 60-month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditons. The loss factor applied to Park’s consumer portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer portfolio to approximately 1.68 years of historical loss. The consumer loan portfolio loss coverage ratio was 1.52 years at December 31, 2012. The loss factor applied to Park’s commercial portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial portfolio to approximately 2.42 years of historical loss. The commercial loan portfolio loss coverage ratio was 2.59 years at December 31, 2012. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard.

The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries.

GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in beacon scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, the observable market price of the loan or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment.

Troubled Debt Restructuring (TDRs)

Troubled Debt Restructuring (TDRs)

Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral.

Income Recognition

Income Recognition

Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected.

Premises and Equipment

Premises and Equipment

Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable.

The range of depreciable lives over which premises and equipment are being depreciated are:

Buildings	5 to 50 Years
Equipment, furniture and fixtures	3 to 20 Years
Leasehold improvements	1 to 10 Years

Buildings that are currently placed in service are depreciated over 30 years. Equipment, furniture and fixtures that are currently placed in service are depreciated over 3 to 12 years. Leasehold improvements are depreciated over the lives of the related leases which range from 1 to 10 years.

Other Real Estate Owned (OREO)

Other Real Estate Owned (OREO)

OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the value of real estate are classified as OREO devaluations, are reported as adjustments to the carrying amount of OREO and are expensed within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense".

Mortgage Loan Servicing Rights

Mortgage Loan Servicing Rights

When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in gains on sale of loans. Capitalized servicing rights are amortized in proportion to and over the period of estimated future servicing income of the underlying loan and is included within “Other service income”.

Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 20 of these Notes to Consolidated Financial Statements.)

Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Other intangible assets represent purchased assets that have no physical property but represent some future economic benefit to their owner and are capable of being sold or exchanged on their own or in combination with a related asset or liability.

Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with definitive useful lives (such as core deposit intangibles) are amortized to expense over their estimated useful lives.

Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2013, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 23 of these Notes to Consolidated Financial Statements for operating segment results.)

The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011.

(In thousands)	Goodwill		Core Deposit Intangibles			Total
January 1, 2011	$	72,334	$	6,043		$	78,377
Amortization	—		(3,534		)	(3,534		)
December 31, 2011	$	72,334	$	2,509		$	74,843
Amortization	—		(2,172		)	(2,172		)
December 31, 2012	$	72,334	$	337		$	72,671
Amortization	—		(337		)	(337		)
December 31, 2013	$	72,334	$	—		$	72,334

GAAP requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess.

Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2013, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired.

The core deposit intangibles were being amortized to expense principally on the straight-line method, over a period of six years. The amortization period for the core deposit intangibles related to Vision Bank was accelerated in the fourth quarter of 2011 and first quarter of 2012 due to the pending sale of the Vision Bank business to Centennial Bank. Core deposit intangible amortization expense was $337,000 in 2013, $2.2 million in 2012 and $3.5 million in 2011.

The accumulated amortization of core deposit intangibles was $22.1 million as of December 31, 2013 and $21.8 million at December 31, 2012. As of December 31, 2013 all core deposit intangibles had been fully amortized.

Consolidated Statement of Cash Flows

Consolidated Statement of Cash Flows

Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods.

Net cash provided by operating activities reflects cash payments as follows:

December 31,
(In thousands)	2013		2012		2011
Interest paid on deposits and other borrowings	$	42,481	$	51,877	$	59,552
Income taxes paid	20,000		7,000		17,700

Non-cash Items

Non-cash Items

Non-cash items included in cash provided by operating activities:

December 31,
(In thousands)	2013		2012		2011
Transfers to OREO	$	22,144	$	23,634	$	36,209

Loss Contingencies and Guarantees

Loss Contingencies and Guarantees

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.

Income Taxes

Income Taxes

The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense.

Treasury Shares

Treasury Shares

The purchase of Park’s common shares is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued.

Comprehensive Income

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, changes in the funded status of the Company’s Defined Benefit Pension Plan, and the unrealized net holding gains and losses on the cash flow hedge that matured on December 28, 2012, which are also recognized as separate components of equity.

Stock Based Compensation

Stock-Based Compensation

Compensation cost is recognized for stock options and stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of Park’s common shares at the date of grant is used for stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Park did not grant any stock options or stock awards to employees during 2013, 2012 or 2011. No stock options vested in 2013, 2012 or 2011. Park granted 10,550 common shares to its directors in 2013, 6,120 common shares in 2012 and 7,020 common shares in 2011.

Loan Commitments and Related Financial Instruments

Loan Commitments and Related Financial Instruments

Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Derivative Instruments

Derivative Instruments

At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the derivative's likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings.

Fair Value Measurement

Fair Value Measurement

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 of these Notes to Consolidated Financial Statements. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

Transfers and Financial Assets

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Retirement Plans

Retirement Plans

Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.

Earnings Per Common Share

Earnings Per Common Share

Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements.

Adoption of New Accounting Pronouncements

Adoption of New Accounting Pronouncements:

ASU 2012-02 Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, FASB issued Accounting Standards Update 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The ASU allows an entity to first assess qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. The new guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have an impact on Park's consolidated financial statements.

ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the new guidance on January 1, 2013 impacted the other comprehensive income (loss) disclosures in Note 15.

ASU 2013-11- Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: The ASU requires that an unrecognized tax benefit, ora portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a netoperating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similartax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle anyadditional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does notrequire the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefitshould be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendmentsare effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments will nothave a material impact on Park’s consolidated financial statements.

ASU 2014-01- Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-01, Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Additionally, a reporting entity should disclose information that enables users of its financial statement to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but may impact the presentation of Park's investments in qualified affordable housing projects. Additionally, the adoption of this guidance will require additional disclosures.

ASU 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but will result in additional disclosures.

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Investment Securities - Schedule of Unrealized Loss on Securities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months	$ 781,661	$ 301,101
12 Months or Longer	169,082	0
Total	950,743	301,101
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 Months	38,173	1,727
12 Months or Longer	17,313	0
Total	55,486	1,727
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months	377,626	177,470
12 Months or Longer	147,510	0
Total	525,136	177,470
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 Months	29,256	1,280
12 Months or Longer	16,240	0
Total	45,496	1,280
U.S. Government sponsored entity asset-backed securities
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months	404,035	123,631
12 Months or Longer	21,572	0
Total	425,607	123,631
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 Months	8,917	447
12 Months or Longer	1,073	0
Total	9,990	447
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Less than 12 Months	5,781	10,120
12 Months or Longer
Total	5,781	10,120
Held-to-maturity Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract]
Less than 12 Months	42	38
12 Months or Longer
Total	$ 42	$ 38

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Benefit Plans

12 Months Ended

Dec. 31, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Benefit Plans

Benefit Plans

The Corporation has a noncontributory Defined Benefit Pension Plan (the “Pension Plan”) covering substantially all of the employees of the Corporation and its subsidiaries. The Pension Plan provides benefits based on an employee’s years of service and compensation.

The Corporation generally contributes annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. In January 2012, management contributed $15.9 million, of which $14.3 million was deductible on the 2011 tax return and $1.6 million was deductible on the 2012 tax return. In January 2013, management contributed $12.6 million, of which $11.0 million was deductible on the 2012 tax return and $1.6 million will be deductible on the 2013 tax return. See Note 14 of these Notes to Consolidated Financial Statements. There is no pension contribution expected in 2014.

Using an accrual measurement date of December 31, 2013 and 2012, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)	2013			2012
Change in fair value of plan assets
Fair value at beginning of measurement period	$	117,768		$	96,581
Actual return on plan assets	31,518			11,256
Company contributions	12,638			15,900
Benefits paid	(9,185		)	(5,969		)
Fair value at end of measurement period	$	152,739		$	117,768
Change in benefit obligation
Projected benefit obligation at beginning of measurement period	$	97,653		$	81,507
Service cost	4,817			4,271
Interest cost	4,223			4,048
Actuarial (gains)/loss	(8,329		)	13,796
Benefits paid	(9,185		)	(5,969		)
Projected benefit obligation at the end of measurement period	$	89,179		$	97,653
Funded status at end of year (fair value of plan assets less benefit obligation)	$	63,560		$	20,115

The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:

		Percentage of Plan Assets
Asset category	Target Allocation	2013		2012
Equity securities	50% - 100%	83	%	83	%
Fixed income and cash equivalents	remaining balance	17	%	17	%
Total		100	%	100	%

The investment policy, as established by the Retirement Plan Committee, is to invest assets according to the target allocation stated above. Assets will be reallocated periodically based on the investment strategy of the Retirement Plan Committee. The investment policy is reviewed periodically.

The expected long-term rate of return on plan assets used to measure the benefit obligation as of December 31, 2013 and 2012 was 7.25% and 7.5%, respectively. This return was based on the expected return of each of the asset categories, weighted based on the median of the target allocation for each class.

The accumulated benefit obligation for the Pension Plan was $75.9 million and $85.1 million at December 31, 2013 and 2012, respectively.

On November 17, 2009, the Park Pension Plan completed the purchase of 115,800 common shares of Park for $7.0 million or $60.45 per share. At December 31, 2013 and 2012, the fair value of the 115,800 common shares held by the Pension Plan was $9.9 million, or $85.07 per share and $7.5 million, or $64.63 per share, respectively.

The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were as follows:

	2013		2012		2011
Discount rate	5.30	%	4.47	%	5.18	%
Rate of compensation increase			3.00	%	3.00	%
Under age 30	10.00	%
Ages 30-39	6.00	%
Ages 40 and over	3.00	%

The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):

2014	$	5,732
2015	5,943
2016	6,047
2017	6,597
2018	6,845
2019-2023	42,387
Total	$	73,551

The following table shows ending balances of accumulated other comprehensive loss at December 31, 2013 and 2012.

(In thousands)	2013			2012
Prior service cost	$	(34	)	$	(54	)
Net actuarial loss	(8,579		)	(41,691		)
Total	(8,613		)	(41,745		)
Deferred taxes	3,015			14,611
Accumulated other comprehensive loss	$	(5,598	)	$	(27,134	)

Using an actuarial measurement date of December 31 for 2013, 2012 and 2011, components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows:

(In thousands)	2013			2012			2011
Components of net periodic benefit cost and other amounts recognized in other comprehensive (loss)
Service cost	$	(4,817	)	$	(4,271	)	$	(4,557	)
Interest cost	(4,223		)	(4,048		)	(3,967		)
Expected return on plan assets	9,536			8,742			7,543
Amortization of prior service cost	(20		)	(20		)	(19		)
Recognized net actuarial loss	(2,703		)	(1,708		)	(1,411		)
Net periodic benefit cost	$	(2,227	)	$	(1,305	)	$	(2,411	)
Change to net actuarial gain/(loss) for the period	$	30,409		$	(11,236	)	$	(9,164	)
Amortization of prior service cost	20			20			19
Amortization of net loss	2,703			1,708			1,411
Total recognized in other comprehensive income/(loss)	33,132			(9,508		)	(7,734		)
Total recognized in net benefit cost and other comprehensive income/(loss)	$	30,905		$	(10,813	)	$	(10,145	)

The estimated prior service costs for the Pension Plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $20,000. There is no net actuarial (loss) expected to be recognized in the next fiscal year.

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are listed below:

	2013		2012		2011
Discount Rate	4.47	%	5.18	%	5.50	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Expected long-term return on plan assets	7.50	%	7.75	%	7.75	%

The Pension Plan maintains cash in a PNB savings account. The Pension Plan cash balance was $2.3 million at December 31, 2013.

GAAP defines fair value as the price that would be received by Park for an asset or paid by Park to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date, using the most advantageous market for the asset or liability. The fair values of equity securities, consisting of mutual fund investments and common stock (U.S. large cap) held by the Pension Plan and the fixed income and cash equivalents, are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). The market value of Pension Plan assets at December 31, 2013 was $152.7 million. At December 31, 2013, $128.7 million of equity investments and cash in the Pension Plan were categorized as Level 1 inputs; $24.0 million of plan investments in corporate (U.S. large cap) and U.S. Government sponsored entity bonds were categorized as Level 2 inputs, as fair value was based on quoted market prices of comparable instruments; and no investments were categorized as Level 3 inputs. The market value of Pension Plan assets was $117.8 million at December 31, 2012. At December 31, 2012, $98.8 million of investments in the Pension Plan were categorized as Level 1 inputs; $18.9 million were categorized as Level 2; and no investments were categorized as Level 3.

The Corporation has a voluntary salary deferral plan covering substantially all of the employees of the Corporation and its subsidiaries. Eligible employees may contribute a portion of their compensation subject to a maximum statutory limitation. The Corporation provides a matching contribution established annually by the Corporation. Contribution expense for the Corporation was $1.1 million, $1.0 million, and $1.1 million for 2013, 2012 and 2011, respectively.

The Corporation has a Supplemental Executive Retirement Plan (SERP) covering certain key officers of the Corporation and its subsidiaries with defined pension benefits in excess of limits imposed by federal tax law. The accrued benefit cost for the SERP totaled $6.8 million and $7.4 million for 2013 and 2012, respectively. The expense for the Corporation was $0.2 million for 2013, $0.3 million for 2012 and $0.6 million for 2011.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Schedule of depreciable lives of premises and equipment

The range of depreciable lives over which premises and equipment are being depreciated are:

Buildings	5 to 50 Years
Equipment, furniture and fixtures	3 to 20 Years
Leasehold improvements	1 to 10 Years

Schedule of activity in goodwill and intangible assets

The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011.

(In thousands)	Goodwill		Core Deposit Intangibles			Total
January 1, 2011	$	72,334	$	6,043		$	78,377
Amortization	—		(3,534		)	(3,534		)
December 31, 2011	$	72,334	$	2,509		$	74,843
Amortization	—		(2,172		)	(2,172		)
December 31, 2012	$	72,334	$	337		$	72,671
Amortization	—		(337		)	(337		)
December 31, 2013	$	72,334	$	—		$	72,334

Schedule of cash flow, supplemental disclosures

Net cash provided by operating activities reflects cash payments as follows:

December 31,
(In thousands)	2013		2012		2011
Interest paid on deposits and other borrowings	$	42,481	$	51,877	$	59,552
Income taxes paid	20,000		7,000		17,700

Schedule of non-cash items included in cash provided by operating activities

Non-cash items included in cash provided by operating activities:

December 31,
(In thousands)	2013		2012		2011
Transfers to OREO	$	22,144	$	23,634	$	36,209

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Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Components of net periodic benefit cost
Service cost	$ (4,817)	$ (4,271)	$ (4,557)
Interest cost	(4,223)	(4,048)	(3,967)
Expected return on plan assets	9,536	8,742	7,543
Amortization of prior service cost	(20)	(20)	(19)
Recognized net actuarial loss	(2,703)	(1,708)	(1,411)
Net periodic benefit cost	(2,227)	(1,305)	(2,411)
Other amounts recognized in other comprehensive (Loss)
Change to net actuarial gain/(loss) for the period	30,409	(11,236)	(9,164)
Amortization of prior service cost	20	20	19
Amortization of net loss	2,703	1,708	1,411
Total recognized in other comprehensive income/(loss)	33,132	(9,508)	(7,734)
Total recognized in net benefit cost and other comprehensive income/(loss)	$ 30,905	$ (10,813)	$ (10,145)

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Parent Company Statements - Narrative (Details) (Parent Company, USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Parent Company
Income taxes	$ 2.54	$ 4.54	$ 4.21
Undistributed earnings, restricted from transfer as dividends	$ 196.0	$ 173.1

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Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

Other comprehensive income (loss) components, net of tax, are shown in the following table for the years ended December 31, 2013, 2012 and 2011.

Year ended December 31, (in thousands)		Changes in Pension Plan assets and benefit obligations			Unrealized gains and losses on available-for-sale securities			Unrealized net holding loss on cash flow hedge			Total
Beginning balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
	Other comprehensive gain (loss) before reclassifications	19,766			(39,448		)	—			$	(19,682	)
	Amounts reclassified from accumulated other comprehensive income	1,770			11			—			$	1,781
Net current period other comprehensive income (loss)		21,536			(39,437		)	—			$	(17,901	)
Ending balance at December 31, 2013		$	(5,598	)	$	(29,821	)	$	—		$	(35,419	)
Beginning balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)
	Net current period other comprehensive income (loss)	(6,180		)	(3,057		)	550			$	(8,687	)
Ending balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
Beginning balance at January 1, 2011		$	(15,927	)	$	15,121		$	(1,062	)	$	(1,868	)
	Net current period other comprehensive income (loss)	(5,027		)	(2,448		)	512			$	(6,963	)
Ending balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)

During the year ended December 31, 2013, there was $17,000 ($11,000 net of tax) reclassified out of accumulated other comprehensive income due to an other-than-temporary impairment charge on an available-for-sale security. This charge was recorded within miscellaneous expense on the Consolidated Statement of Income. During the year ended December 31, 2011, $28.8 million ($18.7 million after-tax) was reclassified out of accumulated other comprehensive income (loss) due to gains recognized in net income as the result of the sale of securities. These gains were recorded within net gain on sales of securities on the Consolidated Statement of Income.

The following table provides information concerning significant amounts reclassified out of accumulated other comprehensive income (loss) related to Pension Plan assets and benefit obligations for the year ended December 31, 2013:

Year ended December 31, 2013 (in thousands)		Amount Reclassified from Accumulated Other Comprehensive Income		Affected Line Item in the Consolidated Statement of Income
Amortization of defined benefit pension items
	Amortization of prior service cost	$	20	Salaries and employee benefits
	Amortization of net loss	2,703		Salaries and employee benefits
Total income before income taxes		2,723
	Federal income taxes	953
	Net of tax	$	1,770

Other comprehensive income (loss) components, net of tax, are shown in the following table for the years ended December 31, 2013, 2012 and 2011.

Year ended December 31, (in thousands)		Changes in Pension Plan assets and benefit obligations			Unrealized gains and losses on available-for-sale securities			Unrealized net holding loss on cash flow hedge			Total
Beginning balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
	Other comprehensive gain (loss) before reclassifications	19,766			(39,448		)	—			$	(19,682	)
	Amounts reclassified from accumulated other comprehensive income	1,770			11			—			$	1,781
Net current period other comprehensive income (loss)		21,536			(39,437		)	—			$	(17,901	)
Ending balance at December 31, 2013		$	(5,598	)	$	(29,821	)	$	—		$	(35,419	)
Beginning balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)
	Net current period other comprehensive income (loss)	(6,180		)	(3,057		)	550			$	(8,687	)
Ending balance at December 31, 2012		$	(27,134	)	$	9,616		$	—		$	(17,518	)
Beginning balance at January 1, 2011		$	(15,927	)	$	15,121		$	(1,062	)	$	(1,868	)
	Net current period other comprehensive income (loss)	(5,027		)	(2,448		)	512			$	(6,963	)
Ending balance at December 31, 2011		$	(20,954	)	$	12,673		$	(550	)	$	(8,831	)

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Loans - Composition of Loan Portfolio By Class of Loan (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	$ 4,620,505		$ 4,450,322
Accrued Interest Receivable	13,494		13,587
Recorded Investment	4,633,999		4,463,909
Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	825,432	[1]	823,927	[1]
Accrued Interest Receivable	3,079	[1]	2,976	[1]
Recorded Investment	828,511	[1]	826,903	[1]
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	1,112,273	[1]	1,092,164	[1]
Accrued Interest Receivable	3,765	[1]	3,839	[1]
Recorded Investment	1,116,038	[1]	1,096,003	[1]
Construction real estate
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	156,116		165,528
Recorded Investment	156,503		166,010
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	5,846	[1]	15,105	[1]
Accrued Interest Receivable	2	[1]	37	[1]
Recorded Investment	5,848	[1]	15,142	[1]
Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	110,842		115,473
Accrued Interest Receivable	263		331
Recorded Investment	111,105		115,804
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	31,882		26,373
Accrued Interest Receivable	96		81
Recorded Investment	31,978		26,454
Installment
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	7,546		8,577
Accrued Interest Receivable	26		33
Recorded Investment	7,572		8,610
Commercial
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	407,387		392,203
Accrued Interest Receivable	904		959
Recorded Investment	408,291		393,162
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	1,144,754		1,064,787
Accrued Interest Receivable	1,559		1,399
Recorded Investment	1,146,313		1,066,186
HELOC
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	213,565		212,905
Accrued Interest Receivable	870		892
Recorded Investment	214,435		213,797
Installment
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	33,841		43,750
Accrued Interest Receivable	132		176
Recorded Investment	33,973		43,926
Consumer
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	723,733		651,930
Accrued Interest Receivable	2,775		2,835
Recorded Investment	726,508		654,765
Leases
Financing Receivable, Recorded Investment [Line Items]
Loan Balance	3,404		3,128
Accrued Interest Receivable	23		29
Recorded Investment	$ 3,427		$ 3,157

[1] Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

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Dividend Restrictions (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Amount available for dividend distribution without prior approval from regulatory authority	$ 65.6

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Consolidated Statements of Changes in Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Preferred Shares	Common Shares	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2010	$ 729,708	$ 97,290	$ 305,677	$ 406,342	$ (77,733)	$ (1,868)
Beginning balance, shares at Dec. 31, 2010		100,000	15,398,934
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,140			82,140
Other comprehensive income (loss), net of tax:
Changes in pension plan assets and benefit obligations recognized in other comprehensive income	(5,027)					(5,027)
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes	512					512
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes	(2,448)					(2,448)
Cash dividends	(57,907)			(57,907)
Fractional shares issued in dividend reinvestment plan, shares			(42)
Cash payment for fractional shares in dividend reinvestment plan	(2)		(2)
Accretion of discount on preferred shares	0	856		(856)
Common share warrants expired	0		(176)	176
Preferred share dividends	(5,000)			(5,000)
Treasury stock reissued for director grants, shares			7,020
Treasury shares reissued for director grants	388			(338)	726
Ending balance at Dec. 31, 2011	742,364	98,146	305,499	424,557	(77,007)	(8,831)
Ending balance, shares at Dec. 31, 2011		100,000	15,405,912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78,630			78,630
Other comprehensive income (loss), net of tax:
Changes in pension plan assets and benefit obligations recognized in other comprehensive income	(6,180)					(6,180)
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes	550					550
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes	(3,057)					(3,057)
Cash dividends	(57,932)			(57,932)
Fractional shares issued in dividend reinvestment plan, shares			(34)
Cash payment for fractional shares in dividend reinvestment plan	(2)		(2)
Common share warrants redeemed	(2,843)		(2,843)
Preferred shares redeemed	(100,000)	(100,000)
Preferred shares redeemed, shares		(100,000)
Accretion of discount on preferred shares	0	1,854		(1,854)
Preferred share dividends	(1,571)			(1,571)
Treasury stock reissued for director grants, shares			6,120
Treasury shares reissued for director grants	407			(225)	632
Ending balance at Dec. 31, 2012	650,366	0	302,654	441,605	(76,375)	(17,518)
Ending balance, shares at Dec. 31, 2012		0	15,411,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,227			77,227
Other comprehensive income (loss), net of tax:
Changes in pension plan assets and benefit obligations recognized in other comprehensive income	21,536					21,536
Unrealized net holding gain (loss) on cash flow hedge, net of income taxes	0
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes	(39,437)					(39,437)
Cash dividends	(57,949)			(57,949)
Fractional shares issued in dividend reinvestment plan, shares			(46)
Cash payment for fractional shares in dividend reinvestment plan	(3)		(3)
Treasury Stock, Shares, Acquired			(10,550)
Treasury Stock, Value, Acquired, Cost Method	(843)				(843)
Treasury stock reissued for director grants, shares			10,550
Treasury shares reissued for director grants	850			(240)	1,090
Ending balance at Dec. 31, 2013	$ 651,747	$ 0	$ 302,651	$ 460,643	$ (76,128)	$ (35,419)
Ending balance, shares at Dec. 31, 2013		0	15,411,952

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Amortized cost of securities available-for-sale	$ 1,222,143	$ 1,099,658
Fair value of securities held-to-maturity	$ 187,402	$ 410,705
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock per share liquidation preference	$ 0	$ 0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	20,000,000	20,000,000
Common stock stock, shares issued	16,150,941	16,150,987
Treasury stock, shares	738,989	738,989

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Deposits

12 Months Ended

Dec. 31, 2013

Deposits [Abstract]

Deposits

Deposits

At December 31, 2013 and 2012, non-interest bearing and interest bearing deposits were as follows:

December 31 (In thousands)	2013		2012
Non-interest bearing	$	1,193,553	$	1,137,290
Interest bearing	3,596,441		3,578,742
Total	$	4,789,994	$	4,716,032

At December 31, 2013, the maturities of time deposits were as follows: 

(In thousands)
2014	$	883,231
2015	215,866
2016	104,274
2017	80,856
2018	39,485
After 5 years	947
Total	$	1,324,659

At December 31, 2013, Park had approximately $18.4 million of deposits received from executive officers, directors and their related entities.

Maturities of time deposits over $100,000 as of December 31, 2013 were:

December 31 (In thousands)
3 months or less	$	186,194
Over 3 months through 6 months	114,979
Over 6 months through 12 months	146,315
Over 12 months	153,966
Total	$	601,454

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Income Taxes - Reconciliation of Federal Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory federal corporate tax rate	35.00%	35.00%	35.00%
Changes in rates resulting from:
Tax exempt interest income, net of disallowed interest	(0.80%)	(0.90%)	(1.00%)
Bank owned life insurance	(1.70%)	(1.60%)	(1.50%)
Tax credits (low income housing)	(6.60%)	(6.10%)	(5.20%)
State income tax expense, net of federal benefit	0.00%	0.00%	4.70%
Valuation allowance, net of federal benefit	0.00%	0.00%	(1.30%)
Other	(1.30%)	(1.80%)	(1.20%)
Effective tax rate	24.60%	24.60%	29.50%

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Benefit Plans - Plan Assets and Benefit Obligation Activity (Details) (USD $) In Thousands, unless otherwise specified	1 Months Ended		12 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Change in fair value of plan assets
Fair value at beginning of measurement period	$ 117,768	$ 96,581	$ 117,768	$ 96,581
Actual return on plan assets			31,518	11,256
Company contributions	12,600	16,000	12,638	15,900
Benefits paid			(9,185)	(5,969)
Fair value at end of measurement period			152,739	117,768	96,581
Change in benefit obligation
Projected benefit obligation at beginning of measurement period	97,653	81,507	97,653	81,507
Service cost			4,817	4,271	4,557
Interest cost			4,223	4,048	3,967
Actuarial (gains)/loss			(8,329)	13,796
Benefits paid			(9,185)	(5,969)
Projected benefit obligation at the end of measurement period			89,179	97,653	81,507
Funded status at end of year (fair value of plan assets less benefit obligation)			$ 63,560	$ 20,115

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Share-Based Compensation - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2012 2005 Stock Incentive Option Plan	Dec. 31, 2013 2013 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares authorized for delivery upon the exercise of incentive stock options	1,500,000	600,000
Common shares available for future grants under the 2005 Plan		589,450
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		10,550
Allocated Share-based Compensation Expense		$ 850,000

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Segment Information - Reconciliation of Financial Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation Of Segment Information [Line Items]
Net Interest Income	$ 221,025	$ 235,315	$ 273,234
Depreciation Expense	7,315	6,954	7,583
Other Expense	181,214	181,014	180,734
Income Taxes	25,131	25,701	34,415
Assets	6,638,347	6,642,803	6,972,245
Deposits	4,789,994	4,716,032	4,465,114
Totals for reportable segments
Reconciliation Of Segment Information [Line Items]
Net Interest Income	218,197	230,573	271,079
Depreciation Expense	7,315	6,954	7,583
Other Expense	173,694	174,429	173,619
Income Taxes	27,957	27,506	37,430
Assets	6,643,994	6,656,933	7,014,353
Deposits	4,903,564	4,822,465	4,619,691
Elimination of intersegment items
Reconciliation Of Segment Information [Line Items]
Net Interest Income	8,659	8,558	4,492
Depreciation Expense	0	0	0
Other Expense	0	0	0
Income Taxes	0	0	0
Assets	(30,369)	(35,639)	(63,243)
Deposits	(113,570)	(106,433)	(154,577)
Parent Co. totals - not eliminated
Reconciliation Of Segment Information [Line Items]
Net Interest Income	(5,831)	(3,816)	(2,337)
Depreciation Expense	0	0	0
Other Expense	7,520	6,585	7,115
Income Taxes	(2,826)	(1,805)	(3,015)
Assets	24,722	21,509	21,135
Deposits	$ 0	$ 0	$ 0

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Capital Ratios - Capital Ratios for Park and Each Subsidiary (Details)	Dec. 31, 2013	Dec. 31, 2012
Park National Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 Risk-Based Capital	10.01%	9.28%
Total Risk-Based	11.78%	11.17%
Leverage	7.10%	6.43%
Park
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 Risk-Based Capital	13.27%	13.12%
Total Risk-Based	15.91%	15.77%
Leverage	9.48%	9.17%

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Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 24, 2014	Jun. 28, 2013
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Registrant Name	PARK NATIONAL CORP /OH/
Entity Central Index Key	0000805676
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		15,392,443
Entity Public Float			$ 1,060,189,898

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Parent Company Statements - Statements of Income (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income:
Interest and dividends	$ 262,947	$ 285,735	$ 331,880
Expense:
Federal income tax benefit	(25,131)	(25,701)	(34,415)
Net income	77,227	78,630	82,140
Parent Company
Income:
Dividends from subsidiaries	15,000	197,000	105,000
Interest and dividends	8,659	10,027	5,643
Other	531	232	385
Total income	24,190	207,259	111,028
Expense:
Other, net	13,413	11,869	10,639
Total expense	13,413	11,869	10,639
Income before federal taxes and equity in undistributed income (losses) of subsidiaries	10,777	195,390	100,389
Federal income tax benefit	2,826	1,806	3,016
Income before equity in undistributed income (losses) of subsidiaries	13,603	197,196	103,405
Equity in undistributed income (losses) of subsidiaries	63,624	(118,566)	(21,265)
Net income	$ 77,227	$ 78,630	$ 82,140

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Short-Term Borrowings

12 Months Ended

Dec. 31, 2013

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2013		2012
Securities sold under agreements to repurchase and federal funds purchased	$	242,029	$	244,168
Federal Home Loan Bank advances	—		100,000
Total short-term borrowings	$	242,029	$	344,168

The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 and the weighted-average interest rates as of and paid during each of the years then ended were as follows: 

(In thousands)	Repurchase agreements and Federal Funds Purchased			FHLB Advances
2013
Ending balance	$	242,029		$	—
Highest month-end balance	280,863			—
Average daily balance	251,868			1,255
Weighted-average interest rate:
As of year-end	0.19		%	—		%
Paid during the year	0.21		%	0.41		%
2012
Ending balance	$	244,168		$	100,000
Highest month-end balance	302,946			100,000
Average daily balance	257,341			1,320
Weighted-average interest rate:
As of year-end	0.23		%	0.38		%
Paid during the year	0.26		%	0.28		%

At December 31, 2012, outstanding FHLB advances were collateralized by investment securities owned by the Corporation’s bank subsidiary and by various loans pledged under a blanket agreement by the Corporation’s bank subsidiary.

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that are pledged. At December 31, 2013 and 2012, $2,072 million and $2,053 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s bank subsidiary.

Note 4 states that $648 million and $667 million of securities were pledged to secure repurchase agreements as of December 31, 2013 and 2012, respectively. Park’s repurchase agreements in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. Park’s repurchase agreements with a third-party financial institution are classified as long-term debt. See Note 10 of these Notes to Consolidated Financial Statements.

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Premises And Equipment - Major Categories of Premises and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Premises and Equipment, Gross	$ 128,680	$ 152,133
Less accumulated depreciation	(73,402)	(98,382)
Premises and equipment, net	55,278	53,751
Land
Property, Plant and Equipment [Line Items]
Premises and Equipment, Gross	17,657	17,354
Buildings
Property, Plant and Equipment [Line Items]
Premises and Equipment, Gross	70,183	69,091
Equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and Equipment, Gross	36,937	61,679
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and Equipment, Gross	$ 3,903	$ 4,009

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Subordinated Debentures/Notes (Details) (USD $)				12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 23, 2009 purchaser	Dec. 31, 2013 Trust I	Dec. 31, 2013 Junior subordinated notes	Dec. 31, 2013 Trust preferred securities	Dec. 31, 2013 Subordinated note	Dec. 31, 2013 Subordinated debt 7% Subordinated notes due April 20, 2022	Apr. 20, 2012 Subordinated debt 7% Subordinated notes due April 20, 2022 purchaser
Preferred securities issued				$ 15,000,000
Junior subordinated debt purchased by Trust I					15,500,000
Variable rate basis						three-month LIBOR plus 148 basis points
Basis spread on variable rate (percent)						1.48%
Subordinated debentures/notes	80,250,000	80,250,000
Number of purchasers			38
Subordinated notes principal amount							35,250,000
Portion of principal amount purchased by related parties							14,050,000
Subordinated borrowing, number of purchasers									56
Aggregate principal amount									$ 30,000,000
Interest rate							10.00%	7.00%
Purchase price as a percentage of principal amount									100.00%
Repurchase amount as a percentage of principal									100.00%

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest and dividend income:
Interest and fees on loans	$ 225,538	$ 234,638	$ 262,458
Interest and dividends on:
Obligations of U.S. Government, its agencies and other securities	36,686	50,549	68,873
Obligations of states and political subdivisions	45	140	371
Other interest income	678	408	178
Total interest and dividend income	262,947	285,735	331,880
Interest on deposits:
Demand and savings deposits	1,773	2,483	3,812
Time deposits	11,235	15,921	23,842
Interest on short-term borrowings	544	678	823
Interest on long-term debt	28,370	31,338	30,169
Total interest expense	41,922	50,420	58,646
Net interest income	221,025	235,315	273,234
Provision for loan losses	3,415	35,419	63,272
Net interest income after provision for loan losses	217,610	199,896	209,962
Other income:
Income from fiduciary activities	17,133	15,947	14,965
Service charges on deposit accounts	16,316	16,704	18,307
Net gain on sales of securities	0	0	28,829
Other service income	12,913	13,631	10,606
Checkcard fee income	12,955	12,541	12,496
Bank owned life insurance income	5,041	4,754	5,089
ATM fees	2,632	2,359	2,703
Net gain on sale of OREO	3,110	4,414	1,312
OREO devaluations	(3,180)	(6,872)	(8,219)
Gain on sale of Vision business	0	22,167	0
Other	6,357	6,758	8,822
Total other income	73,277	92,403	94,910
Other expense:
Salaries and employee benefits	100,298	95,977	102,068
Data processing fees	4,174	3,916	4,965
Professional fees and services	27,865	24,267	21,119
Net occupancy expense of bank premises	9,804	9,444	11,295
Amortization of intangibles	337	2,172	3,534
Furniture and equipment expense	11,249	10,788	10,773
Insurance	5,205	5,780	6,821
Marketing	3,790	3,474	2,967
Postage and telephone	5,790	5,983	6,060
State taxes	3,702	3,786	1,544
Loan put provision	0	3,299	0
OREO expense	2,731	4,011	3,266
Other	13,584	15,071	13,905
Total other expense	188,529	187,968	188,317
Income before income taxes	102,358	104,331	116,555
State income taxes (benefit)	0	0	6,088
Federal income taxes	25,131	25,701	28,327
Net income	77,227	78,630	82,140
Preferred share dividends and accretion	0	3,425	5,856
Income available to common shareholders	$ 77,227	$ 75,205	$ 76,284
Earnings per common share:
Basic (in dollars per share)	$ 5.01	$ 4.88	$ 4.95
Diluted (in dollars per share)	$ 5.01	$ 4.88	$ 4.95

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Sale Of Vision Bank Business

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Sale of Vision Bank Business

Sale of Vision Bank Business

On February 16, 2012, Park and its wholly-owned subsidiary, Vision completed their sale of substantially all of the performing loans, operating assets and liabilities associated with Vision to Centennial Bank (“Centennial”), an Arkansas state-chartered bank which is a wholly-owned subsidiary of Home BancShares, Inc. (“Home”), an Arkansas corporation, as contemplated by the previously announced Purchase and Assumption Agreement by and between Park, Vision, Home and Centennial, dated as of November 16, 2011, as amended by the First Amendment to Purchase and Assumption Agreement, dated as of January 25, 2012, and the Second Amendment to Purchase and Assumption Agreement, dated as of April 30, 2012 (collectively, the "Vision Purchase Agreement") for a purchase price of $27.9 million.

Subsequent to the transactions contemplated by the Vision Purchase Agreement, Vision was left with approximately $22 million of performing loans (including mortgage loans held for sale) and non-performing loans with a fair value of $88 million. Park recorded a pre-tax gain, net of expenses directly related to the sale, of approximately $22.2 million, resulting from the transactions contemplated by the Vision Purchase Agreement. The pre-tax gain, net of expense is summarized in the table below:

(In thousands)
Premium paid	$	27,913
One-time gains	298
Loss on sale of fixed assets	(2,434		)
Employment and severance agreements	(1,610		)
Other one-time charges, including estimates	(2,000		)
Pre-tax gain	$	22,167

Promptly following the closing of the transactions contemplated by the Vision Purchase Agreement, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became the non-bank Florida Corporation. The Florida Corporation merged with and into SEPH, a wholly-owned, non-bank subsidiary of Park, with SEPH being the surviving entity.

As part of the transaction between Vision and Centennial, Park agreed to allow Centennial to “put back” up to $7.5 million aggregate principal amount of loans, which were originally included within the loans sold in the transaction. The loan put option expired on August 16, 2012, 180 days after the closing of the transaction, which was February 16, 2012. Prior to August 16, 2012, Centennial notified Park of Centennial's intent to put back approximately $7.5 million aggregate principal amount of loans. During 2012, Centennial had put back forty-four loans, totaling approximately $7.5 million. These forty-four loans were recorded on the books at a fair value of $4.2 million. The difference of $3.3 million was written off against the loan put liability that had previously been established in the first half of 2012.

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Organization

12 Months Ended

Dec. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Park National Corporation is a financial holding company headquartered in Newark, Ohio. Through its national bank subsidiary, PNB, Park is engaged in a general commercial banking and trust business, primarily in Ohio. PNB operates through eleven banking divisions with the Park National Bank Division headquartered in Newark, Ohio, the Fairfield National Bank Division headquartered in Lancaster, Ohio, The Park National Bank of Southwest Ohio & Northern Kentucky Division headquartered in Cincinnati, Ohio, the First-Knox National Bank Division headquartered in Mount Vernon, Ohio, the Farmers Bank Division headquartered in Loudonville, Ohio, the Security National Bank Division headquartered in Springfield, Ohio, the Unity National Bank Division headquartered in Piqua, Ohio, the Richland Bank Division headquartered in Mansfield, Ohio, the Century National Bank Division headquartered in Zanesville, Ohio, the United Bank, N.A. Division headquartered in Bucyrus, Ohio and the Second National Bank Division headquartered in Greenville, Ohio. A wholly-owned subsidiary of Park, Guardian Financial Services Company ("GFSC"), is a consumer finance company located in Central Ohio.

Through February 16, 2012, Park operated a second banking subsidiary, Vision, which was engaged in a general commercial banking business, primarily in Baldwin County, Alabama and the panhandle of Florida. Vision operated through two banking divisions with the Vision Bank Florida Division headquartered in Panama City, Florida and the Vision Bank Alabama Division headquartered in Gulf Shores, Alabama. Promptly following the sale of the Vision business to Centennial, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation. The Florida Corporation merged with and into a wholly-owned, non-bank subsidiary of Park, SEPH, with SEPH being the surviving entity. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH also holds other real estate owned (“OREO”) that had previously been transferred to SEPH from Vision. SEPH's assets consist primarily of performing and nonperforming loans and OREO. This segment represents a run off portfolio of the legacy Vision assets.

All of the Ohio-based banking divisions provide the following principal services: the acceptance of deposits for demand, savings and time accounts; commercial, industrial, consumer and real estate lending, including installment loans, credit cards, home equity lines of credit, commercial leasing; trust services; cash management; safe deposit operations; electronic funds transfers and a variety of additional banking-related services. Vision, with its two banking divisions, through February 16, 2012, provided the services mentioned above, with the exception of commercial leasing. See Note 23 of these Notes to Consolidated Financial Statements for financial information on the Corporation’s operating segments.

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Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows:

December 31 (In thousands)	2013		2012
Deferred tax assets:
Allowance for loan losses	$	20,814	$	19,438
Accumulated other comprehensive loss – Pension Plan	3,015		14,611
Accumulated other comprehensive loss – Unrealized losses on securities	16,057		—
Intangible assets	673		697
Deferred compensation	3,611		3,750
OREO devaluations	5,287		4,855
Partnership adjustments	3,793		3,329
Other	3,705		2,973
Total deferred tax assets	$	56,955	$	49,653
Deferred tax liabilities:
Accumulated other comprehensive income – Unrealized gains on securities	—		5,178
Deferred investment income	10,199		10,199
Pension Plan	25,261		25,517
Mortgage servicing rights	3,154		2,717
Other	850		646
Total deferred tax liabilities	$	39,464	$	44,257
Net deferred tax assets	$	17,491	$	5,396

Park performs an analysis to determine if a valuation allowance against deferred tax assets is required in accordance with GAAP. Prior to the sale of substantially all of its assets in February 2012, Vision was subject to income tax in Alabama and Florida. During 2011, Park recognized $6.1 million in state tax expense which was the charge necessary to write off the previously reported state operating loss carry-forward asset and other state deferred tax assets at Vision. Prior to the execution of the Vision Purchase Agreement with Centennial, management of Park had believed that a merger of Vision into PNB (the national bank subsidiary of Park) would enable Park to fully utilize the state net operating loss carry-forward asset recorded at Vision. The structure of the transactions contemplated by the Vision Purchase Agreement with Centennial did not allow either the buyer or the seller to benefit from the previously recorded net operating loss carry-forward asset at Vision to offset future taxable income; therefore, this asset was written off by Vision at December 31, 2011.

Management has determined that it is not required to establish a valuation allowance against remaining deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods.

The components of the provision for federal and state income taxes are shown below:

December 31, (In thousands)	2013			2012		2011
Currently payable
Federal	$	27,587		$	12,984	$	5,949
State	—			—		—
Deferred
Federal	(2,456		)	12,717		22,378
State	—			—		8,382
Valuation allowance
Federal	—			—		—
State	—			—		(2,294		)
Total	$	25,131		$	25,701	$	34,415

The following is a reconciliation of income tax expense to the amount computed at the statutory rate of 35% for the years ended December 31, 2013, 2012 and 2011.

December 31	2013		2012		2011
Statutory federal corporate tax rate	35.0	%	35.0	%	35.0	%
Changes in rates resulting from:
Tax exempt interest income, net of disallowed interest	(0.8	)%	(0.9	)%	(1.0	)%
Bank owned life insurance	(1.7	)%	(1.6	)%	(1.5	)%
Tax credits (low income housing)	(6.6	)%	(6.1	)%	(5.2	)%
State income tax expense, net of federal benefit	—	%	—	%	4.7	%
Valuation allowance, net of federal benefit	—	%	—	%	(1.3	)%
Other	(1.3	)%	(1.8	)%	(1.2	)%
Effective tax rate	24.6	%	24.6	%	29.5	%

Park and its Ohio-based subsidiaries do not pay state income tax to the state of Ohio, but pay a franchise tax based on their year-end equity. The franchise tax expense is included in the state tax expense and is shown in “state taxes” on Park’s Consolidated Statements of Income. Vision did not record state income tax expense (benefit) in 2012.

Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.

(In thousands)	2013			2012			2011
January 1 Balance	$	517		$	485		$	477
Additions based on tax positions related to the current year	74			74			70
Additions for tax positions of prior years	4			25			1
Reductions for tax positions of prior years	—			—			(3		)
Reductions due to statute of limitations	(77		)	(67		)	(60		)
December 31 Balance	$	518		$	517		$	485

The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in the future periods at December 31, 2013, 2012 and 2011 was $403,000, $404,000 and $378,000, respectively. Park does not expect the total amount of unrecognized tax benefits to significantly increase or decrease during the next year.

The (income)/expense related to interest and penalties recorded in the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 was $(500), $4,500 and $2,500, respectively. The amount accrued for interest and penalties at December 31, 2013, 2012 and 2011 was $67,000, $67,500 and $63,000, respectively.

Park and its subsidiaries are subject to U.S. federal income tax. Some of Park’s subsidiaries are subject to state income tax in the following states: Alabama, Florida, California and Kentucky. Park is no longer subject to examination by federal or state taxing authorities for the tax year 2009 and the years prior.

The 2007 and 2008 federal income tax returns of Park were recently under examination by the Internal Revenue Service. Additionally, the 2009 state of Ohio franchise tax return was recently under examination. The IRS examination closed in the first quarter of 2012 with no adjustments. The Ohio examination closed in 2011 with no material adjustments.

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Long-Term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

Long-term debt is listed below:

December 31,	2013					2012
(In thousands)	Outstanding Balance			Average Rate		Outstanding Balance			Average Rate
Total Federal Home Loan Bank advances by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	51,000			3.37	%	51,000			3.37	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	530,307		2.39	%	506,259			2.42	%
Total broker repurchase agreements by year of maturity:
2017	300,000			1.75	%	300,000			1.75	%
Total	$	300,000		1.75	%	$	300,000		1.75	%
Total combined long-term debt by year of maturity:
2013	—			—	%	50,500			1.07	%
2014	100,500			1.51	%	100,500			1.51	%
2015	51,000			2.00	%	51,000			2.00	%
2016	26,000			0.92	%	1,000			2.05	%
2017	351,000			1.99	%	351,000			1.99	%
2018	125,062			2.11	%	100,088			2.34	%
Thereafter	176,745			3.13	%	152,171			3.34	%
Total	$	830,307		2.16	%	$	806,259		2.17	%
Prepayment penalty	(19,766		)	—		(24,601		)	—
Total long-term debt	$	810,541		2.82	%	$	781,658		2.87	%

On November 30, 2012, Park restructured $300 million in repurchase agreements at a rate of 1.75%. As part of this restructuring, Park paid a prepayment penalty of $25 million. The penalty is being amortized as an adjustment to interest expense over the remaining term of the repurchase agreements using the effective interest method, resulting in an effective interest rate of 3.40%. Of the $25 million prepayment penalty, $19.8 million remained to be amortized as of December 31, 2013. The remaining amortization will be $4.9 million in 2014, $5.0 million in 2015, $5.1 million in 2016 and $4.8 million in 2017.

Park had approximately $176.7 million of long-term debt at December 31, 2013 with a contractual maturity longer than five years. However, approximately $150 million of this debt is callable by the issuer in 2014.

At December 31, 2013 and 2012, FHLB advances were collateralized by investment securities owned by PNB’s banking divisions and by various loans pledged under a blanket agreement by the PNB's divisions.

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that were pledged. See Note 9 of these Notes to Consolidated Financial Statements for the amount of commercial real estate and residential mortgage loans that were pledged to the FHLB at December 31, 2013 and December 31, 2012.

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Deposits - Time Deposits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Time Deposits, Fiscal Year Maturity [Abstract]
2013	$ 883,231
2014	215,866
2015	104,274
2016	80,856
2017	39,485
After 5 years	947
Total	$ 1,324,659

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Allowance for Loan Losses

12 Months Ended

Dec. 31, 2013

Allowance For Loan Losses [Abstract]

Allowance for Loan Losses

Allowance for Loan Losses

The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 of these Notes to Consolidated Financial Statements.

Management extended the historical loss calculation period from 48 months to 54 months during the third quarter of 2013, incorporating net charge-offs plus changes in specific reserves through June 30, 2013 and to 60 months during the fourth quarter of 2013, incorporating net charge-offs plus changes in specific reserves through December 31, 2013. As part of the update in the third quarter of 2013, management determined that it was appropriate to more heavily weight those years with higher losses in the historical loss calculation. Given the continued uncertainty in the current economic environment, management did not feel that it was appropriate to continue to apply equal percentages to each of the years in the historical loss calculation. Management considers the uncertainty in the current economic environment to be more similar to the economic conditions in 2009 through 2011 period than the 2012 though 2013 period. Specifically, rather than applying equal percentages to each year in the historical loss calculation, management applied more weight to the 2009 through 2011 period compared to the 2012 through 2013 period. The impact of the change in the third quarter resulted in general reserves as a percentage of performing loans of 1.09% at September 30, 2013, which was consistent with the 1.09% at June 30, 2013.

The activity in the allowance for loan losses for the years ended December 31, 2013, December 31, 2012, and December 31, 2011 is summarized in the following tables.

	Year ended December 31, 2013
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Charge-offs	6,160			1,832			1,791			3,207			6,163			—			19,153
Recoveries	(1,314		)	(726		)	(9,378		)	(6,000		)	(2,249		)	(2		)	(19,669		)
Net Charge-offs (recoveries)	4,846			1,106			(7,587		)	(2,793		)	3,914			(2		)	(516		)
Provision (Recovery)	3,429			5,269			(7,573		)	(3,301		)	5,593			(2		)	3,415
Ending balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		—			$	59,468

	Year ended December 31, 2012
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases		Total
Allowance for credit losses:
Beginning balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		$	—	$	68,444
Charge-offs	26,847			10,454			9,985			8,607			5,375			—		61,268
Recoveries	(1,066		)	(783		)	(2,979		)	(5,559		)	(2,555		)	—		(12,942		)
Net Charge-offs	25,781			9,671			7,006			3,048			2,820			—		48,326
Provision (Recovery)	24,466			5,868			(586		)	2,115			3,556			—		35,419
Ending balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		—		$	55,537

	Year ended December 31, 2011
(In thousands)	Commercial, financial and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for credit losses:
Beginning balance	$	11,555		$	24,369		$	70,462		$	30,259		$	6,925		$	5		$	143,575
Transfer of loans at fair value	2			150			63			4			—			—			219
Transfer of allowance to held for sale (1)	1,184			4,327			1,998			5,450			141			—			13,100
Charge-offs	18,350			23,063			64,166			20,691			7,612			—			133,882
Recoveries	(1,402		)	(1,825		)	(1,463		)	(1,719		)	(2,385		)	(4		)	(8,798		)
Net Charge-offs (recoveries)	16,948			21,238			62,703			18,972			5,227			(4		)	125,084
Provision (Recovery)	23,529			16,885			8,735			9,859			4,273			(9		)	63,272
Ending balance	$	16,950		$	15,539		$	14,433		$	15,692		$	5,830		—			$	68,444

(1) Transfer of allowance to held for sale was allocated on a pro-rata basis based on the outstanding balance of the loans held for sale.

Loans collectively evaluated for impairment in the following tables include all performing loans at December 31, 2013 and 2012, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at December 31, 2013 and 2012, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 of these Notes to Consolidated Financial Statements).

The composition of the allowance for loan losses at December 31, 2013 and 2012 was as follows: 

	December 31, 2013
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,268		$	5,496		$	1,132		$	555		$	—		$	—		$	10,451
Collectively evaluated for impairment	10,950			10,403			5,723			13,696			8,245			—			49,017
Total ending allowance balance	$	14,218		$	15,899		$	6,855		$	14,251		$	8,245		$	—		$	59,468
Loan Balance:
Loans individually evaluated for impairment	$	20,724		$	41,816		$	15,559		$	33,406		$	799		$	—		$	112,304
Loans collectively evaluated for impairment	804,708			1,070,457			140,557			1,766,141			722,934			3,404			4,508,201
Total ending loan balance	$	825,432		$	1,112,273		$	156,116		$	1,799,547		$	723,733		$	3,404		$	4,620,505
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	15.77		%	13.14		%	7.28		%	1.66		%	—		%	—		%	9.31		%
Loans collectively evaluated for impairment	1.36		%	0.97		%	4.07		%	0.78		%	1.14		%	—		%	1.09		%
Total ending loan balance	1.72		%	1.43		%	4.39		%	0.79		%	1.14		%	—		%	1.29		%
Recorded Investment:
Loans individually evaluated for impairment	$	20,727		$	41,822		$	15,559		$	33,408		$	799		$	—		$	112,315
Loans collectively evaluated for impairment	807,784			1,074,216			140,944			1,769,604			725,709			3,427			4,521,684
Total ending loan balance	$	828,511		$	1,116,038		$	156,503		$	1,803,012		$	726,508		$	3,427		$	4,633,999

	December 31, 2012
(In thousands)	Commercial, financial, and agricultural			Commercial real estate			Construction real estate			Residential real estate			Consumer			Leases			Total
Allowance for loan losses:
Ending allowance balance attributed to loans
Individually evaluated for impairment	$	3,180		$	1,540		$	2,277		$	1,279		$	—		$	—		$	8,276
Collectively evaluated for impairment	12,455			10,196			4,564			13,480			6,566			—			47,261
Total ending allowance balance	$	15,635		$	11,736		$	6,841		$	14,759		$	6,566		$	—		$	55,537
Loan Balance:
Loans individually evaluated for impairment	$	22,523		$	44,267		$	34,814		$	35,616		$	18		$	—		$	137,238
Loans collectively evaluated for impairment	801,404			1,047,897			130,714			1,678,029			651,912			3,128			4,313,084
Total ending loan balance	$	823,927		$	1,092,164		$	165,528		$	1,713,645		$	651,930		$	3,128		$	4,450,322
Allowance for loan losses as a percentage of loan balance:
Loans individually evaluated for impairment	14.12		%	3.48		%	6.54		%	3.59		%	—		%	—		%	6.03		%
Loans collectively evaluated for impairment	1.55		%	0.97		%	3.49		%	0.80		%	1.01		%	—		%	1.10		%
Total ending loan balance	1.90		%	1.07		%	4.13		%	0.86		%	1.01		%	—		%	1.25		%
Recorded Investment:
Loans individually evaluated for impairment	$	22,587		$	44,278		$	34,834		$	35,622		$	18		$	—		$	137,339
Loans collectively evaluated for impairment	804,316			1,051,725			131,176			1,681,449			654,747			3,157			4,326,570
Total ending loan balance	$	826,903		$	1,096,003		$	166,010		$	1,717,071		$	654,765		$	3,157		$	4,463,909

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Sale Of Vision Bank Business - Narrative (Details) (USD $)	12 Months Ended				12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 16, 2012	Dec. 31, 2013 Vision Bank Obligation to repurchase receivables sold Number_of_loans	Feb. 16, 2012 Vision Bank Obligation to repurchase receivables sold	Feb. 19, 2012 Non Performing Retained By Sellc [Member]	Feb. 19, 2012 Performing Retained By Sellc [Member]
Purchase price				$ 27,900,000
Loans left with Vision subsequent to transactions							88,000,000	22,000,000
Gain on sale of the Vision business	0	22,167,000	0
Maximum amount allowed to put back						7,500,000
Put expiration period					180 days
Number of loans included in payments					44
Purchase price of loans					7,500,000
Amount of loans put back during the period					4,200,000
Amount of other expenses recognized due to provision for put backs					$ 3,300,000

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Derivative Instruments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 31, 2008
Derivative Instrument Detail [Abstract]
Floating-rate subordinated note	$ 0	$ 0		$ 25,000,000
Change in fair value of interest rate swap, tax expense (benefit)	0	550,000	512,000
Change in fair value of interest rate swap, tax expense (benefit)		296,000
Mortgage loan interest rate lock commitments outstanding	5,200,000	28,900,000
Fair value of the derivative instruments	61,000	372,000
Fair value of the swap liability	$ 135,000	$ 135,000

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Investment Securities

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Investments Securities

Investment Securities

The amortized cost and fair value of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment.

During 2013 and 2012, there were $17,000 and $54,000, respectively, in investment securities deemed to be other-than-temporarily impaired, which were related to an equity investment in a financial institution.

Investment securities at December 31, 2013 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	570,632	$	—	$	45,496	$	525,136
U.S. Government sponsored entities’ asset-backed securities	650,391		8,070		9,990		648,471
Other equity securities	1,120		1,539		—		2,659
Total	$	1,222,143	$	9,609	$	55,486	$	1,176,266
2013:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	240	$	1	$	—	$	241
U.S. Government sponsored entities’ asset-backed securities	181,821		5,382		42		187,161
Total	$	182,061	$	5,383	$	42	$	187,402

Park’s U.S. Government sponsored entities' asset-backed securities consisted of 15-year mortgage-backed securities and collateralized mortgage obligations (CMOs). At December 31, 2013, the amortized cost of Park’s available-for-sale and held-to-maturity mortgage-backed securities was $340.4 million and $0.1 million, respectively. At December 31, 2013, the amortized cost of Park's available-for-sale and held-to-maturity CMOs was $310.0 million and $181.7 million, respectively.

Other investment securities (as shown on the Consolidated Balance Sheets) consist of stock investments in the FHLB and the FRB. These restricted stock investments are carried at their redemption value. Park owned $59.0 million of FHLB stock and $6.9 million of FRB stock at both December 31, 2013 and December 31, 2012.

Management does not believe any individual unrealized loss as of December 31, 2013 or December 31, 2012 represented an other-than-temporary impairment. The unrealized losses on debt securities are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these securities and they approach maturity. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified.

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2013:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	377,626	$	29,256	$	147,510	$	16,240	$	525,136	$	45,496
U.S. Government sponsored entities' asset-backed securities	404,035		8,917		21,572		1,073		425,607		9,990
Total	$	781,661	$	38,173	$	169,082	$	17,313	$	950,743	$	55,486
2013:
Securities Held-to-Maturity
U.S. Government sponsored entities’ asset-backed securities	$	5,781	$	42	$	—	$	—	$	5,781	$	42

Investment securities at December 31, 2012 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	695,655	$	1,352	$	1,280	$	695,727
Obligations of states and political subdivisions	984		19		—		1,003
U.S. Government sponsored entities’ asset-backed securities	401,882		14,067		447		415,502
Other equity securities	1,137		1,085		—		2,222
Total	$	1,099,658	$	16,523	$	1,727	$	1,114,454
2012:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	570	$	2	$	—	$	572
U.S. Government sponsored entities’ asset-backed securities	400,820		9,351		38		410,133
Total	$	401,390	$	9,353	$	38	$	410,705

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2012:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	177,470		1,280		—		—		177,470		1,280
U.S. Government sponsored entities' asset-backed securities	123,631		447		—		—		123,631		447
Total	301,101		1,727		—		—		301,101		1,727
2012:
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	10,120	$	38	$	—	$	—	$	10,120	$	38

The amortized cost and estimated fair value of investments in debt securities at December 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.

(In thousands)	Amortized Cost		Estimated Fair Value		Weighted Average Yield
Securities Available-for-Sale
U.S. Treasury and other U.S. Government sponsored entities’ notes:
Due one through five years	50,000		46,800		2.00	%
Due five through ten years	396,882		367,580		2.43	%
Due in over ten years	123,750		110,756		1.74	%
Total	$	570,632	$	525,136	2.24	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	650,391	$	648,471	2.47	%
Securities Held-to-Maturity
Obligations of states and political subdivisions:
Due within one year	$	240	$	241	4.46	%
Total	$	240	$	241	4.46	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	181,821	$	187,161	3.69	%

Approximately $525.1 million of Park’s securities shown in the above table as U.S. Treasury and other U.S. Government sponsored entities' notes are callable notes. These callable securities have a final maturity of 9 to 14 years. Of the $525.1 million reported at December 31, 2013, $46.8 million were expected to be called and are shown in the table at their expected call date.

Investment securities having a book value of $1,321 million and $1,364 million at December 31, 2013 and 2012, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings.

At December 31, 2013, $639 million was pledged for government and trust department deposits, $648 million was pledged to secure repurchase agreements and $34 million was pledged as collateral for FHLB advance borrowings. At December 31, 2012, $655 million was pledged for government and trust department deposits, $667 million was pledged to secure repurchase agreements and $41 million was pledged as collateral for FHLB advance borrowings.

At December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity.

During 2013, Park sold $75 million of AFS investment securities, which were sold at book value for no gain. During 2012, Park had no sales of investment securities. Among the investment securities sold in 2011 were all investment securities (AFS and HTM) held by Vision, which were sold in preparation of the sale of the business to Centennial. There were no HTM securities sold by PNB in 2011. During 2011, Park sold $610 million of U.S. Government sponsored entities' mortgage-backed securities, realizing a pre-tax gain of $28.8 million ($18.7 million after-tax). No gross losses were realized in 2013, 2012 or 2011.

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Loans

12 Months Ended

Dec. 31, 2013

Loans and Leases Receivable Disclosure [Abstract]

Loans

Loans

The composition of the loan portfolio, by class of loan, as of December 31, 2013 and December 31, 2012 was as follows:

	12/31/2013						12/31/2012
(In thousands)	Loan Balance		Accrued Interest Receivable		Recorded Investment		Loan Balance		Accrued Interest Receivable		Recorded Investment
Commercial, financial and agricultural *	$	825,432	$	3,079	$	828,511	$	823,927	$	2,976	$	826,903
Commercial real estate *	1,112,273		3,765		1,116,038		1,092,164		3,839		1,096,003
Construction real estate:
SEPH commercial land and development *	5,846		2		5,848		15,105		37		15,142
Remaining commercial	110,842		263		111,105		115,473		331		115,804
Mortgage	31,882		96		31,978		26,373		81		26,454
Installment	7,546		26		7,572		8,577		33		8,610
Residential real estate:
Commercial	407,387		904		408,291		392,203		959		393,162
Mortgage	1,144,754		1,559		1,146,313		1,064,787		1,399		1,066,186
HELOC	213,565		870		214,435		212,905		892		213,797
Installment	33,841		132		33,973		43,750		176		43,926
Consumer	723,733		2,775		726,508		651,930		2,835		654,765
Leases	3,404		23		3,427		3,128		29		3,157
Total loans	$	4,620,505	$	13,494	$	4,633,999	$	4,450,322	$	13,587	$	4,463,909

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans were an immaterial amount of consumer loans that were not broken out by class.

Loans are shown net of deferred origination fees, costs and unearned income of $7.3 million at December 31, 2013 and $6.7 million at December 31, 2012, which represented a net deferred income position in both years.

Overdrawn deposit accounts of $3.3 million and $3.0 million have been reclassified to loans at December 31, 2013 and 2012, respectively.

Credit Quality

The following table presents the recorded investment in nonaccrual loans, accruing troubled debt restructurings, and loans past due 90 days or more and still accruing by class of loan as of December 31, 2013 and December 31, 2012:

	12/31/2013
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	20,633	$	107	$	80	$	20,820
Commercial real estate	39,588		2,234		2		41,824
Construction real estate:
SEPH commercial land and development	4,777		—		—		4,777
Remaining commercial	10,476		306		—		10,782
Mortgage	87		97		—		184
Installment	39		192		—		231
Residential real estate:
Commercial	32,495		913		—		33,408
Mortgage	20,564		11,708		549		32,821
HELOC	2,129		751		—		2,880
Installment	965		885		80		1,930
Consumer	3,463		1,616		1,016		6,095
Total loans	$	135,216	$	18,809	$	1,727	$	155,752

	12/31/2012
(In thousands)	Nonaccrual Loans		Accruing Troubled Debt Restructurings		Loans Past Due 90 Days or More and Accruing		Total Nonperforming Loans
Commercial, financial and agricultural	$	17,324	$	5,277	$	37	$	22,638
Commercial real estate	40,983		3,295		1,007		45,285
Construction real estate:
SEPH commercial land and development	13,939		—		—		13,939
Remaining commercial	14,977		6,597		—		21,574
Mortgage	158		100		—		258
Installment	149		175		—		324
Residential real estate:
Commercial	33,961		1,661		94		35,716
Mortgage	28,260		9,425		950		38,635
HELOC	1,689		736		—		2,425
Installment	1,670		780		54		2,504
Consumer	2,426		1,900		888		5,214
Total loans	$	155,536	$	29,946	$	3,030	$	188,512

The following table provides additional information regarding those nonaccrual and accruing troubled debt restructured loans that are individually evaluated for impairment and those collectively evaluated for impairment as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment		Nonaccrual and accruing troubled debt restructurings		Loans individually evaluated for impairment		Loans collectively evaluated for impairment
Commercial, financial and agricultural	$	20,740	$	20,727	$	13	$	22,601	$	22,587	$	14
Commercial real estate	41,822		41,822		—		44,278		44,278		—
Construction real estate:
SEPH commercial land and development	4,777		4,777		—		13,939		13,260		679
Remaining commercial	10,782		10,782		—		21,574		21,574		—
Mortgage	184		—		184		258		—		258
Installment	231		—		231		324		—		324
Residential real estate:
Commercial	33,408		33,408		—		35,622		35,622		—
Mortgage	32,272		—		32,272		37,685		—		37,685
HELOC	2,880		—		2,880		2,425		—		2,425
Installment	1,850		—		1,850		2,450		—		2,450
Consumer	5,079		799		4,280		4,326		18		4,308
Total loans	$	154,025	$	112,315	$	41,710	$	185,482	$	137,339	$	48,143

All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method.

The following table presents loans individually evaluated for impairment by class of loan as of December 31, 2013 and December 31, 2012.

	12/31/2013						12/31/2012
(In thousands)	Unpaid principal balance		Recorded investment		Allowance for loan losses allocated		Unpaid principal balance		Recorded investment		Allowance for loan losses allocated
With no related allowance recorded
Commercial, financial and agricultural	$	22,429	$	12,885	$	—	$	23,782	$	14,683	$	—
Commercial real estate	56,870		34,149		—		56,258		35,097		—
Construction real estate:
SEPH commercial land and development	23,722		4,777		—		57,346		13,260		—
Remaining commercial	8,429		6,872		—		29,328		14,093		—
Residential real estate:
Commercial	36,709		31,461		—		39,918		31,957		—
Consumer	799		799		—		18		18		—
With an allowance recorded
Commercial, financial and agricultural	12,616		7,842		3,268		12,268		7,904		3,180
Commercial real estate	7,966		7,673		5,496		11,412		9,181		1,540
Construction real estate:
Remaining commercial	3,909		3,910		1,132		8,071		7,481		2,277
Residential real estate:
Commercial	2,129		1,947		555		3,944		3,665		1,279
Consumer	—		—		—		—		—		—
Total	$	175,578	$	112,315	$	10,451	$	242,345	$	137,339	$	8,276

Management’s general practice is to proactively charge down loans individually evaluated for impairment rather than carry significant specific reserves within the allowance for loan losses. At December 31, 2013 and December 31, 2012, there were $58.1 million and $97.6 million, respectively, in partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $5.2 million and $7.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated.

The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at December 31, 2013 and 2012, of $10.5 million and $8.3 million, respectively. These loans had a recorded investment as of December 31, 2013 and 2012 of $21.4 million and $28.2 million, respectively.

The average balance of loans individually evaluated for impairment was $124.1 million, $164.2 million, and $214.0 million for 2013, 2012, and 2011, respectively.

Interest income on loans individually evaluated for impairment is recognized on a cash basis. The following tables present the average recorded investment and interest income recognized on loans individually evaluated for impairment for the years ended December 31, 2013, 2012, and 2011.

			Year ended December 31, 2013
(In thousands)	Recorded Investment as of December 31, 2013		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	20,727	$	20,523	$	412
Commercial real estate	41,822		41,426		1,151
Construction real estate:
SEPH commercial land and development	4,777		8,723		—
Remaining commercial	10,782		17,829		616
Residential real estate:
Commercial	33,408		34,972		461
Consumer	799		616		—
Total	$	112,315	$	124,089	$	2,640

			Year ended December 31, 2012
(In thousands)	Recorded Investment as of December 31, 2012		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	22,587	$	35,305	$	529
Commercial real estate	44,278		44,541		968
Construction real estate:
SEPH commercial land and development	13,260		17,277		—
Remaining commercial	21,574		27,774		818
Residential real estate:
Commercial	35,622		39,248		497
Consumer	18		19		1
Total	$	137,339	$	164,164	$	2,813

			Year ended December 31, 2011
(In thousands)	Recorded Investment as of December 31, 2011		Average recorded investment		Interest income recognized
Commercial, financial and agricultural	$	40,621	$	23,518	$	209
Commercial real estate	51,978		49,927		829
Construction real estate:
Vision commercial land and development	24,328		58,792		—
Remaining commercial	25,912		29,152		339
Residential real estate:
Commercial	44,276		52,640		214
Consumer	20		16		1
Total	$	187,135	$	214,045	$	1,592

The following tables present the aging of the recorded investment in past due loans as of December 31, 2013 and December 31, 2012 by class of loan.

	12/31/2013
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	1,233	$	13,275	$	14,508	$	814,003	$	828,511
Commercial real estate	2,168		18,274		20,442		1,095,596		1,116,038
Construction real estate:
SEPH commercial land and development	—		4,242		4,242		1,606		5,848
Remaining commercial	—		3,463		3,463		107,642		111,105
Mortgage	264		75		339		31,639		31,978
Installment	207		14		221		7,351		7,572
Residential real estate:
Commercial	900		5,659		6,559		401,732		408,291
Mortgage	13,633		11,829		25,462		1,120,851		1,146,313
HELOC	571		402		973		213,462		214,435
Installment	696		436		1,132		32,841		33,973
Consumer	12,143		3,941		16,084		710,424		726,508
Leases	—		—		—		3,427		3,427
Total loans	$	31,815	$	61,610	$	93,425	$	4,540,574	$	4,633,999

* Includes $1.7 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

	12/31/2012
(In thousands)	Accruing loans past due 30-89 days		Past due nonaccrual loans and loans past due 90 days or more and accruing *		Total past due		Total current		Total recorded investment
Commercial, financial and agricultural	$	6,251	$	11,811	$	18,062	$	808,841	$	826,903
Commercial real estate	2,212		26,355		28,567		1,067,436		1,096,003
Construction real estate:
SEPH commercial land and development	686		11,314		12,000		3,142		15,142
Remaining commercial	3,652		5,838		9,490		106,314		115,804
Mortgage	171		85		256		26,198		26,454
Installment	135		40		175		8,435		8,610
Residential real estate:
Commercial	1,163		5,917		7,080		386,082		393,162
Mortgage	11,948		17,370		29,318		1,036,868		1,066,186
HELOC	620		309		929		212,868		213,797
Installment	563		787		1,350		42,576		43,926
Consumer	12,924		2,688		15,612		639,153		654,765
Leases	—		—		—		3,157		3,157
Total loans	$	40,325	$	82,514	$	122,839	$	4,341,070	$	4,463,909

* Includes $3.0 million of loans past due 90 days or more and accruing. The remaining are past due, nonaccrual loans.

Credit Quality Indicators

Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information as of December 31, 2013 and December 31, 2012 is included in the tables above. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans from 1 to 8. Credit grades are continuously monitored by the respective loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans with grades of 1 to 4.5 (pass-rated) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Commercial loans that are graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Certain 6-rated loans and all 7-rated loans are included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged-off.

The tables below present the recorded investment by loan grade at December 31, 2013 and December 31, 2012 for all commercial loans:

	12/31/2013
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	6,055	$	532	$	20,740	$	801,184	$	828,511
Commercial real estate*	11,591		1,525		41,822		1,061,100		1,116,038
Construction real estate:
SEPH commercial land and development*	354		—		4,777		717		5,848
Remaining commercial	6,858		244		10,782		93,221		111,105
Residential real estate:
Commercial	5,033		397		33,408		369,453		408,291
Leases	—		—		—		3,427		3,427
Total Commercial Loans	$	29,891	$	2,698	$	111,529	$	2,329,102	$	2,473,220

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class.

	12/31/2012
(In thousands)	5 Rated		6 Rated		Impaired		Pass Rated		Recorded Investment
Commercial, financial and agricultural*	$	9,537	$	10,874	$	22,601	$	783,891	$	826,903
Commercial real estate*	25,616		3,960		44,278		1,022,149		1,096,003
Construction real estate:
SEPH commercial land and development*	411		—		13,939		792		15,142
Remaining commercial	6,734		—		21,574		87,496		115,804
Residential real estate:
Commercial	8,994		2,053		35,622		346,493		393,162
Leases	—		—		—		3,157		3,157
Total Commercial Loans	$	51,292	$	16,887	$	138,014	$	2,243,978	$	2,450,171

* Included within commercial, financial and agricultural loans, commercial real estate loans, and SEPH commercial land and development loans was an immaterial amount of consumer loans that were not broken out by class.

Troubled Debt Restructuring (TDRs)

Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. Certain loans which were modified during the periods ended December 31, 2013 and December 31, 2012 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms.

Management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification does not contain a concessionary interest rate or other concessionary terms, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed as the borrower had complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. During the year ended December 31, 2013, Park removed the TDR classification on $7.7 million of loans that met the requirements discussed above.

At December 31, 2013 and December 31, 2012, there were $76.3 million and $84.7 million, respectively, of TDRs included in nonaccrual loan totals. At December 31, 2013 and December 31, 2012, $50.6 million and $52.6 million of these nonaccrual TDRs were performing in accordance with the terms of the restructured note. As of December 31, 2013 and December 31, 2012, there were $18.8 million and $29.9 million, respectively, of TDRs included in accruing loan totals. Management will continue to review the restructured loans and may determine it appropriate to move certain nonaccrual TDRs to accrual status in the future. At December 31, 2013 and December 31, 2012, Park had commitments to lend $4.0 million and $5.0 million, respectively, of additional funds to borrowers whose loan terms had been modified in a TDR.

The specific reserve related to TDRs at December 31, 2013 and December 31, 2012 was $7.5 million and $5.6 million, respectively. Modifications made in 2012 and 2013 were largely the result of renewals, extending the maturity date of the loan, at terms consistent with the original note. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310.  Additional specific reserves of $1.1 million were recorded during the year ended December 31, 2013, as a result of TDRs identified in the 2013 year. Additional specific reserves of $2.3 million were recorded during the year ended December 31, 2012 as a result of TDRs identified in the 2012 year.

The terms of certain other loans were modified during the years ended December 31, 2013 and December 31, 2012 that did not meet the definition of a TDR. Modified/renewed substandard commercial loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $878,000 and $800,000, respectively. The renewal/modification of these loans: (1) involved a renewal/modification of the terms of a loan to a borrower who was no longer experiencing financial difficulties, (2) resulted in a delay in a payment that was considered to be insignificant, or (3) resulted in Park obtaining additional collateral or guarantees that improved the likelihood of the ultimate collection of the loan such that the modification was deemed to be at market terms.  Modified consumer loans which did not meet the definition of a TDR had a total recorded investment as of December 31, 2013 and December 31, 2012 of $24.2 million and $26.5 million, respectively. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds.

The following tables detail the number of contracts modified as TDRs during the years ended December 31, 2013 and December 31, 2012 as well as the recorded investment of these contracts at December 31, 2013 and December 31, 2012. The recorded investment pre- and post-modification is generally the same.

	Year ended December 31, 2013
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	34	$	7	$	1,334	$	1,341
Commercial real estate	22	—		8,563		8,563
Construction real estate:
SEPH commercial land and development	—	—		—		—
Remaining commercial	3	—		98		98
Mortgage	—	—		—		—
Installment	4	26		25		51
Residential real estate:
Commercial	15	—		2,552		2,552
Mortgage	62	1,967		2,278		4,245
HELOC	16	175		—		175
Installment	13	113		179		292
Consumer	327	805		345		1,150
Total loans	496	$	3,093	$	15,374	$	18,467

	Year ended December 31, 2012
(In thousands)	Number of Contracts	Accruing		Nonaccrual		Recorded Investment
Commercial, financial and agricultural	44	$	2,843	$	1,499	$	4,342
Commercial real estate	25	2,648		3,611		6,259
Construction real estate:
SEPH commercial land and development	12	—		1,301		1,301
Remaining commercial	15	531		6,579		7,110
Mortgage	2	99		85		184
Installment	6	175		78		253
Residential real estate:
Commercial	18	1,139		1,842		2,981
Mortgage	129	4,279		5,776		10,055
HELOC	46	736		58		794
Installment	57	761		508		1,269
Consumer	600	1,899		670		2,569
Total loans	954	$	15,110	$	22,007	$	37,117

Of those loans listed in the tables above which were modified during the year ended December 31, 2013, $5.5 million were on nonaccrual status as of December 31, 2012, but were not classified as TDRs. Of those loans which were modified during the year ended December 31, 2012, $6.5 million were on nonaccrual status as of December 31, 2011, but were not classified as TDRs.

The following table presents the recorded investment in financing receivables which were modified as TDRs within the previous 12 months and for which there was a payment default during the year ended December 31, 2013 and December 31, 2012. For this table, a loan is considered to be in default when it becomes 30 days contractually past due under modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial.

	Year ended December 31, 2013			Year ended December 31, 2012
(In thousands)	Number of Contracts	Recorded Investment		Number of Contracts		Recorded Investment
Commercial, financial and agricultural	11	$	771	8		$	244
Commercial real estate	11	2,839		10		2,113
Construction real estate:
SEPH commercial land and development	—	—		7		970
Remaining commercial	—	—		4		1,476
Mortgage	—	—		1		85
Installment	1	10		1		27
Residential real estate:
Commercial	4	1,683		1		16
Mortgage	26	1,533		39		2,863
HELOC	—	—		5		70
Installment	5	72		9		272
Consumer	74	471		123		743
Leases	—	—		—		—
Total loans	132	$	7,379	$	208	$	8,879

Of the $7.4 million in modified TDRs which defaulted during the year ended December 31, 2013, $397,000 were accruing loans and $7.0 million were nonaccrual loans. Of the $8.9 million in modified TDRs which defaulted during the year ended December 31, 2012, $606,000 were accruing loans and $8.3 million were nonaccrual loans.

Management transfers a loan to OREO at the time that Park takes deed/title of the asset. At December 31, 2013 and 2012, Park had $34.6 million and $35.7 million, respectively, of OREO.

Certain of the Corporation’s executive officers, directors and related entities of directors are loan customers of PNB. As of December 31, 2013 and 2012, credit exposure aggregating approximately $49.7 million and $39.4 million, respectively, was outstanding to such parties. Of this total exposure, approximately $37.7 million and $35.3 million were outstanding at December 31, 2013 and 2012, respectively, with the remaining balance representing available credit. During 2013, new loans and advances on existing loans were made to these executive officers, directors and related entities totaling $547,000 and $11.9 million, respectively. These extensions of credit were offset by payments of $10.0 million. During 2012, new loans and advances on existing loans were $1.7 million and $13.0 million, respectively. These extensions of credit were offset by payments of $17.2 million and the removal of $4.4 million in loans to Vision Bank's executive officers, directors and related entities.

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Premises And Equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

The major categories of premises and equipment and accumulated depreciation are summarized as follows:

December 31 (In thousands)	2013			2012
Land	$	17,657		$	17,354
Buildings	70,183			69,091
Equipment, furniture and fixtures	36,937			61,679
Leasehold improvements	3,903			4,009
Total	$	128,680		$	152,133
Less accumulated depreciation	(73,402		)	(98,382		)
Premises and equipment, net	$	55,278		$	53,751

Depreciation expense amounted to $7.3 million, $7.0 million and $7.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: 

(In thousands)
2014	1,351
2015	945
2016	628
2017	475
2018	744
Thereafter	605
Total	$	4,748

Rent expense for Park was $1.8 million, $1.9 million and $2.4 million, for the years ended December 31, 2013, 2012 and 2011, respectively.

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Investment Securities - Schedule of Investment Securities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Securities Available-for-Sale
Amortized Cost	$ 1,222,143	$ 1,099,658
Gross Unrealized/Unrecognized Holding Gains	9,609	16,523
Gross Unrealized/Unrecognized Holding Losses	55,486	1,727
Estimated Fair Value	1,176,266	1,114,454
Securities Held-to-Maturity
Amortized cost of held-to-maturity securities	182,061	401,390
Gross Unrealized/Unrecognized Holding Gains	5,383	9,353
Gross Unrealized/Unrecognized Holding Losses	42	38
Estimated Fair Value	187,402	410,705
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Securities Available-for-Sale
Amortized Cost	570,632	695,655
Gross Unrealized/Unrecognized Holding Gains		1,352
Gross Unrealized/Unrecognized Holding Losses	45,496	1,280
Estimated Fair Value	525,136	695,727
Obligations of States and Political Subdivisions
Securities Available-for-Sale
Amortized Cost		984
Gross Unrealized/Unrecognized Holding Gains		19
Gross Unrealized/Unrecognized Holding Losses
Estimated Fair Value		1,003
Securities Held-to-Maturity
Amortized cost of held-to-maturity securities	240	570
Gross Unrealized/Unrecognized Holding Gains	1	2
Gross Unrealized/Unrecognized Holding Losses
Estimated Fair Value	241	572
U.S. Government sponsored entity asset-backed securities
Securities Available-for-Sale
Amortized Cost	650,391	401,882
Gross Unrealized/Unrecognized Holding Gains	8,070	14,067
Gross Unrealized/Unrecognized Holding Losses	9,990	447
Estimated Fair Value	648,471	415,502
Securities Held-to-Maturity
Amortized cost of held-to-maturity securities	181,821	400,820
Gross Unrealized/Unrecognized Holding Gains	5,382	9,351
Gross Unrealized/Unrecognized Holding Losses	42	38
Estimated Fair Value	187,161	410,133
Equity securities
Securities Available-for-Sale
Amortized Cost	1,120	1,137
Gross Unrealized/Unrecognized Holding Gains	1,539	1,085
Gross Unrealized/Unrecognized Holding Losses
Estimated Fair Value	$ 2,659	$ 2,222

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Capital Ratios - Various Measures of Capital for Park and Each of PNB and VB (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	8.00%
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio	10.00%
Tier 1 Risk-Based Capital (to risk-weighted assets)
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio	6.00%
Leverage Ratio (to average total assets)
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Ratio	5.00%
Park National Bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Risk-Based Capital (to risk-weighted assets), Actual Amount	$ 545,144	$ 502,680
Total Risk-Based Capital (to risk-weighted assets), Ratio	11.78%	11.17%
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount	370,198	359,971
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	8.00%	8.00%
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Amount	462,747	449,964
Total Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio	10.00%	10.00%
Tier 1 Risk-Based Capital (to risk-weighted assets)
Tier 1 Risk-Based Capital (to risk-weighted assets), Actual Amount	463,015	417,690
Tier 1 Risk-Based Capital (to risk-weighted assets), Ratio	10.01%	9.28%
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount	185,099	179,986
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%	4.00%
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Amount	277,648	269,978
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Well Capitalized, Ratio	6.00%	6.00%
Leverage Ratio (to average total assets)
Leverage Ratio (to risk-weighted assets), Actual Amount	463,015	417,690
Leverage Ratio (to risk-weighted assets), Ratio	7.10%	6.43%
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Amount	261,025	259,769
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%	4.00%
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Amount	326,281	324,711
Leverage Ratio (to risk-weighted assets), To Be Well Capitalized, Ratio	5.00%	5.00%
Park
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Risk-Based Capital (to risk-weighted assets), Actual Amount	754,605	732,413
Total Risk-Based Capital (to risk-weighted assets), Ratio	15.91%	15.77%
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount	379,446	371,477
Total Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	8.00%	8.00%
Tier 1 Risk-Based Capital (to risk-weighted assets)
Tier 1 Risk-Based Capital (to risk-weighted assets), Actual Amount	629,410	609,411
Tier 1 Risk-Based Capital (to risk-weighted assets), Ratio	13.27%	13.12%
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Amount	189,723	185,739
Tier 1 Risk-Based Capital (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%	4.00%
Leverage Ratio (to average total assets)
Leverage Ratio (to risk-weighted assets), Actual Amount	629,410	609,411
Leverage Ratio (to risk-weighted assets), Ratio	9.48%	9.17%
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Amount	$ 265,633	$ 265,719
Leverage Ratio (to risk-weighted assets), To Be Adequately Capitalized, Ratio	4.00%	4.00%

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Deposits - Maturities of Time Deposits (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Contractual Maturities, Time Deposits, $100,000 or More [Abstract]
3 months or less	$ 186,194
Over 3 months through 6 months	114,979
Over 6 months through 12 months	146,315
Over 12 months	153,966
Total	$ 601,454

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Investment Securities - Amortized Cost and Estimated Fair Value of Investments in Debt Securities by Contractual Maturity (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract]
Estimated Fair Value	$ 1,176,266	$ 1,114,454
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	123,750
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	110,756
Available for Sale Securities Debt Maturities After Ten Years Weighted Avg Yield	1.70%
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract]
Total	182,061	401,390
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract]
Total	187,402	410,705
Obligations of U.S. Treasury and other U.S. Government sponsored entities
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract]
Due one through five years	50,000
Due five through ten years	396,882
Total	570,632
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract]
Due one through five years	46,800
Due five through ten years	367,580
Estimated Fair Value	525,136	695,727
Available for Sale Securities Weighted Avg Yield	2.20%
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Avg Yield	2.40%
Available for Sale Securities Debt Maturities After One Through Five Years Weighted Avg Yield	2.00%
Obligations of States and Political Subdivisions
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract]
Estimated Fair Value		1,003
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract]
Due within one year	240
Total	240	570
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract]
Due within one year	241
Total	241	572
Held to Maturity Securities weighted avg yield	4.50%
Held to Maturity Securities Debt Maturities Within One Year Weighted Avg Yield	4.50%
U.S. Government sponsored entity asset-backed securities
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract]
Total	650,391
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract]
Estimated Fair Value	648,471	415,502
Available for Sale Securities Weighted Avg Yield	2.50%
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract]
Total	181,821	400,820
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract]
Total	$ 187,161	$ 410,133
Held to Maturity Securities weighted avg yield	3.70%

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Income Taxes - Components of the Provision for Federal and State Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Currently payable
Federal	$ 27,587	$ 12,984	$ 5,949
State	0	0	0
Deferred
Federal	(2,456)	12,717	22,378
State	0	0	8,382
Valuation allowance
Federal	0	0	0
State	0	0	(2,294)
Total	$ 25,131	$ 25,701	$ 34,415

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Investment Securities - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Other than temporary impairment on investment securities	$ 17,000	$ 54,000	$ 0
Amortized cost of securities available-for-sale	1,222,143,000	1,099,658,000
Amortized cost of held-to-maturity securities	182,061,000	401,390,000
Federal home loan bank stock	59,000,000	59,031,000
Federal reserve bank stock	6,900,000	6,876,000
Federal Home Loan Bank (FHLB) advance borrowings	1,321,000,000	1,364,000,000
Money pledged for government and trust department deposits	639,000,000	655,000,000
Money pledged to secure repurchase agreements	648,000,000	667,000,000
Money pledged as collateral for FHLB advance borrowings	34,000,000	41,000,000
Percentage of amount greater than shareholder's equity	10.00%
Proceeds from sale of investment securities	75,000,000	0
U.S. Treasury and sponsored entities callable notes
Schedule of Investments [Line Items]
Available-for-sale securities	525,100,000
Available for Sale expected to be called	46,800,000
U.S. Government sponsored entity asset-backed securities
Schedule of Investments [Line Items]
Asset-backed securities mortgage portfolio, maturity term	15 years
Amortized cost of securities available-for-sale	650,391,000	401,882,000
Amortized cost of held-to-maturity securities	181,821,000	400,820,000
Residential mortgage-backed securities
Schedule of Investments [Line Items]
Amortized cost of securities available-for-sale	340,400,000
Amortized cost of held-to-maturity securities	100,000
Collateralized mortgage-backed securities
Schedule of Investments [Line Items]
Amortized cost of securities available-for-sale	310,000,000
Amortized cost of held-to-maturity securities	181,700,000
U.S. Government sponsored entity mortgage-backed securities
Schedule of Investments [Line Items]
Proceeds from sale of investment securities			610,000,000
Available-for-sale securities, pre-tax gain			28,800,000
Available-for-sale securities, after tax gain			$ 18,700,000
Minimum | U.S. Treasury and sponsored entities callable notes
Schedule of Investments [Line Items]
Callable securities, maturity term	9 years
Maximum | U.S. Treasury and sponsored entities callable notes
Schedule of Investments [Line Items]
Callable securities, maturity term	14 years

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Benefit Plans - Narrative (Details) (USD $)	1 Months Ended		12 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Nov. 17, 2009
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 12,600,000	$ 16,000,000	$ 12,638,000	$ 15,900,000
Company contribution deductible on the 2011 tax return		14,300,000
Company contributions deductible on the 2012 tax return	11,000,000	1,600,000
Company Contribution Deductible On Two Thousand Thirteen Tax Return	1,600,000
Accumulated benefit obligation for the pension plan			75,900,000	85,100,000
Common share purchased under pension plan, shares						115,800
Common share purchased under pension plan, value						7,000,000
Common share purchased under pension plan, value per share						$ 60.45
Fair value, pension plan common shares held, shares			115,800,000	115,800,000
Fair value of common shares held by pension plan			9,900,000	7,500,000
Fair value of common shares held by pension plan, per share			$ 85.07	$ 64.63
Estimated prior service costs expected to be recognized in net periodic benefit cost during next fiscal year			(20,000)	(20,000)	(19,000)
Estimated net actuarial (loss) expected to be recognized in the next fiscal year			2,703,000	1,708,000	1,411,000
Expected long-term return on plan assets			7.50%	7.75%	7.75%
Cash balance in bank			2,300,000
Market value of pension plan assets			152,700,000	117,800,000
Defined Contribution Plan, Cost Recognized			1,100,000	1,000,000	1,100,000
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Estimated prior service costs expected to be recognized in net periodic benefit cost during next fiscal year			20,000
S&P 500 Index
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets			7.30%	7.50%
Supplemental Executive Retirement Plan (SERP)
Defined Benefit Plan Disclosure [Line Items]
Benefit expense			200,000	300,000	600,000
Accrued benefit cost			6,800,000	7,400,000
Level 1
Defined Benefit Plan Disclosure [Line Items]
Equity investments			128,700,000	98,800,000
Level 2
Defined Benefit Plan Disclosure [Line Items]
Equity investments			24,000,000	18,900,000
Level 3
Defined Benefit Plan Disclosure [Line Items]
Equity investments			$ 0	$ 0

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Participation In The U.S. Treasury Capital Purchase Program

12 Months Ended

Dec. 31, 2013

Participation In The U.S. Treasury Capital Purchase Program [Abstract]

Participation In U S Treasury Capital Purchase Program

Participation in the U.S. Treasury Capital Purchase Program (CPP)

On December 23, 2008, Park issued $100 million of Fixed-Rate Cumulative Perpetual Preferred Shares, Series A, with a liquidation preference of $1,000 per share (the “Series A Preferred Shares”), associated with Park's participation in the CPP. As part of its participation in the CPP, Park also issued a warrant to the U.S. Treasury to purchase 227,376 common shares (the “Warrant”).

On April 25, 2012, Park entered into a Letter Agreement with the U.S. Treasury pursuant to which Park repurchased the 100,000 Series A Preferred Shares for a purchase price of $100 million plus a pro rata accrued and unpaid dividend. Total consideration of $101.0 million included accrued and unpaid dividends of $1.0 million. In addition to the accrued and unpaid dividends of $1.0 million, the charge to retained earnings, resulting from the repurchase of the Series A Preferred Shares, was $1.6 million on April 25, 2012.

On May 2, 2012, Park entered into a Letter Agreement pursuant to which Park repurchased from the U.S. Treasury the Warrant to purchase 227,376 Park common shares in full for consideration of $2.8 million, or $12.50 per Park common share.

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Fair Values (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured on a recurring basis

The following table presents assets and liabilities measured at fair value on a recurring basis:

Fair Value Measurements at December 31, 2013 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	525,136	$	—	$	525,136
Obligations of states and political subdivisions	—		—		—		—
U.S. Government sponsored entities’ asset-backed securities	—		648,471		—		648,471
Equity securities	1,900		—		759		2,659
Mortgage loans held for sale	—		1,666		—		1,666
Mortgage IRLCs	—		61		—		61
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

Fair Value Measurements at December 31, 2012 using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Assets
Investment securities:
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	—	$	695,727	$	—	$	695,727
Obligations of states and political subdivisions	—		1,003		—		1,003
U.S. Government sponsored entities’ asset-backed securities	—		415,502		—		415,502
Equity securities	1,442		—		780		2,222
Mortgage loans held for sale	—		25,743		—		25,743
Mortgage IRLCs	—		372		—		372
Liabilities
Fair value swap	$	—	$	—	$	135	$	135

Schedule of reconciliation of level 3 input for financial instruments measured on recurring basis

The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3:

Level 3 Fair Value Measurements
(In thousands)	Equity Securities			Fair Value Swap
Balance at January 1, 2013	$	780		$	(135	)
Total Gains/(Losses)
Included in earnings - realized	(17		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	(4		)	—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			—
Balance at December 31, 2013	$	759		$	(135	)
Balance at January 1, 2012	$	763		$	(700	)
Total Gains/(Losses)
Included in earnings - realized	(54		)	—
Included in earnings - unrealized	—			—
Included in other comprehensive income	71			—
Purchases, sales, issuances and settlements, other, net	—			—
Re-evaluation of fair value swap	—			565
Balance at December 31, 2012	$	780		$	(135	)

Schedule of assets and liabilities measured at fair value on a nonrecurring basis

The following table presents assets and liabilities measured at fair value on a nonrecurring basis:

Fair Value Measurements at December 31, 2013 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2013
Impaired Loans:
Commercial real estate	$	—	$	—	$	21,100	$	21,100
Construction real estate:
SEPH commercial land and development	—		—		4,777		4,777
Remaining commercial	—		—		3,788		3,788
Residential real estate	—		—		4,154		4,154
Total impaired loans	$	—	$	—	$	33,819	$	33,819
Mortgage Servicing Rights	—		2,259		—		2,259
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	11,041	$	11,041
Residential real estate	—		—		3,366		3,366
Commercial real estate	—		—		4,119		4,119
Total Other Real Estate Owned	$	—	$	—	$	18,526	$	18,526

Fair Value Measurements at December 31, 2012 Using:
(In thousands)	Level 1		Level 2		Level 3		Balance at December 31, 2012
Impaired Loans:
Commercial real estate	$	—	$	—	$	25,997	$	25,997
Construction real estate:
SEPH commercial land and development	—		—		12,832		12,832
Remaining commercial	—		—		8,113		8,113
Residential real estate	—		—		6,990		6,990
Total impaired loans	$	—	$	—	$	53,932	$	53,932
Mortgage Servicing Rights	—		6,642		—		6,642
Other Real Estate Owned:
Construction real estate	$	—	$	—	$	12,134	$	12,134
Residential real estate	—		—		4,307		4,307
Commercial real estate	—		—		3,485		3,485
Total Other Real Estate Owned	$	—	$	—	$	19,926	$	19,926

Schedule of qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis

The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2013 and December 31, 2012:

December 31, 2013
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	21,100	Sales comparison approach	Adj to comparables	0.0% - 109.0% (22.8%)
			Income approach	Capitalization rate	8.0% - 12.5% (9.1%)
			Cost approach	Accumulated depreciation	11.7% - 65.0% (37.1%)
Construction real estate:
SEPH commercial land and development	$	4,777	Sales comparison approach	Adj to comparables	0.0% - 96.0% (13.9%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (14.9%)
Remaining commercial	$	3,788	Sales comparison approach	Adj to comparables	0.0% - 40.0% (22.4%)
			Bulk sale approach	Discount rate	11.0% - 20.0% (18.0%)
Residential real estate	$	4,154	Sales comparison approach	Adj to comparables	0.0% - 121.8% (14.9%)
			Income approach	Capitalization rate	7.8% - 10.0% (8.4%)
Other real estate owned:
Commercial real estate	$	4,119	Sales comparison approach	Adj to comparables	0.0% - 140.0% (17.7%)
			Income approach	Capitalization rate	8.0% - 11.5% (9.6%)
			Cost approach	Accumulated depreciation	60.0% - 95.0% (80.0%)
Construction real estate	$	11,041	Sales comparison approach	Adj to comparables	0.0% - 484.0% (36.2%)
			Bulk sale approach	Discount rate	13.0% - 14.0% (13.6%)
Residential real estate	$	3,366	Sales comparison approach	Adj to comparables	0.0% - 273.0% (19.2%)
			Income approach	Capitalization rate	5.4% - 7.8% (7.4%)

December 31, 2012
(In thousands)	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted Average)
Impaired loans:
Commercial real estate	$	25,997	Sales comparison approach	Adj to comparables	0.0% - 116.0% (22.3%)
			Income approach	Capitalization rate	7.5% - 20.9% (10.1%)
			Cost approach	Accumulated depreciation	23.0% - 63.0% (50.4%)
Construction real estate:
SEPH commercial land and development	$	12,832	Sales comparison approach	Adj to comparables	0.0% - 218.0% (31.9%)
			Bulk sale approach	Discount rate	11.0% - 55.0% (23.4%)
Remaining commercial	$	8,113	Sales comparison approach	Adj to comparables	0.0% - 75.0% (26.2%)
			Bulk sale approach	Discount rate	10.0% - 55.0% (18.3%)
Residential real estate	$	6,990	Sales comparison approach	Adj to comparables	0.0% - 178.0% (17.9%)
Other real estate owned:
Commercial real estate	$	3,485	Sales comparison approach	Adj to comparables	0.0% - 67.0% (25.8%)
			Income approach	Capitalization rate	11.0% (11.0%)
			Bulk sale approach	Discount rate	13.0% (13.0%)
			Cost approach	Accumulated depreciation	40.9% - 90.0% (65.0%)
Construction real estate	$	12,134	Sales comparison approach	Adj to comparables	0.0% - 273.0% (34.0%)
			Income approach	Capitalization rate	8.5% (8.5%)
			Bulk sale approach	Discount rate	10.0% - 12.0% (10.8%)
Residential real estate	$	4,307	Sales comparison approach	Adj to comparables	1.0% - 61.0% (18.0%)
			Income approach	Capitalization rate	7.9% - 9.3% (8.7%)
			Cost approach	Accumulated depreciation	6.0% (6.0%)

Fair value, by balance sheet grouping

The fair value of financial instruments at December 31, 2013 and December 31, 2012, was as follows:

	December 31, 2013
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	147,030	$	147,030	$	—	$	—	$	147,030
Investment securities	1,358,327		1,900		1,361,009		759		1,363,668
Accrued interest receivable - securities	4,840		—		4,840		—		4,840
Accrued interest receivable - loans	13,495		—		—		13,495		13,495
Mortgage loans held for sale	1,666		—		1,666		—		1,666
Impaired loans carried at fair value	33,819		—		—		33,819		33,819
Mortgage IRLCs	61		—		61		—		61
Other loans	4,525,491		—		—		4,531,680		4,531,680
Loans receivable, net	$	4,561,037	$	—	$	1,727	$	4,565,499	$	4,567,226
Financial liabilities:
Non-interest bearing checking accounts	$	1,193,553	$	1,193,553	$	—	—		$	1,193,553
Interest bearing transaction accounts	1,145,525		1,145,525		—		—		1,145,525
Savings accounts	1,124,994		1,124,994		—		—		1,124,994
Time deposits	1,324,659		—		1,331,129		—		1,331,129
Other	1,263		1,263		—		—		1,263
Total deposits	$	4,789,994	$	3,465,335	$	1,331,129	$	—	$	4,796,464
Short-term borrowings	$	242,029	$	—	$	242,029	$	—	$	242,029
Long-term debt	810,541		—		860,963		—		860,963
Subordinated debentures/notes	80,250		—		83,140		—		83,140
Accrued interest payable – deposits	1,366		16		1,350		—		1,366
Accrued interest payable – debt/borrowings	1,535		4		1,531		—		1,535
Derivative financial instruments:
Fair value swap	135		—		—		135		135

	December 31, 2012
			Fair Value Measurements
(In thousands)	Carrying value		Level 1		Level 2		Level 3		Total fair value
Financial assets:
Cash and money market instruments	$	201,305	$	201,305	$	—	$	—	$	201,305
Investment securities	1,515,844		1,442		1,522,937		780		1,525,159
Accrued interest receivable - securities	6,122		—		6,122		—		6,122
Accrued interest receivable - loans	13,588		—		2		13,586		13,588
Mortgage loans held for sale	25,743		—		25,743		—		25,743
Impaired loans carried at fair value	53,932		—		—		53,932		53,932
Mortgage IRLCs	372		—		372		—		372
Other loans	4,314,738		—		—		4,348,705		4,348,705
Loans receivable, net	$	4,394,785	$	—	$	26,115	$	4,402,637	$	4,428,752
Financial liabilities:
Non-interest bearing checking accounts	$	1,137,290	$	1,137,290	$	—	—		$	1,137,290
Interest bearing transaction accounts	1,088,617		1,088,617		—		—		1,088,617
Savings accounts	1,038,356		1,038,356		—		—		1,038,356
Time deposits	1,450,424		—		1,458,793		—		1,458,793
Other	1,345		1,345		—		—		1,345
Total deposits	$	4,716,032	$	3,265,608	$	1,458,793	$	—	$	4,724,401
Short-term borrowings	$	344,168	$	—	$	344,168	$	—	$	344,168
Long-term debt	781,658		—		861,466		—		861,466
Subordinated debentures/notes	80,250		—		79,503		—		79,503
Accrued interest payable – deposits	1,960		21		1,939		—		1,960
Accrued interest payable – debt/borrowings	1,499		8		1,491		—		1,499
Derivative financial instruments:
Fair value swap	$	135	$	—	$	—	$	135	$	135

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Share-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option Plan

Share-Based Compensation

The Park National Corporation 2005 Incentive Stock Option Plan (the “2005 Plan”) was adopted by the Board of Directors of Park on January 18, 2005, and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 18, 2005. Under the 2005 Plan, 1,500,000 common shares were authorized for delivery upon the exercise of incentive stock options. All of the common shares delivered upon the exercise of incentive stock options granted under the 2005 Plan were to be treasury shares. The 2005 Plan was terminated on April 22, 2013 and no common shares were delivered thereunder.

The Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan replaces the 2005 Plan and Park's Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the "Directors' Stock Plan") which were terminated immediately following the approval of the 2013 Incentive Plan. The 2013 Incentive Plan makes equity-based awards and cash-based awards available for grant to participants in the form of incentive stock options, nonqualified stock options, stock appreciations rights, restricted common shares, restricted stock awards that may be settled in common shares, cash or a combination of the two, unrestricted common shares and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares are authorized to be granted. The common shares to be issued and delivered under the 2013 Incentive Plan may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. No awards may be made under the 2013 Incentive Plan after April 22, 2023.

At December 31, 2013, 589,450 common shares were available for future grants under the 2013 Incentive Plan. During 2013, Park granted 10,550 common shares to directors under the 2013 Incentive Plan. The common shares granted to directors were not subjected to a vesting period and resulted in expense of $850,000 which is included in Professional fees and services on the Consolidated Income Statement. As of December 31, 2013, there had been no awards made to employees under the 2013 Incentive Plan.

There were no options outstanding under the the 2005 Plan as of December 31, 2013 or December 31, 2012.  There were no options granted or exercised in 2013, 2012 or 2011. Additionally, no share-based compensation expense was recognized for 2013, 2012 or 2011 related to awards to employees.

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Fair Values - Reconciliation of the Level 3 Inputs for Financial Instruments Measured on a Recurring Basis (Details) (Recurring basis, Level 3, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 780	$ 763
Total Gains/(Losses)
Included in earnings - realized	(17)	(54)
Included in earnings - unrealized	0	0
Included in other comprehensive income	(4)	71
Purchases, sales, issuances and settlements, other, net	0	0
Re-evaluation of fair value swap		0
Ending balance	759	780
Fair Value Swap
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(135)	(700)
Total Gains/(Losses)
Included in earnings - realized	0	0
Included in earnings - unrealized	0	0
Included in other comprehensive income
Purchases, sales, issuances and settlements, other, net	0	0
Re-evaluation of fair value swap		565
Ending Balance	$ (135)	$ (135)

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Dividend Restrictions

12 Months Ended

Dec. 31, 2013

Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]

Dividend Restrictions

Dividend Restrictions

Bank regulators limit the amount of dividends a subsidiary bank can declare in any calendar year without obtaining prior approval. At December 31, 2013, approximately $65.6 million of the total shareholders’ equity of PNB was available for the payment of dividends to the Corporation, without approval by the applicable regulatory authorities.

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Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.30%	4.47%	5.18%
Rate of compensation increase	3.00%	3.00%	3.00%
Under age 30 [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Rate of compensation increase	10.00%
Ages 30-39 [Member] [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Rate of compensation increase	6.00%
Ages 40 and over [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Rate of compensation increase	3.00%

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Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2013

Risks and Uncertainties [Abstract]

Schedule of off-balance sheet financial instruments with credit risk

The total amounts of off-balance sheet financial instruments with credit risk were as follows:

December 31 (In thousands)	2013		2012
Loan commitments	$	821,795	$	815,585
Standby letters of credit	20,590		22,961

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Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax	$ 17
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	2,723
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax	953
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	(5,598)	(27,134)	(20,954)	(15,927)
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	(29,821)	9,616	12,673	15,121
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	0	0	(550)	(1,062)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(35,419)	(17,518)	(8,831)	(1,868)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	21,536	(6,180)	(5,027)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax	19,766
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax	(39,448)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	0	550	512
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(19,682)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	1,770
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,781
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	(39,437)	(3,057)	(2,448)
Other Comprehensive Income (Loss), Net of Tax	(17,901)	(8,687)	(6,963)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax	11
Amortization of prior service cost [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	20
Amortization of net loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax	$ 2,703

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Premises And Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of major categories of premises and equipment

The major categories of premises and equipment and accumulated depreciation are summarized as follows:

December 31 (In thousands)	2013			2012
Land	$	17,657		$	17,354
Buildings	70,183			69,091
Equipment, furniture and fixtures	36,937			61,679
Leasehold improvements	3,903			4,009
Total	$	128,680		$	152,133
Less accumulated depreciation	(73,402		)	(98,382		)
Premises and equipment, net	$	55,278		$	53,751

Schedule of future minimum rental payments under operating leases

The Corporation leases certain premises and equipment accounted for as operating leases. The following is a schedule of the future minimum rental payments required for the next five years under such leases with initial terms in excess of one year: 

(In thousands)
2014	1,351
2015	945
2016	628
2017	475
2018	744
Thereafter	605
Total	$	4,748

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Earnings Per Common Share - Narrative (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2011 2005 Incentive Stock Option Plan	Dec. 31, 2012 U.S. Treasury's Capital Purchase Program	Dec. 31, 2011 U.S. Treasury's Capital Purchase Program	Dec. 31, 2010 December 2010 Warrants
Class of Warrant or Right [Line Items]
Shares outstanding under the Incentive Stock Option Plan			74,020
Warrants to purchase common shares outstanding related to common stock issuances				227,376	227,376	71,984
Options and warrants not included in computation of diluted earnings per common shares	63,308	126,292
Dilutive effect of Capital Purchase Plan warrants	1,063	1,291
Exercise price of Capital Purchase Plan warrants to purchase common shares	$ 65.97

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Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 77,227	$ 78,630	$ 82,140
Other comprehensive income (loss), net of tax:
Changes in pension plan assets and benefit obligations recognized in other comprehensive income	21,536	(6,180)	(5,027)
Unrealized net holding gain on cash flow hedge, net of income taxes of $296 and $276 for years ended December 31, 2012, and 2011, respectively	0	550	512
Unrealized net holding (loss) on securities available-for-sale, net of income taxes of $(21,236), $(1,645) and $(1,318) for years ended December 31, 2013, 2012 and 2011, respectively	(39,437)	(3,057)	(2,448)
Other comprehensive (loss)	(17,901)	(8,687)	(6,963)
Comprehensive income	$ 59,326	$ 69,943	$ 75,177

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Long-Term Debt - Narrative (Details) (USD $)			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Broker Repurchase Agreements	Nov. 30, 2012 Broker Repurchase Agreements
Debt Instrument [Line Items]
Debt repurchased during period				$ 300,000,000
Debt repurchased during period, rate				1.75%
Total prepayment penalty			25,000,000
Effective interest rate percentage			3.40%
Prepayment Penalty, Future Amortization Expense [Abstract]
2014			4,900,000
2015			5,000,000
2016			5,100,000
2017			4,800,000
Prepayment penalty	(19,766,000)	(24,601,000)	19,766,000
Long-term debt with contractual maturity longer than five years	176,745,000	152,171,000
Long term debt, callable by the issuer in 2013	$ 150,000,000

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements:

Principles of Consolidation

The consolidated financial statements include the accounts of Park National Corporation and its subsidiaries (“Park”, the “Company” or the “Corporation”). Material intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management has identified the allowance for loan losses, accounting for Other Real Estate Owned (“OREO”), fair value accounting, accounting for goodwill and accounting for pension plan and other post retirement benefits as significant estimates.

Reclassifications

Certain prior year amounts have been reclassified to conform with the current year presentation. Reclassifications had no effect on prior year net income or shareholders' equity.

Restrictions on Cash and Due from Banks

The Corporation’s national bank subsidiary is required to maintain average reserve balances with the Federal Reserve Bank. The average required reserve balance was approximately $48.0 million at December 31, 2013 and $41.0 million at December 31, 2012. No other compensating balance arrangements were in existence at December 31, 2013.

Investment Securities

Investment securities are classified upon acquisition into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading (see Note 4 of these Notes to Consolidated Financial Statements).

Held-to-maturity securities are those securities that the Corporation has the positive intent and ability to hold to maturity and are recorded at amortized cost. Available-for-sale securities are those securities that would be available to be sold in the future in response to the Corporation’s liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses excluded from earnings but included in other comprehensive income, net of applicable taxes. The Corporation did not hold any trading securities during any period presented.

Available-for-sale and held-to-maturity securities are evaluated quarterly for potential other-than-temporary impairment. Management considers the facts related to each security including the nature of the security, the amount and duration of the loss, the credit quality of the issuer, the expectations for that security’s performance and whether Park intends to sell, or it is more likely than not to be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. Declines in the value of equity securities that are considered to be other-than-temporary are recorded as a charge to earnings in the Consolidated Statements of Income. Declines in the value of debt securities that are considered to be other-than-temporary are separated into (1) the amount of the total impairment related to credit loss and (2) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income.

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated.

Gains and losses realized on the sale of investment securities are recorded on the trade date and determined using the specific identification basis.

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock

Park’s national bank subsidiary, The Park National Bank (PNB) is a member of the FHLB. Additionally, PNB is a member of the FRB. Members are required to own a certain amount of stock based on their level of borrowings and other factors and may invest in additional amounts. FHLB stock and FRB stock are classified as restricted securities and are carried at their redemption value within other investment securities on the Consolidated Balance Sheets. Both cash and stock dividends are reported as income.

Bank Owned Life Insurance

Park has purchased insurance policies on the lives of directors and certain key officers. Bank owned life insurance is recorded at its cash surrender value (or the amount that can be realized).

Mortgage Loans Held for Sale

Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale were $1.7 million and $25.7 million at December 31, 2013 and 2012, respectively. These amounts are included in loans on the Consolidated Balance Sheets and in the residential real estate loan segments in Note 5 and Note 6. The contractual balance was $1.6 million and $25.2 million at December 31, 2013 and 2012, respectively. The gain expected upon sale was $28,000 and $568,000 at December 31, 2013 and 2012, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of December 31, 2013 or 2012.

Mortgage Banking Derivatives

Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in net gains on sale of loans.

Loans

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are reported at their outstanding principal balances adjusted for any charge-offs, any deferred fees or costs on originated loans, and any unamortized premiums or discounts on purchased loans. Interest income is reported on the interest method and includes amortization of net deferred loan origination fees and costs over the loan term. Commercial loans include: (1) commercial, financial and agricultural loans; (2) commercial real estate loans; (3) those commercial loans in the real estate construction loan segment; and (4) those commercial loans in the residential real estate loan segment. Consumer loans include: (1) mortgage and installment loans included in the real estate construction segment; (2) mortgage, home equity lines of credit (HELOC), and installment loans included in the residential real estate segment; and (3) all loans included in the consumer segment.

Generally, commercial loans are placed on nonaccrual status at 90 days past due and consumer and residential mortgage loans are placed on nonaccrual status at 120 days past due. Accrued interest on these loans is considered a loss, unless the loan is well-secured and in the process of collection. Commercial loans placed on nonaccrual status are considered impaired (See Note 5 of these Notes to Consolidated Financial Statements). For loans which are on nonaccrual status, it is Park’s policy to reverse interest previously accrued on the loans against interest income. Interest on such loans may be recorded on a cash basis and be included in earnings only when cash is actually received. Park’s charge-off policy for commercial loans requires management to establish a specific reserve or record a charge-off as soon as it is apparent that the borrower is troubled and there is, or likely will be, a collateral shortfall related to the estimated value of the collateral securing the loan. The Company’s charge-off policy for consumer loans is dependent on the class of the loan. Residential mortgage loans, HELOCs, and consumer loans secured by residential real estate are typically charged down to the value of the collateral, less estimated selling costs, at 180 days past due. The charge-off policy for other consumer loans, primarily installment loans, requires a monthly review of delinquent loans and a complete charge-off for any account that reaches 120 days past due.

The delinquency status of a loan is based on contractual terms and not on how recently payments have been received. Loans are removed from nonaccrual status when loan payments have been received to cure the delinquency status, the borrower has demonstrated the ability to maintain current payment status in accordance with the loan agreement and the loan is deemed to be well-secured by management.

A description of each segment of the loan portfolio, along with the risk characteristics of each segment, is included below:

Commercial, financial and agricultural: Commercial, financial and agricultural loans are made for a wide variety of general corporate purposes, including financing for commercial and industrial businesses, financing for equipment, inventories and accounts receivable, acquisition financing and commercial leasing. The term of each commercial loan varies by its purpose. Repayment terms are structured such that commercial loans will be repaid within the economic useful life of the underlying asset. The commercial loan portfolio includes loans to a wide variety of corporations and businesses across many industrial classifications in the 28 Ohio counties and one Kentucky county where PNB operates. The primary industries represented by these customers include manufacturing, retail trade, health care and other services.

Commercial real estate: Commercial real estate (“CRE”) loans include mortgage loans to developers and owners of commercial real estate. The lending policy for CRE loans is designed to address the unique risk attributes of CRE lending. The collateral for these CRE loans is the underlying commercial real estate.

Construction real estate: The Company defines construction loans as both commercial construction loans and residential construction loans where the loan proceeds are used exclusively for the improvement of real estate as to which the Company holds a mortgage. Construction loans may be in the form of a permanent loan or short-term construction loan, depending on the needs of the individual borrower. Construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost (including interest) of construction. If the estimate of construction cost proves to be inaccurate, the PNB division making the loan may be required to advance funds beyond the amount originally committed to permit completion of the project. If the estimate of value proves inaccurate, the PNB division may be confronted, at or prior to the maturity of the loan, with a project having a value insufficient to assure full repayment, should the borrower default. In the event a default on a construction loan occurs and foreclosure follows, the PNB division must take control of the project and attempt either to arrange for completion of construction or to dispose of the unfinished project. Additional risk exists with respect to loans made to developers who do not have a buyer for the property, as the developer may lack funds to pay the loan if the property is not sold upon completion. PNB and its divisions attempt to reduce such risks on loans to developers by requiring personal guarantees and reviewing current personal financial statements and tax returns as well as other projects undertaken by the developer.

Residential real estate: The Company defines residential real estate loans as first mortgages on individuals’ primary residence or second mortgages of individuals’ primary residence in the form of HELOCs or installment loans. Credit approval for residential real estate loans requires demonstration of sufficient income to repay the principal and interest and the real estate taxes and insurance, stability of employment, an established credit record and an appropriately appraised value of the real estate securing the loan.

Consumer: The Company originates direct and indirect consumer loans, primarily automobile loans and home equity based credit cards to customers in its primary market areas. Credit approval for consumer loans requires income sufficient to repay principal and interest due, stability of employment, an established credit record and sufficient collateral for secured loans. Consumer loans typically have shorter terms and lower balances with higher yields as compared to real estate mortgage loans, but generally carry higher risks of default. Consumer loan collections are dependent on the borrower’s financial stability, and thus are more likely to be affected by adverse personal circumstances.

Allowance for Loan Losses

The allowance for loan losses is that amount believed adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors. The determination of the allowance requires significant estimates, including the timing and amounts of expected cash flows on impaired loans, consideration of current economic conditions, and historical loss experience pertaining to pools of homogeneous loans, all of which may be susceptible to change. The allowance is increased through a provision for loan losses that is charged to earnings based on management’s quarterly evaluation of the factors previously mentioned and is reduced by charge-offs, net of recoveries.

The allowance for loan losses includes both (1) an estimate of loss based on historical loss experience within both commercial and consumer loan categories with similar characteristics (“statistical allocation”) and (2) an estimate of loss based on an impairment analysis of each commercial loan that is considered to be impaired (“specific allocation”).

In calculating the allowance for loan losses, management believes it is appropriate to utilize historical loss rates that are comparable to the current period being analyzed, giving consideration to losses experienced over a full cycle. For the historical loss factor at December 31, 2013, the Company utilized an annual loss rate (“historical loss experience”), calculated based on an average of the net charge-offs and the annual change in specific reserves for impaired commercial loans, experienced during 2009 through 2013 within the individual segments of the commercial and consumer loan categories. Management believes the 60-month historical loss experience methodology is appropriate in the current economic environment, as it captures loss rates consistent with current expectations based on current economic conditons. The loss factor applied to Park’s consumer portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus an additional judgmental reserve, increasing the total allowance for loan loss coverage in the consumer portfolio to approximately 1.68 years of historical loss. The consumer loan portfolio loss coverage ratio was 1.52 years at December 31, 2012. The loss factor applied to Park’s commercial portfolio as of December 31, 2013 was based on the historical loss experience over the past 60 months, plus additional reserves for consideration of (1) a loss emergence period factor, (2) a loss migration factor and (3) a judgmental or environmental loss factor. These additional reserves increased the total allowance for loan loss coverage in the commercial portfolio to approximately 2.42 years of historical loss. The commercial loan portfolio loss coverage ratio was 2.59 years at December 31, 2012. Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases and accordingly management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard.

The judgmental increases discussed above incorporate management’s evaluation of the impact of environmental qualitative factors which pose additional risks and assign a component of the allowance for loan losses in consideration of these factors. Such environmental factors include: national and local economic trends and conditions; experience, ability and depth of lending management and staff; effects of any changes in lending policies and procedures; and levels of, and trends in, consumer bankruptcies, delinquencies, impaired loans and charge-offs and recoveries.

GAAP requires a specific allocation to be established as a component of the allowance for loan losses for certain loans when it is probable that all amounts due pursuant to the contractual terms of the loans will not be collected, and the recorded investment in the loans exceeds their measure of impairment. Management considers the following related to commercial loans when determining if a loan should be considered impaired: (1) current debt service coverage levels of the borrowing entity; (2) payment history over the most recent 12-month period; (3) other signs of deterioration in the borrower’s financial situation, such as changes in beacon scores; and (4) consideration of global cash flows of financially sound guarantors that have previously supported loan payments. The recorded investment is the carrying balance of the loan, plus accrued interest receivable, both as of the end of the year. Impairment is measured using either the present value of expected future cash flows based upon the initial effective interest rate on the loan, the observable market price of the loan or the fair value of the collateral. If a loan is considered to be collateral dependent, the fair value of collateral, less estimated selling costs, is used to measure impairment.

Troubled Debt Restructuring (TDRs)

Management classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral.

Income Recognition

Income earned by the Corporation and its subsidiaries is recognized on the accrual basis of accounting, except for nonaccrual loans as previously discussed, and late charges on loans which are recognized as income when they are collected.

Premises and Equipment

Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is generally provided on the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the remaining lease period or the estimated useful lives of the improvements. Upon the sale or other disposal of an asset, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Maintenance and repairs are charged to expense as incurred while renewals and improvements that extend the useful life of an asset are capitalized. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable.

The range of depreciable lives over which premises and equipment are being depreciated are:

Buildings	5 to 50 Years
Equipment, furniture and fixtures	3 to 20 Years
Leasehold improvements	1 to 10 Years

Buildings that are currently placed in service are depreciated over 30 years. Equipment, furniture and fixtures that are currently placed in service are depreciated over 3 to 12 years. Leasehold improvements are depreciated over the lives of the related leases which range from 1 to 10 years.

Other Real Estate Owned (OREO)

OREO is initially recorded at fair value less anticipated selling costs (net realizable value), establishing a new cost basis, and consists of property acquired through foreclosure and real estate held for sale. If the net realizable value is below the carrying value of the loan at the date of transfer, the difference is charged to the allowance for loan losses. Subsequent declines in the value of real estate are classified as OREO devaluations, are reported as adjustments to the carrying amount of OREO and are expensed within “Other income”. In certain circumstances where management believes the devaluation may not be permanent in nature, Park utilizes a valuation allowance to record OREO devaluations, which is also expensed through “Other income”. Costs relating to development and improvement of such properties are capitalized (not in excess of fair value less estimated costs to sell) and costs relating to holding the properties are charged to "Other expense".

Mortgage Loan Servicing Rights

When Park sells mortgage loans with servicing rights retained, servicing rights are recorded at an amount not to exceed fair value with the income statement effect recorded in gains on sale of loans. Capitalized servicing rights are amortized in proportion to and over the period of estimated future servicing income of the underlying loan and is included within “Other service income”.

Mortgage servicing rights are assessed for impairment periodically, based on fair value, with any impairment recognized through a valuation allowance. The fair value of mortgage servicing rights is determined by discounting estimated future cash flows from the servicing assets, using market discount rates and expected future prepayment rates. In order to calculate fair value, the sold loan portfolio is stratified into homogeneous pools of like categories. (See Note 20 of these Notes to Consolidated Financial Statements.)

Fees received for servicing mortgage loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in income as loan payments are received. The cost of servicing loans is charged to expense as incurred.

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over net identifiable tangible and intangible assets acquired in a purchase business combination. Other intangible assets represent purchased assets that have no physical property but represent some future economic benefit to their owner and are capable of being sold or exchanged on their own or in combination with a related asset or liability.

Goodwill and indefinite-lived intangible assets are not amortized to expense, but are subject to impairment tests annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible assets with definitive useful lives (such as core deposit intangibles) are amortized to expense over their estimated useful lives.

Management considers several factors when performing the annual impairment tests on goodwill. The factors considered include the operating results for the particular Park segment for the past year and the operating results budgeted for the current year (including multi-year projections), the deposit and loan totals of the Park segment and the economic conditions in the markets served by the Park segment. At December 31, 2013, the goodwill remaining on Park's Consolidated Balance Sheet consisted entirely of goodwill at PNB. (See Note 23 of these Notes to Consolidated Financial Statements for operating segment results.)

The following table reflects the activity in goodwill and other intangible assets for the years 2013, 2012 and 2011.

(In thousands)	Goodwill		Core Deposit Intangibles			Total
January 1, 2011	$	72,334	$	6,043		$	78,377
Amortization	—		(3,534		)	(3,534		)
December 31, 2011	$	72,334	$	2,509		$	74,843
Amortization	—		(2,172		)	(2,172		)
December 31, 2012	$	72,334	$	337		$	72,671
Amortization	—		(337		)	(337		)
December 31, 2013	$	72,334	$	—		$	72,334

GAAP requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired, by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing these events or circumstances, it is concluded that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the carrying amount of the goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess.

Park evaluates goodwill for impairment on April 1 of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2013, the Company determined that goodwill for Park’s national bank subsidiary (PNB) was not impaired.

The core deposit intangibles were being amortized to expense principally on the straight-line method, over a period of six years. The amortization period for the core deposit intangibles related to Vision Bank was accelerated in the fourth quarter of 2011 and first quarter of 2012 due to the pending sale of the Vision Bank business to Centennial Bank. Core deposit intangible amortization expense was $337,000 in 2013, $2.2 million in 2012 and $3.5 million in 2011.

The accumulated amortization of core deposit intangibles was $22.1 million as of December 31, 2013 and $21.8 million at December 31, 2012. As of December 31, 2013 all core deposit intangibles had been fully amortized.

Consolidated Statement of Cash Flows

Cash and cash equivalents include cash and cash items, amounts due from banks and money market instruments. Generally, money market instruments are purchased and sold for one-day periods.

Net cash provided by operating activities reflects cash payments as follows:

December 31,
(In thousands)	2013		2012		2011
Interest paid on deposits and other borrowings	$	42,481	$	51,877	$	59,552
Income taxes paid	20,000		7,000		17,700

Non-cash Items

Non-cash items included in cash provided by operating activities:

December 31,
(In thousands)	2013		2012		2011
Transfers to OREO	$	22,144	$	23,634	$	36,209

Loss Contingencies and Guarantees

Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.

Income Taxes

The Corporation accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. To the extent that Park does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is recorded. All positive and negative evidence is reviewed when determining how much of a valuation allowance is recognized on a quarterly basis. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination being presumed to occur. The benefit recognized for a tax position that meets the “more-likely-than-not” criteria is measured based on the largest benefit that is more than 50 percent likely to be realized, taking into consideration the amounts and probabilities of the outcome upon settlement. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. Park recognizes any interest and penalties related to income tax matters in income tax expense.

Treasury Shares

The purchase of Park’s common shares is recorded at cost. At the date of retirement or subsequent reissuance, the treasury shares account is reduced by the weighted average cost of the common shares retired or reissued.

Comprehensive Income

Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, changes in the funded status of the Company’s Defined Benefit Pension Plan, and the unrealized net holding gains and losses on the cash flow hedge that matured on December 28, 2012, which are also recognized as separate components of equity.

Stock-Based Compensation

Compensation cost is recognized for stock options and stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of Park’s common shares at the date of grant is used for stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. Park did not grant any stock options or stock awards to employees during 2013, 2012 or 2011. No stock options vested in 2013, 2012 or 2011. Park granted 10,550 common shares to its directors in 2013, 6,120 common shares in 2012 and 7,020 common shares in 2011.

Loan Commitments and Related Financial Instruments

Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Derivative Instruments

At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the derivative's likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value hedge”); (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item, are recognized in current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. For both types of hedges, changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings.

Fair Value Measurement

Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 21 of these Notes to Consolidated Financial Statements. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Retirement Plans

Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) plan expense is the amount of matching contributions. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.

Earnings Per Common Share

Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock awards, stock options, warrants and convertible securities. Earnings and dividends per common share are restated for any stock splits and stock dividends through the date of issuance of the consolidated financial statements.

Operating Segments

Prior to February 16, 2012, the operating segments for the Corporation were its two chartered bank subsidiaries, PNB (headquartered in Newark, Ohio) and Vision Bank ("Vision" or "VB") (headquartered in Panama City, Florida). On February 16, 2012, Vision sold certain assets and liabilities to Centennial Bank (See Note 3 of these Notes to Consolidated Financial Statements). Promptly following the closing of the transaction, Vision surrendered its Florida banking charter to the Florida Office of Financial Regulation and became a non-bank Florida corporation (the "Florida Corporation"). The Florida Corporation merged with and into a wholly-owned non-bank subsidiary of Park, SE Property Holdings, LLC ("SEPH"), with SEPH being the surviving entity. The closing of this transaction prompted Park to add SEPH as a reportable segment. Additionally, due to the increased significance of the entity, Guardian Financial Services Company ("GFSC") was added as a reportable segment in the first quarter of 2012.

Adoption of New Accounting Pronouncements:

ASU 2012-02 Testing Indefinite-Lived Intangible Assets for Impairment: In July 2012, FASB issued Accounting Standards Update 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (ASU 2012-02). The ASU allows an entity to first assess qualitative factors to determine whether the existence of events or circumstances indicate that it is more likely than not that the indefinite-lived intangible asset is impaired. The new guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have an impact on Park's consolidated financial statements.

ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income: In February 2013, FASB issued Accounting Standards Update 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02). The ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about these amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the new guidance on January 1, 2013 impacted the other comprehensive income (loss) disclosures in Note 15.

ASU 2013-11- Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists: The ASU requires that an unrecognized tax benefit, ora portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a netoperating loss carryforward, a similar tax loss, or a tax credit carryforward. However, if a net operating loss carryforward, a similartax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle anyadditional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does notrequire the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefitshould be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendmentsare effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments will nothave a material impact on Park’s consolidated financial statements.

ASU 2014-01- Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-01, Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense. Additionally, a reporting entity should disclose information that enables users of its financial statement to understand the nature of its investments in qualified affordable housing projects, and the effect of the measurement of its investments in qualified affordable housing projects and the related tax credits on its financial position and results of operations. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but may impact the presentation of Park's investments in qualified affordable housing projects. Additionally, the adoption of this guidance will require additional disclosures.

ASU 2014-04 - Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force): In January 2014, FASB issued Accounting Standards Update 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies when an insubstance repossession or foreclosure occurs and a creditor is considered to have received physical possession of real estate property collateralizing a consumer mortgage loan. Specifically, the new ASU requires a creditor to reclassify a collateralized consumer mortgage loan to real estate property upon obtaining legal title to the real estate collateral, or the borrower voluntarily conveying all interest in the real estate property to the lender to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. Additional disclosures are required detailing the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgages collateralized by real estate property that are in the process of foreclosure. The new guidance is effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance will not have a material impact on Park's consolidated financial statements, but will result in additional disclosures.

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Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Cash Flow Information [Abstract]
Interest paid on deposits and other borrowings	$ 42,481	$ 51,877	$ 59,552
Income taxes paid	$ 20,000	$ 7,000	$ 17,700

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Deposits - Narrative (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Deposits [Abstract]
Deposits received from executive officers, directors, and their related interests	$ 18.4

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Earnings Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Income (Loss) Available to Common Stockholders, Basic [Abstract]
Net income available to common shareholders	$ 77,227	$ 75,205	$ 76,284
Denominator:
Weighted-average shares	15,412,365	15,407,078	15,400,155
Effect of dilutive securities – stock options and warrants	0	1,063	1,291
Earnings per common share:	15,412,365	15,408,141	15,401,446
Earnings per common share:
Basic earnings per common share	$ 5.01	$ 4.88	$ 4.95
Diluted earnings per common share	$ 5.01	$ 4.88	$ 4.95

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Loans - Recorded Investment in Nonaccrual, Restructured and Loans Past Due 90 Days or More and Accruing (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	$ 112,315	$ 137,339	$ 187,135
Nonaccrual Loans	135,216	155,536
Accruing Troubled Debt Restructurings	18,809	29,946
Loans Past Due 90 Days or More and Accruing	1,727	3,030
Total Nonperforming Loans	155,752	188,512
Impaired Financing Receivable, Average Recorded Investment	124,089	164,164	214,045
Impaired Financing Receivable, Interest Income, Cash Basis Method	2,640	2,813	1,592
Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	20,727	22,587	40,621
Nonaccrual Loans	20,633	17,324
Accruing Troubled Debt Restructurings	107	5,277
Loans Past Due 90 Days or More and Accruing	80	37
Total Nonperforming Loans	20,820	22,638
Impaired Financing Receivable, Average Recorded Investment	20,523	35,305	23,518
Impaired Financing Receivable, Interest Income, Cash Basis Method	412	529	209
Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	41,822	44,278	51,978
Nonaccrual Loans	39,588	40,983
Accruing Troubled Debt Restructurings	2,234	3,295
Loans Past Due 90 Days or More and Accruing	2	1,007
Total Nonperforming Loans	41,824	45,285
Impaired Financing Receivable, Average Recorded Investment	41,426	44,541	49,927
Impaired Financing Receivable, Interest Income, Cash Basis Method	1,151	968	829
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	4,777
Nonaccrual Loans	4,777
Accruing Troubled Debt Restructurings	0
Loans Past Due 90 Days or More and Accruing	0
Total Nonperforming Loans	4,777
Impaired Financing Receivable, Average Recorded Investment	8,723
Impaired Financing Receivable, Interest Income, Cash Basis Method
SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment		13,260	24,328
Nonaccrual Loans		13,939
Accruing Troubled Debt Restructurings		0
Loans Past Due 90 Days or More and Accruing		0
Total Nonperforming Loans		13,939
Impaired Financing Receivable, Average Recorded Investment		17,277	58,792
Impaired Financing Receivable, Interest Income, Cash Basis Method
Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	10,782	21,574	25,912
Nonaccrual Loans	10,476	14,977
Accruing Troubled Debt Restructurings	306	6,597
Loans Past Due 90 Days or More and Accruing	0	0
Total Nonperforming Loans	10,782	21,574
Impaired Financing Receivable, Average Recorded Investment	17,829	27,774	29,152
Impaired Financing Receivable, Interest Income, Cash Basis Method	616	818	339
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual Loans	87	158
Accruing Troubled Debt Restructurings	97	100
Loans Past Due 90 Days or More and Accruing	0	0
Total Nonperforming Loans	184	258
Installment
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual Loans	39	149
Accruing Troubled Debt Restructurings	192	175
Loans Past Due 90 Days or More and Accruing	0	0
Total Nonperforming Loans	231	324
Commercial
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	33,408	35,622	44,276
Nonaccrual Loans	32,495	33,961
Accruing Troubled Debt Restructurings	913	1,661
Loans Past Due 90 Days or More and Accruing	0	94
Total Nonperforming Loans	33,408	35,716
Impaired Financing Receivable, Average Recorded Investment	34,972	39,248	52,640
Impaired Financing Receivable, Interest Income, Cash Basis Method	461	497	214
Mortgage
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual Loans	20,564	28,260
Accruing Troubled Debt Restructurings	11,708	9,425
Loans Past Due 90 Days or More and Accruing	549	950
Total Nonperforming Loans	32,821	38,635
HELOC
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual Loans	2,129	1,689
Accruing Troubled Debt Restructurings	751	736
Loans Past Due 90 Days or More and Accruing	0	0
Total Nonperforming Loans	2,880	2,425
Installment
Financing Receivable, Recorded Investment [Line Items]
Nonaccrual Loans	965	1,670
Accruing Troubled Debt Restructurings	885	780
Loans Past Due 90 Days or More and Accruing	80	54
Total Nonperforming Loans	1,930	2,504
Consumer
Financing Receivable, Recorded Investment [Line Items]
Impaired Financing Receivable, Recorded Investment	799	18	20
Nonaccrual Loans	3,463	2,426
Accruing Troubled Debt Restructurings	1,616	1,900
Loans Past Due 90 Days or More and Accruing	1,016	888
Total Nonperforming Loans	6,095	5,214
Impaired Financing Receivable, Average Recorded Investment	616	19	16
Impaired Financing Receivable, Interest Income, Cash Basis Method		$ 1	$ 1

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Financial Instruments With Off-Balance Sheet Risk And Financial Instruments With Concentrations Of Credit Risk

12 Months Ended

Dec. 31, 2013

Risks and Uncertainties [Abstract]

Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentration of Credit Risk

Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk

The Corporation is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include loan commitments and standby letters of credit. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements.

The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Since many of the loan commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers.

The total amounts of off-balance sheet financial instruments with credit risk were as follows:

December 31 (In thousands)	2013		2012
Loan commitments	$	821,795	$	815,585
Standby letters of credit	20,590		22,961

The loan commitments are generally for variable rates of interest.

The Corporation grants retail, commercial and commercial real estate loans to customers primarily located in Ohio. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties.

Although the Corporation has a diversified loan portfolio, a substantial portion of the borrowers’ ability to honor their contracts is dependent upon the economic conditions in each borrower’s geographic location and industry.

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Fair Values - Qualitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on a Non-recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	$ 33,800	$ 53,900
Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	33,819	53,932
Other real estate owned	18,526	19,926
Commercial real estate | Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	21,100	25,997
Other real estate owned	4,119	3,485
Commercial real estate | Nonrecurring basis | Loans receivable
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	21,100	25,997
Construction real estate | Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other real estate owned	11,041	12,134
SEPH commercial land and development | Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	4,777
SEPH commercial land and development | Nonrecurring basis | Loans receivable
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	4,777	12,832
Remaining commercial | Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	3,788	8,113
Remaining commercial | Nonrecurring basis | Loans receivable
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	3,788	8,113
Residential real estate | Nonrecurring basis
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	4,154	6,990
Other real estate owned	3,366	4,307
Residential real estate | Nonrecurring basis | Loans receivable
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Impaired loans	4,154	6,990
Commercial real estate | Nonrecurring basis | Other real estate owned
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other real estate owned	4,119	3,485
Construction real estate | Nonrecurring basis | Other real estate owned
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other real estate owned	11,041	12,134
Residential Real Estate | Nonrecurring basis | Other real estate owned
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other real estate owned	$ 3,366	$ 4,307
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | Commercial real estate | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	109.00%	116.00%
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	22.80%	22.30%
Sales comparison approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	96.00%	218.00%
Sales comparison approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	13.90%	31.90%
Sales comparison approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | Remaining commercial | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	40.00%	75.00%
Sales comparison approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	22.40%	26.20%
Sales comparison approach | Residential real estate | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | Residential real estate | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	121.80%	178.00%
Sales comparison approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	12.80%	17.90%
Sales comparison approach | Commercial real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | Commercial real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	140.00%	67.00%
Sales comparison approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Adj to comparables	17.70%	25.80%
Sales comparison approach | Construction real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	0.00%
Sales comparison approach | Construction real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	484.00%	273.00%
Sales comparison approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Adj to comparables	36.20%	34.00%
Sales comparison approach | Residential Real Estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	0.00%	1.00%
Sales comparison approach | Residential Real Estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Adj to comparables	273.00%	61.00%
Sales comparison approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Adj to comparables	19.20%	18.00%
Income approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Capitalization rate	8.00%	7.50%
Income approach | Commercial real estate | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Capitalization rate	12.50%	20.90%
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Capitalization rate	9.10%	10.10%
Income approach | Residential real estate | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	7.80%
Income approach | Residential real estate | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	10.00%
Income approach | Residential real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Adj to comparables	8.40%
Income approach | Commercial real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate	8.00%	11.00%
Income approach | Commercial real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate	11.50%	11.00%
Income approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Capitalization rate	9.60%	11.00%
Income approach | Construction real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate		8.50%
Income approach | Construction real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate		8.50%
Income approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Capitalization rate		8.50%
Income approach | Residential Real Estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate	5.40%	7.90%
Income approach | Residential Real Estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Capitalization rate	7.80%	9.30%
Income approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Capitalization rate	7.40%	8.70%
Cost approach | Commercial real estate | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	11.70%	23.00%
Cost approach | Commercial real estate | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	65.00%	63.00%
Cost approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	37.10%	50.40%
Cost approach | Commercial real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	60.00%	40.90%
Cost approach | Commercial real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	95.00%	90.00%
Cost approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation	80.00%	65.00%
Cost approach | Residential Real Estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation		6.00%
Cost approach | Residential Real Estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation		6.00%
Cost approach | Residential Real Estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Fair Value Inputs, Accumulated Depreciation		6.00%
Bulk sale approach | SEPH commercial land and development | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	11.00%	11.00%
Bulk sale approach | SEPH commercial land and development | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	20.00%	55.00%
Bulk sale approach | SEPH commercial land and development | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	14.90%	23.40%
Bulk sale approach | Remaining commercial | Low | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	11.00%	10.00%
Bulk sale approach | Remaining commercial | High | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	20.00%	55.00%
Bulk sale approach | Remaining commercial | Weighted Average [Member] | Nonrecurring basis | Loans receivable
Fair Value Inputs [Abstract]
Discount rate	18.00%	18.30%
Bulk sale approach | Commercial real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Discount rate		13.00%
Bulk sale approach | Commercial real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Discount rate		13.00%
Bulk sale approach | Commercial real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Discount rate		13.00%
Bulk sale approach | Construction real estate | Low | Nonrecurring basis
Fair Value Inputs [Abstract]
Discount rate	13.00%	10.00%
Bulk sale approach | Construction real estate | High | Nonrecurring basis
Fair Value Inputs [Abstract]
Discount rate	14.00%	12.00%
Bulk sale approach | Construction real estate | Weighted Average [Member] | Nonrecurring basis | Other real estate owned
Fair Value Inputs [Abstract]
Discount rate	13.60%	10.80%

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Parent Company Statements - Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 77,227	$ 78,630	$ 82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Compensation expense for issuance of treasury shares to directors	850	407	388
Increase (decrease) in other liabilities	(7,389)	(9,010)	(10,826)
Net cash provided by operating activities	114,552	105,201	123,536
Investing activities:
Net cash (used in) provided by investing activities	(106,749)	(194,748)	274,411
Financing activities
Payment to repurchase warrants	0	(2,843)	0
Proceeds from issuance of subordinated notes	0	30,000	0
Net cash (used in) provided by financing activities	(62,078)	133,366	(374,241)
(Decrease) increase in cash and cash equivalents	(54,275)	43,819	23,706
Parent Company
Net income	77,227	78,630	82,140
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed (income)/losses of subsidiaries	(63,624)	118,566	21,265
Decrease in other assets	(2,215)	5,748	8,268
Increase (decrease) in other liabilities	(3,030)	1,724	(7,875)
Net cash provided by operating activities	9,208	205,075	103,798
Investing activities:
Purchase of investment securities	0	0	(250)
Capital contribution to subsidiary	(45,000)	(45,000)	(36,000)
Purchase of debentures receivable from subsidiaries	0	(115,000)	(30,000)
Repayment of debentures receivable from subsidiaries	101,960	52,000	0
Net cash (used in) provided by investing activities	56,960	(108,000)	(66,250)
Financing activities
Cash dividends paid	(57,949)	(60,154)	(62,907)
Payment to repurchase warrants	0	(2,843)	0
Payment to repurchase preferred shares	0	(100,000)	0
Proceeds from issuance of subordinated notes	0	30,000	0
Cash payment for fractional shares	(3)	(2)	(2)
Net cash (used in) provided by financing activities	(57,952)	(132,999)	(62,909)
(Decrease) increase in cash and cash equivalents	8,216	(35,924)	(25,361)
Cash at beginning of year	98,726	134,650	160,011
Cash at end of year	106,942	98,726	134,650
Parent Company
Adjustments to reconcile net income to net cash provided by operating activities:
Compensation expense for issuance of treasury shares to directors			$ 0

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Loans - Recorded Investment by Loan Grade (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
5 Rated
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	$ 29,891	$ 51,292
5 Rated | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	6,055	9,537
5 Rated | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	11,591	25,616
5 Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	354
5 Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans		411
5 Rated | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	6,858	6,734
5 Rated | Commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	5,033	8,994
5 Rated | Leases
Financing Receivable, Recorded Investment [Line Items]
Commercial loans
6 Rated
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	2,698	16,887
6 Rated | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	532	10,874
6 Rated | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	1,525	3,960
6 Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans
6 Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans
6 Rated | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	244
6 Rated | Commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	397	2,053
6 Rated | Leases
Financing Receivable, Recorded Investment [Line Items]
Commercial loans
Impaired
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	111,529	138,014
Impaired | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	20,740	22,601
Impaired | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	41,822	44,278
Impaired | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	4,777
Impaired | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans		13,939
Impaired | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	10,782	21,574
Impaired | Commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	33,408	35,622
Impaired | Leases
Financing Receivable, Recorded Investment [Line Items]
Commercial loans
Pass Rated
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	2,329,102	2,243,978
Pass Rated | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	801,184	783,891
Pass Rated | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	1,061,100	1,022,149
Pass Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	717
Pass Rated | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans		792
Pass Rated | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	93,221	87,496
Pass Rated | Commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	369,453	346,493
Pass Rated | Leases
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	3,427	3,157
Recorded Investment
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	2,473,220	2,450,171
Recorded Investment | Commercial, financial and agricultural
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	828,511	826,903
Recorded Investment | Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	1,116,038	1,096,003
Recorded Investment | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	5,848
Recorded Investment | SEPH commercial land and development
Financing Receivable, Recorded Investment [Line Items]
Commercial loans		15,142
Recorded Investment | Remaining commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	111,105	115,804
Recorded Investment | Commercial
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	408,291	393,162
Recorded Investment | Leases
Financing Receivable, Recorded Investment [Line Items]
Commercial loans	$ 3,427	$ 3,157

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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Schedule of marketable securities

Investment securities at December 31, 2012 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	695,655	$	1,352	$	1,280	$	695,727
Obligations of states and political subdivisions	984		19		—		1,003
U.S. Government sponsored entities’ asset-backed securities	401,882		14,067		447		415,502
Other equity securities	1,137		1,085		—		2,222
Total	$	1,099,658	$	16,523	$	1,727	$	1,114,454
2012:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	570	$	2	$	—	$	572
U.S. Government sponsored entities’ asset-backed securities	400,820		9,351		38		410,133
Total	$	401,390	$	9,353	$	38	$	410,705

Investment securities at December 31, 2013 were as follows:

(In thousands)	Amortized Cost		Gross Unrealized/Unrecognized Holding Gains		Gross Unrealized/Unrecognized Holding Losses		Estimated Fair Value
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	570,632	$	—	$	45,496	$	525,136
U.S. Government sponsored entities’ asset-backed securities	650,391		8,070		9,990		648,471
Other equity securities	1,120		1,539		—		2,659
Total	$	1,222,143	$	9,609	$	55,486	$	1,176,266
2013:
Securities Held-to-Maturity
Obligations of states and political subdivisions	$	240	$	1	$	—	$	241
U.S. Government sponsored entities’ asset-backed securities	181,821		5,382		42		187,161
Total	$	182,061	$	5,383	$	42	$	187,402

Schedule of unrealized loss on investments

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2012:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2012:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	177,470		1,280		—		—		177,470		1,280
U.S. Government sponsored entities' asset-backed securities	123,631		447		—		—		123,631		447
Total	301,101		1,727		—		—		301,101		1,727
2012:
Securities Held-to-Maturity
U.S. Government sponsored entities' asset-backed securities	$	10,120	$	38	$	—	$	—	$	10,120	$	38

The following table provides detail on investment securities with unrealized losses aggregated by investment category and length of time the individual securities had been in a continuous loss position at December 31, 2013:

	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
2013:
Securities Available-for-Sale
Obligations of U.S. Treasury and other U.S. Government sponsored entities	$	377,626	$	29,256	$	147,510	$	16,240	$	525,136	$	45,496
U.S. Government sponsored entities' asset-backed securities	404,035		8,917		21,572		1,073		425,607		9,990
Total	$	781,661	$	38,173	$	169,082	$	17,313	$	950,743	$	55,486
2013:
Securities Held-to-Maturity
U.S. Government sponsored entities’ asset-backed securities	$	5,781	$	42	$	—	$	—	$	5,781	$	42

Schedule of contractual maturity of debt securities

The amortized cost and estimated fair value of investments in debt securities at December 31, 2013, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.

(In thousands)	Amortized Cost		Estimated Fair Value		Weighted Average Yield
Securities Available-for-Sale
U.S. Treasury and other U.S. Government sponsored entities’ notes:
Due one through five years	50,000		46,800		2.00	%
Due five through ten years	396,882		367,580		2.43	%
Due in over ten years	123,750		110,756		1.74	%
Total	$	570,632	$	525,136	2.24	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	650,391	$	648,471	2.47	%
Securities Held-to-Maturity
Obligations of states and political subdivisions:
Due within one year	$	240	$	241	4.46	%
Total	$	240	$	241	4.46	%
U.S. Government sponsored entities’ asset-backed securities:
Total	$	181,821	$	187,161	3.69	%

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Subordinated Debentures/Notes

12 Months Ended

Dec. 31, 2013

Long-term Debt, Unclassified [Abstract]

Subordinated Debentures/Notes

Subordinated Debentures/Notes

As part of the acquisition of Vision's parent bank holding company ("Vision Parent") on March 9, 2007, Park became the successor to Vision Parent under (i) the Amended and Restated Trust Agreement of Vision Bancshares Trust I (the “Trust”), dated as of December 5, 2005, (ii) the Junior Subordinated Indenture, dated as of December 5, 2005, and (iii) the Guarantee Agreement, also dated as of December 5, 2005.

On December 1, 2005, Vision Parent formed a wholly-owned Delaware statutory business trust, Vision Bancshares Trust I (“Trust I”), which issued $15.0 million of Trust I's floating rate preferred securities (the “Trust Preferred Securities”) to institutional investors. These Trust Preferred Securities qualify as Tier I capital under Federal Reserve Board guidelines. All of the common securities of Trust I are owned by Park. The proceeds from the issuance of the common securities and the Trust Preferred Securities were used by Trust I to purchase $15.5 million of junior subordinated notes, which carry a floating rate based on a three-month LIBOR plus 148 basis points. The debentures represent the sole asset of Trust I. The Trust Preferred Securities accrue and pay distributions at a floating rate of three-month LIBOR plus 148 basis points per annum. The Trust Preferred Securities are mandatorily redeemable upon maturity of the notes in December 2035, or upon earlier redemption as provided in the notes. Park has the right to redeem the notes purchased by Trust I in whole or in part, on or after December 30, 2010. As specified in the indenture, if the notes are redeemed prior to maturity, the redemption price will be the principal amount, plus any unpaid accrued interest.

In accordance with GAAP, Trust I is not consolidated with Park’s financial statements, but rather the subordinated notes are reflected as a liability.

On December 23, 2009, Park entered into a Note Purchase Agreement, dated December 23, 2009, with 38 purchasers (the “2009 Purchasers”). Under the terms of the Note Purchase Agreement, the 2009 Purchasers purchased from Park an aggregate principal amount of $35.25 million of 10% Subordinated Notes due December 23, 2019 (the “2009 Notes”). The 2009 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. The 2009 Notes may not be prepaid in any amount prior to December 23, 2014; however, subsequent to that date, Park may prepay, without penalty, all or a portion of the principal amount outstanding. Of the $35.25 million in 2009 Notes, $14.05 million were purchased by related parties.

On April 20, 2012, Park entered into a Note Purchase Agreement, dated April 20, 2012 (the “2012 Purchase Agreement”), with 56 purchasers (the "2012 Purchasers"). Under the terms of the 2012 Purchase Agreement, the 2012 Purchasers purchased from Park an aggregate principal amount of $30 million of 7% Subordinated Notes Due April 20, 2022 (the "2012 Notes"). The 2012 Notes are intended to qualify as Tier 2 capital under applicable rules and regulations of the Federal Reserve Board. Each 2012 Note was purchased at a purchase price of 100% of the principal amount thereof. The 2012 Notes may not be prepaid by Park prior to April 20, 2017. From and after April 20, 2017, Park may prepay all, or from time to time, any part of the 2012 Notes at 100% of the principal amount (plus accrued interest) without penalty, subject to any requirement under Federal Reserve Board regulations to obtain prior approval from the Federal Reserve Board before making any prepayment.

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Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Allowance for loan losses	$ 20,814	$ 19,438
Accumulated other comprehensive loss – pension plan	3,015	14,611
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross	16,057	0
Intangible assets	673	697
Deferred compensation	3,611	3,750
OREO devaluations	5,287	4,855
Partnership adjustments	3,793	3,329
Other	3,705	2,973
Total deferred tax assets	56,955	49,653
Deferred tax liabilities:
Accumulated other comprehensive income – Unrealized gains on securities	0	5,178
Deferred investment income	10,199	10,199
Pension plan	25,261	25,517
Mortgage servicing rights	3,154	2,717
Other	850	646
Total deferred tax liabilities	39,464	44,257
Net deferred tax assets	$ 17,491	$ 5,396