0000805676-14-000028.txt : 20140728 0000805676-14-000028.hdr.sgml : 20140728 20140728162903 ACCESSION NUMBER: 0000805676-14-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140728 DATE AS OF CHANGE: 20140728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK NATIONAL CORP /OH/ CENTRAL INDEX KEY: 0000805676 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 311179518 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13006 FILM NUMBER: 14997123 BUSINESS ADDRESS: STREET 1: 50 NORTH THIRD ST CITY: NEWARK STATE: OH ZIP: 43055 BUSINESS PHONE: 6143498451 MAIL ADDRESS: STREET 1: P O BOX 3500 CITY: NEWARK STATE: OH ZIP: 43058-3500 8-K 1 a2014_06x30xearningsxrelea.htm 8-K 2014_06_30_Earnings_Release


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
July 28, 2014
 
Park National Corporation
(Exact name of registrant as specified in its charter)
 
Ohio
1-13006
31-1179518
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
 
50 North Third Street, P.O. Box 3500, Newark, Ohio
43058-3500
(Address of principal executive offices)
(Zip Code)
 
(740) 349-8451
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 



1



Item 2.02 - Results of Operations and Financial Condition.

On July 28, 2014, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and six months ended June 30, 2014. A copy of this Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Park's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate Park's performance. Specifically, management reviews return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share. Management has included in the Financial Results News Release information relating to the return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share for the three and six months ended June 30, 2014 and 2013. For purposes of calculating the return on average tangible common equity, a non-GAAP financial measure, net income available to common shareholders for each period is divided by average tangible common equity during the period. Average tangible common equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the return on average tangible assets, a non-GAAP financial measure, net income available to common shareholders for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating tangible common equity to tangible assets, a non-GAAP financial measure, tangible common equity is divided by tangible assets. Tangible common equity equals shareholders' equity less goodwill and intangible assets, in each case at period end. Tangible assets equals total assets less goodwill and intangible assets, in each case at period end. For the purpose of calculating tangible common book value per common share, a non-GAAP financial measure, tangible common equity is divided by common shares outstanding at period end. Management believes that the disclosure of return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share presents additional information to the reader of the consolidated financial statements, which, when read in conjunction with the consolidated financial statements prepared in accordance with GAAP, assists in analyzing Park's operating performance and ensures comparability of operating performance from period to period, and facilitates comparisons with the performance of Park's peer financial holding companies and bank holding companies, while eliminating certain non-operational effects of acquisitions. In the Financial Results News Release, Park has provided a reconciliation of average tangible common equity to average shareholders' equity, average tangible assets to average assets, tangible common equity to shareholders' equity and tangible assets to total assets solely for the purpose of complying with SEC Regulation G and not as an indication that return on average tangible common equity, return on average tangible assets, tangible common equity to tangible assets and tangible common book value per common share are substitutes for return on average equity, return on average assets, shareholders' equity to total assets and common book value per common share, respectively, as determined by GAAP.


2



Item 7.01 - Regulation FD Disclosure

Financial Results by segment
The table below reflects the net income (loss) by segment for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013, and for the fiscal years ended December 31, 2013 and 2012. Park's segments include The Park National Bank ("PNB"), Guardian Financial Services Company (“GFSC”), SE Property Holdings, LLC ("SEPH") and "All Other" which primarily consists of Park as the "Parent Company."
  
Net income (loss) by segment
 
 
 
 
 
 
 
 
 
 
(In thousands)
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
PNB
$
22,189

 
$
19,607

 
$
41,796

 
$
40,262

 
$
75,594

$
87,106

GFSC
478

 
604

 
1,082

 
1,530

 
2,888

3,550

Park Parent Company
(1,245
)
 
(904
)
 
(2,149
)
 
323

 
(1,397
)
195

   Ongoing operations
$
21,422

 
$
19,307

 
$
40,729


$
42,115

 
$
77,085

$
90,851

SEPH
405

 
312

 
717

 
(1,371
)
 
142

(12,221
)
   Total Park
$
21,827

 
$
19,619

 
$
41,446

 
$
40,744

 
$
77,227

$
78,630

Preferred dividends and accretion
—

 
—

 
—

 
—

 
—

3,425

Net income available to common shareholders
$
21,827


$
19,619

 
$
41,446

 
$
40,744

 
$
77,227

$
75,205


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

Vision Bank (“Vision”) merged with and into SEPH, a non-bank subsidiary of Park, following the sale of the Vision business to Centennial Bank (“Centennial”) on February 16, 2012. The results of Vision through February 16, 2012 are included in the SEPH results presented in the table above. The sale of the Vision business in the first quarter of 2012 resulted in a pre-tax gain of $22.2 million ($14.4 million after-tax), which is included in the fiscal year ended December 31, 2012 SEPH results presented in the table above. SEPH holds the remaining assets and liabilities retained by Vision subsequent to the sale. SEPH assets consist primarily of performing and nonperforming loans and other real estate owned (“OREO”). This segment represents a run-off portfolio of the legacy Vision assets.


3


The Park National Bank (PNB)

The table below reflects the results for PNB for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013 and for the fiscal years ended December 31, 2013 and 2012.

(In thousands)
 
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
Net interest income
 
$
55,290

 
$
53,099

 
$
108,389

 
$
104,471

 
$
210,781

$
221,758

Provision for (recovery of) loan losses
 
1,683

 
(140
)
 
1,543

 
5,252

 
14,039

16,678

Other income
 
18,909

 
15,703

 
34,612

 
36,408

 
70,841

70,739

Other expense
 
41,979

 
42,311

 
84,290

 
80,732

 
165,665

156,516

Income before income taxes
 
$
30,537

 
$
26,631

 
$
57,168

 
$
54,895

 
$
101,918

$
119,303

    Federal income taxes
 
8,348

 
7,024

 
15,372

 
14,633

 
26,324

32,197

Net income
 
$
22,189

 
$
19,607

 
$
41,796

 
$
40,262

 
$
75,594

$
87,106


Other income for the three months ended June 30, 2014 of $18.9 million represented an increase of $3.2 million compared to other income for the three months ended March 31, 2014 of $15.7 million. A portion of this increase, $1.3 million, was related to OREO gains pertaining to a participation from SEPH. The balance of the increase, $1.9 million, was related to increases across the other income categories at PNB.

The table below provides certain balance sheet information and financial ratios for PNB as of June 30, 2014, December 31, 2013 and June 30, 2013.
(In thousands)
June 30, 2014
December 31, 2013
June 30, 2013
 
% change from 12/31/13
% change from 6/30/13
Loans
$
4,679,944

$
4,559,406

$
4,441,617

 
2.64
 %
5.37
%
Allowance for loan losses
55,451

56,888

52,694

 
(2.53
)%
5.23
%
Net loans
4,624,493

4,502,518

4,388,923


2.71
 %
5.37
%
Investment securities
1,415,608

1,421,937

1,342,868

 
(0.45
)%
5.42
%
Total assets
6,685,849

6,524,098

6,519,766

 
2.48
 %
2.55
%
Average assets (1)
6,663,103

6,576,420

6,548,261

 
1.32
 %
1.75
%
Return on average assets(2)
1.26
%
1.15
%
1.24
%
 
9.57
 %
1.61
%
(1) Average assets for the six - month periods ended June 30, 2014 and 2013, and for the year ended December 31, 2013.
(2) Annualized for the six months ended June 30, 2014 and 2013.

Loans outstanding at June 30, 2014 of $4.68 billion represented an increase of $120 million, or 2.64% (5.33% annualized), compared to the loans outstanding of $4.56 billion at December 31, 2013. The $120 million increase in loans experienced at PNB in the first half of 2014 was related to growth in PNB's retained mortgage loan portfolio of approximately $28 million and in the consumer loan portfolio of approximately $100 million, offset by a decline in the commercial loan portfolio of approximately $8 million.

The $4.68 billion of loans at June 30, 2014 represented an increase of $238 million, or 5.37%, compared to the loans outstanding of $4.44 billion at June 30, 2013. The $238 million increase in loans experienced at PNB over the last twelve months was related to growth in PNB's retained mortgage loan portfolio of approximately $81 million, in the consumer loan portfolio of approximately $141 million and in the commercial loan portfolio of approximately $16 million.

PNB's allowance for loan losses decreased by $1.4 million, or 2.53%, to $55.5 million at June 30, 2014, compared to $56.9 million at December 31, 2013. PNB credit metrics in the first half of 2014 continued to trend in a positive direction. Net charge-offs were $3.0 million, or annualized charge-offs of 0.13%, for the six months ended June 30, 2014. Refer to the “Credit Metrics and Provision for (Recovery of) Loan Losses” section for additional information regarding the credit metrics of PNB's loan portfolio.

4



Guardian Financial Services Company (GFSC)

The table below reflects the results for GFSC for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013 and for the fiscal years ended December 31, 2013 and 2012.

(In thousands)
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
Net interest income
$
1,863

 
$
1,978

 
$
3,841

 
$
4,371

 
$
8,741

$
9,156

Provision for loan losses
315

 
274

 
589

 
420

 
1,175

859

Other income (loss)
—

 
1

 
1

 
(1
)
 
11

—

Other expense
812

 
775

 
1,587

 
1,596

 
3,133

2,835

Income before income taxes
$
736

 
$
930

 
$
1,666

 
$
2,354

 
$
4,444

$
5,462

    Federal income taxes
258

 
326

 
584

 
824

 
1,556

1,912

Net income
$
478

 
$
604

 
$
1,082

 
$
1,530

 
$
2,888

$
3,550


The table below provides certain balance sheet information and financial ratios for GFSC as of June 30, 2014, December 31, 2013 and June 30, 2013.

(In thousands)
June 30, 2014
December 31, 2013
June 30, 2013
 
% change from 12/31/13
% change from 6/30/13
Loans
$
42,839

$
47,228

$
50,194

 
(9.29
)%
(14.65
)%
Allowance for loan losses
2,460

2,581

2,417

 
(4.69
)%
1.78
 %
Net loans
40,379

44,647

47,777

 
(9.56
)%
(15.48
)%
Total assets
42,569

47,115

50,307

 
(9.65
)%
(15.38
)%
Average assets (1)
44,820

49,481

49,438

 
(9.42
)%
(9.34
)%
Return on average assets (2)
4.87
%
5.84
%
6.24
%
 
(16.61
)%
(21.96
)%
(1) Average assets for the six - month periods ended June 30, 2014 and 2013, and for the year ended December 31, 2013.
(2) Annualized for the six months ended June 30, 2014 and 2013.


5



Park Parent Company

The table below reflects the results for Park's Parent Company for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013 and for the fiscal years ended December 31, 2013 and 2012.

(In thousands)
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
Net interest income (expense)
$
(494
)
 
$
(402
)
 
$
(896
)
 
$
2,325

 
$
2,828

$
4,742

Provision for loan losses
—

 
—

 
—

 
—

 
—

—

Other income (loss)
(114
)
 
107

 
(7
)
 
220

 
469

233

Other expense
1,992

 
2,091

 
4,083

 
3,087

 
7,520

6,585

Loss before income taxes
$
(2,600
)
 
$
(2,386
)
 
$
(4,986
)
 
$
(542
)
 
$
(4,223
)
$
(1,610
)
    Federal income tax benefit
(1,355
)
 
(1,482
)
 
(2,837
)
 
(865
)
 
(2,826
)
(1,805
)
Net income (loss)
$
(1,245
)
 
$
(904
)
 
$
(2,149
)
 
$
323

 
$
(1,397
)
$
195


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


SEPH

The table below reflects the results for SEPH for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013 and for the fiscal years ended December 31, 2013 and 2012. SEPH was formed in March 2011. Prior to holding the remaining Vision assets, SEPH held OREO assets that were transferred from Vision to SEPH.

(In thousands)
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
Net interest expense
$
(98
)
 
$
(195
)
 
$
(293
)
 
$
(1,002
)
 
$
(1,325
)
$
(341
)
(Recovery of) Provision for loan losses
(3,258
)
 
(2,359
)
 
(5,617
)
 
(4,670
)
 
(11,799
)
17,882

Other income (loss)
876

 
837

 
1,713

 
1,476

 
1,956

(736
)
Gain on sale of Vision business
—

 
—

 
—

 
—

 
—

22,167

Other expense
3,413

 
2,521

 
5,934

 
7,253

 
12,211

22,032

Income (loss) before income taxes
$
623


$
480

 
$
1,103

 
$
(2,109
)
 
$
219

$
(18,824
)
    Federal income taxes (benefit)
218


168

 
386

 
(738
)
 
77

(6,603
)
Net income (loss)
$
405


$
312

 
$
717

 
$
(1,371
)
 
$
142

$
(12,221
)
Net income (loss) excluding gain on sale of Vision business
$
405


$
312

 
$
717

 
$
(1,371
)
 
$
142

$
(26,630
)

SEPH financial results for the first half of 2014 included net recoveries of $5.6 million. The net recoveries during the first half of 2014 consisted of charge-offs of $0.8 million, offset by recoveries of $6.4 million. Other income for the first six months ended June 30, 2014 at SEPH of $1.7 million was related to net gains on the sale of OREO of $1.7 million. Other expense increased by $0.8 million in the second quarter 2014 compared to the first quarter 2014. This increase was due to higher legal expenses related to loan collection activity.

6



On February 16, 2012, when Vision merged with and into SEPH, the loans then held by Vision were transferred to SEPH by operation of law at their fair market value and no allowance for loan loss is carried at SEPH. The loans included in both the performing and nonperforming portfolios have been charged down to their fair value. The table below provides additional information for SEPH regarding charge-offs as a percentage of unpaid principal balance, as of June 30, 2014.

SEPH - Retained Vision Loan Portfolio
 
 
 
 
 
 
(In thousands)
 
Unpaid Principal Balance
Aggregate Charge-Offs
Net Book Balance
Charge-off Percentage
Nonperforming loans - retained by SEPH
 
$
63,253

$
33,492

$
29,761

52.95
%
Performing loans - retained by SEPH
 
1,984

157

1,827

7.91
%
  Total SEPH loan exposure
 
$
65,237

$
33,649

$
31,588

51.58
%


The table below provides an overview of SEPH loans and OREO, representing the legacy Vision assets. This information is provided as of June 30, 2014, December 31, 2013 and December 31, 2012, showing the decline in legacy Vision assets at SEPH over the past six months and since 2012.

(In thousands)
 
SEPH 06/30/14
SEPH 12/31/13
SEPH 12/31/12
Change from 12/31/13
Change from 12/31/12
Nonperforming loans - retained by SEPH
 
$
29,761

$
36,108

$
55,292

$
(6,347
)
$
(25,531
)
OREO - retained by SEPH
 
16,182

23,224

21,003

(7,042
)
(4,821
)
    Total nonperforming assets
 
$
45,943

$
59,332

$
76,295

$
(13,389
)
$
(30,352
)
Performing loans - retained by SEPH
 
$
1,827

$
1,907

$
3,886

$
(80
)
$
(2,059
)
    Total SEPH - Legacy Vision assets
 
$
47,770

$
61,239

$
80,181

$
(13,469
)
$
(32,411
)

In addition to the SEPH assets listed above, PNB participations in legacy Vision assets totaled $10.9 million, $12.3 million and $19.2 million at June 30, 2014, December 31, 2013 and December 31, 2012, respectively.

Park National Corporation

The table below reflects the results for Park on a consolidated basis for the first and second quarters of 2014, for the first half of 2014, for the first half of 2013 and for the fiscal years ended December 31, 2013 and 2012.

(In thousands)
Q2 2014
 
Q1 2014
 
Six months YTD 2014
 
Six months YTD 2013
 
2013
2012
Net interest income
$
56,561

 
$
54,480

 
$
111,041

 
$
110,165

 
$
221,025

$
235,315

(Recovery of) provision for loan losses
(1,260
)
 
(2,225
)
 
(3,485
)
 
1,002

 
3,415

35,419

Other income
19,671

 
16,648

 
36,319

 
38,103

 
73,277

70,236

Gain on sale of Vision business
—

 
—

 
—

 
—

 
—

22,167

Other expense
48,196

 
47,698

 
95,894

 
92,668

 
188,529

187,968

Income before income taxes
$
29,296

 
$
25,655

 
$
54,951

 
$
54,598

 
$
102,358

$
104,331

    Federal income taxes
7,469

 
6,036

 
13,505

 
13,854

 
25,131

25,701

Net income
$
21,827

 
$
19,619

 
$
41,446

 
$
40,744

 
$
77,227

$
78,630

Net income excluding the gain on sale of Vision business
$
21,827

 
$
19,619

 
$
41,446

 
$
40,744

 
$
77,227

$
64,221


7


Credit Metrics and Provision for (Recovery of) Loan Losses

Park reported a recovery of loan losses for the first half of 2014 of $3.5 million, compared to a provision for loan losses of $1.0 million for the same period in 2013. The table below shows a breakdown of the provision for (recovery of) loan losses by reportable segment.

(In thousands)
Q2 2014
Q1 2014
 
Six months YTD 2014
Six months YTD 2013
 
2013
2012
PNB
$
1,683

$
(140
)
 
$
1,543

$
5,252

 
$
14,039

$
16,678

GFSC
315

274

 
589

420

 
1,175

859

Park Parent
—

—

 
—

—

 
—

—

    Total Ongoing Operations
$
1,998

$
134

 
$
2,132

$
5,672

 
$
15,214

$
17,537

SEPH
(3,258
)
(2,359
)
 
(5,617
)
(4,670
)
 
(11,799
)
17,882

    Total Park
$
(1,260
)
$
(2,225
)
 
$
(3,485
)
$
1,002

 
$
3,415

$
35,419


As previously discussed, SEPH had net recoveries of $5.6 million and PNB had net charge-offs of $3.0 million for the six - month period ended June 30, 2014, resulting in an overall net recovery for Park. Included in PNB net charge-offs for the three and six month periods ended June 30, 2014 are recoveries of $1.4 million and $3.6 million, respectively, related to a participation from SEPH. Provision for loan losses for Park's ongoing operations (PNB and GFSC) was $2.1 million for the six - month period ended June 30, 2014, a $3.6 million decline from the $5.7 million provision for the same period in 2013. The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of June 30, 2014, December 31, 2013 and June 30, 2013.
(In thousands)
6/30/2014
12/31/2013
6/30/2013
Total allowance for loan losses
$
57,911

$
59,468

$
55,111

Specific reserve
6,343

10,451

7,466

General reserve
$
51,568

$
49,017

$
47,645

 

 
 
Total loans
$
4,703,899

$
4,582,491

$
4,464,305

Impaired loans
66,954

77,038

84,531

Performing loans
$
4,636,945

$
4,505,453

$
4,379,774

 



General reserve as a % of performing loans
1.11
%
1.09
%
1.09
%
Note: Table includes only those loans at PNB and GFSC, as these are the entities that have an ALLL balance. The table in the attached Exhibit 99.1 in the asset quality section includes all Park loans (including those at SEPH) and thus shows slightly different information.

As the table above shows, specific reserves were $6.3 million at June 30, 2014, a decrease of $4.2 million, compared to $10.5 million at December 31, 2013. The decline in specific reserves was largely related to the charge-off of approximately $4.7 million related to one loan relationship, which previously had a specific reserve of $4.8 million that was established in the third quarter of 2013. General reserves for Park’s ongoing operations increased to $51.6 million at June 30, 2014, an increase of $2.6 million, or 5.2%, compared to $49.0 million at December 31, 2013. The general reserve as a percentage of performing loans increased to 1.11% at June 30, 2014, compared to 1.09% at December 31, 2013. The increase in general reserves was primarily due to additional reserves established in the consumer loan portfolio, as this portfolio of loans has experienced significant growth through the first six months of 2014.


8


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this Current Report on Form 8-K or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties.  Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include, without limitation: Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and the uneven spread of positive impacts of the recovery on the economy, specifically in the real estate markets and the credit markets, either nationally or in the states in which Park and its subsidiaries do business, may be worse or slower than expected which could adversely impact the demand for loan, deposit and other financial services as well as loan delinquencies and defaults; changes in interest rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; changes in unemployment; asset/liability repricing risks and liquidity risks; our liquidity requirements could be adversely affected by changes to regulations governing bank capital and liquidity standards as well as by changes in our assets and liabilities; competitive factors among financial services organizations could increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services industry, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as well as future regulations which will be adopted by the relevant regulatory agencies, including the Consumer Financial Protection Bureau, to implement the Dodd-Frank Act's provisions, the Budget Control Act of 2011, 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; and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 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.

9



Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on July 28, 2014, the Park Board of Directors declared a $0.94 per share quarterly cash dividend in respect of Park's common shares. The dividend is payable on September 10, 2014 to common shareholders of record as of the close of business on August 22, 2014. A copy of the Financial Results News Release is included as Exhibit 99.1 and the portion thereof addressing the declaration of the cash dividend by Park's Board of Directors is incorporated by reference herein.



10


Item 9.01 - Financial Statements and Exhibits.

(a)
Not applicable
    
(b)
Not applicable

(c)
Not applicable

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



Exhibit No.        Description

99.1
News Release issued by Park National Corporation on July 28, 2014 addressing financial results for the three and six months ended June 30, 2014.







            


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











11



SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
PARK NATIONAL CORPORATION
 
 
 
Dated: July 28, 2014
By:
/s/ Brady T. Burt
 
 
Brady T. Burt
 
 
Chief Financial Officer, Secretary and Treasurer
 
 
 

12




INDEX TO EXHIBITS


Current Report on Form 8-K
Dated July 28, 2014


Park National Corporation

Exhibit No.
Description
99.1
News Release issued by Park National Corporation on July 28, 2014 addressing financial results for the three and six months ended June 30, 2014.


13
 EX-99.1 2 exhibit991earningsrelease2.htm EXHIBIT Exhibit 99.1 Earnings Release 2Q 2014



July 28, 2014                                            Exhibit 99.1
Park National Corporation reports increased second quarter and first half of 2014 financial results and declares dividend
Bank increases net income and consumer loans
NEWARK, Ohio − Park National Corporation (Park) (NYSE MKT: PRK) today reported an increase in net income and other financial results for the three months (second quarter) and six months (first half) ended June 30, 2014. Park's board of directors declared a quarterly cash dividend of $0.94 per common share, payable on September 10, 2014 to common shareholders of record as of August 22, 2014.
Net income for the second quarter of 2014 was $21.8 million, compared to $20.0 million for the same period in 2013, an increase of $1.8 million, or 9.0 percent. Net income per diluted common share for the second quarter of 2014 was $1.42, compared to $1.30 in the same period of 2013.
Net income for the six months ended June 30, 2014 was $41.4 million, compared to $40.7 million for the same period in 2013, an increase of $0.7 million, or 1.7 percent. Net income per diluted common share for the first half of 2014 was $2.69, compared to $2.64 in the same period of 2013.
The Park National Bank Results
Park's community-banking subsidiary, The Park National Bank, reported net income of $41.8 million for the six months ended June 30, 2014, compared to net income of $40.3 million for the same period of 2013. The Park National Bank had total assets of $6.7 billion at June 30, 2014 and $6.5 billion at June 30, 2013. This performance generated a return on average assets of 1.26 percent and 1.24 percent for the bank for the periods ended June 30, 2014 and 2013, respectively.
“Individuals and businesses in our communities are ready to borrow. Our reputation as a reliable local lender leads them to us. And, while we can’t compel people to borrow money - and don’t want to - when they are ready, we are here for them,” said Park President David L. Trautman.
The Park National Bank loan portfolio experienced solid growth during the second quarter of 2014 and first half of 2014. Loans outstanding at June 30, 2014 were $4.68 billion, compared to $4.57 billion at March 31, 2014, an increase of $113 million or an annualized 9.89 percent. Loan growth through the first six months of 2014 was $120 million, an annualized increase of 5.3 percent, compared to the $4.56 billion outstanding at December 31, 2013. The $120 million increase in loans through the first six months of 2014 was primarily related to growth in the consumer loan portfolio, which increased by approximately $100 million.
“Whether it’s someone who had a good experience with a recent mortgage refinance here or someone who appreciates our extended-hour responses and approvals, more people are choosing us for their vehicle loans - and we are pleased to serve them,” Trautman said.

###

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



About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $6.8 billion in total assets (as of June 30, 2014). The Park organization principally consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions, which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, and The Park National Bank of Southwest Ohio & Northern Kentucky Division; and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). The Park organization also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.
Complete financial tables are listed below…

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

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

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





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



PARK NATIONAL CORPORATION
Financial Highlights
Three months ended June 30, 2014, March 31, 2014, and June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
2014
2014
2013
 
Percent change vs.
(in thousands, except share and per share data)
2nd QTR
1st QTR
2nd QTR
 
1Q '14
2Q '13
INCOME STATEMENT:
 
 
 
 
 
 
Net interest income
$
56,561

$
54,480

$
54,712

 
3.8
 %
3.4
 %
(Recovery of) provision for loan losses
(1,260
)
(2,225
)
673

 
N.M.

N.M.

Other income
19,671

16,648

19,298

 
18.2
 %
1.9
 %
Total other expense
48,196

47,698

46,570

 
1.0
 %
3.5
 %
Income before income taxes
$
29,296

$
25,655

$
26,767

 
14.2
 %
9.4
 %
Income taxes
7,469

6,036

6,733

 
23.7
 %
10.9
 %
Net income
$
21,827

$
19,619

$
20,034

 
11.3
 %
8.9
 %
 
 
 
 
 
 
 
MARKET DATA:
 
 
 
 
 
 
Earnings per common share - basic (b)
$
1.42

$
1.27

$
1.30

 
11.8
 %
9.2
 %
Earnings per common share - diluted (b)
1.42

1.27

1.30

 
11.8
 %
9.2
 %
Cash dividends per common share
0.94

0.94

0.94

 
—
 %
—
 %
Common book value per common share at period end
44.63

43.30

41.48

 
3.1
 %
7.6
 %
Stock price per common share at period end
77.20

76.89

68.79

 
0.4
 %
12.2
 %
Market capitalization at period end
1,188,295

1,183,525

1,060,190

 
0.4
 %
12.1
 %
 
 
 
 
 
 
 
Weighted average common shares - basic (a)
15,392,435

15,401,105

15,411,981

 
(0.1
)%
(0.1
)%
Weighted average common shares - diluted (a)
15,412,167

15,414,897

15,411,981

 
—
 %
—
 %
Common shares outstanding at period end
15,392,425

15,392,441

15,411,977

 
—
 %
(0.1
)%
 
 
 
 
 
 
 
PERFORMANCE RATIOS: (annualized)
 

 

 
 
 
 
Return on average assets (a)(b)
1.29
%
1.18
 %
1.20
%
 
9.3
 %
7.5
 %
Return on average common equity (a)(b)
12.93
%
12.02
 %
12.26
%
 
7.6
 %
5.5
 %
Yield on loans
4.91
%
4.84
 %
5.08
%
 
1.4
 %
(3.3)
 %
Yield on investments
2.60
%
2.65
 %
2.68
%
 
(1.9)
 %
(3.0)
 %
Yield on money markets
0.25
%
0.25
 %
0.25
%
 
—
 %
—
 %
Yield on earning assets
4.28
%
4.20
 %
4.31
%
 
1.9
 %
(0.7)
 %
Cost of interest bearing deposits
0.27
%
0.29
 %
0.36
%
 
(6.9)
 %
(25.0)
 %
Cost of borrowings
2.60
%
2.61
 %
2.64
%
 
(0.4)
 %
(1.5)
 %
Cost of paying liabilities
0.81
%
0.82
 %
0.88
%
 
(1.2)
 %
(8.0)
 %
Net interest margin
3.65
%
3.56
 %
3.61
%
 
2.5
 %
1.1
 %
Efficiency ratio (g)
63.04
%
66.85
 %
62.61
%
 
(5.7)
 %
0.7
 %
 
 
 
 

 
 
 
OTHER RATIOS (NON - GAAP):
 
 
 
 
 
 
Annualized return on average tangible assets (a)(b)(e)
1.31
%
1.19
 %
1.22
%
 
10.1
 %
7.4
 %
Annualized return on average tangible common equity (a)(b)(c)
14.47
%
13.50
 %
13.79
%
 
7.2
 %
4.9
 %
Tangible common book value per common share (d) 
$
39.93

$
38.60

$
36.77

 
3.4
 %
8.6
 %
 
 
 
 
 
 
 
N.M. - Not meaningful
 
 
 
 
 
 
Note: Explanations (a) -(g) are included at the end of the financial highlights.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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


 
 
 
 
 
 
 
PARK NATIONAL CORPORATION
Financial Highlights (continued)
Three months ended June 30, 2014, March 31, 2014, and June 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent change vs.
BALANCE SHEET:
June 30, 2014
March 31, 2014
June 30, 2013
 
1Q '14
2Q '13
 
 
 
 
 
 
 
Investment securities
$
1,417,910

$
1,416,624

$
1,345,069

 
0.1
 %
5.4
 %
Loans
4,735,487

4,623,926

4,510,716

 
2.4
 %
5.0
 %
Allowance for loan losses
57,911

60,257

55,111

 
(3.9)
 %
5.1
 %
Goodwill and other intangibles
72,334

72,334

72,446

 
—
 %
(0.2)
 %
Other real estate owned
23,909

35,112

35,662

 
(31.9)
 %
(33.0)
 %
Total assets
6,789,173

6,811,072

6,640,473

 
(0.3)
 %
2.2
 %
Total deposits
4,927,211

4,976,698

4,851,314

 
(1.0)
 %
1.6
 %
Borrowings
1,118,404

1,118,894

1,086,875

 
—
 %
2.9
 %
Shareholders' equity
686,971

666,436

639,219

 
3.1
 %
7.5
 %
Common equity
686,971

666,436

639,219

 
3.1
 %
7.5
 %
Tangible common equity (d)
614,637

594,102

566,773

 
3.5
 %
8.4
 %
Nonperforming loans
142,902

147,272

169,313

 
(3.0)
 %
(15.6)
 %
Nonperforming assets
166,811

182,384

204,975

 
(8.5)
 %
(18.6)
 %
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
Loans as a % of period end assets
69.75
%
67.89
 %
67.93
%
 
2.7
 %
2.7
 %
Nonperforming loans as a % of period end loans
3.02
%
3.19
 %
3.75
%
 
(5.3)
 %
(19.5)
 %
Nonperforming assets / Period end loans + OREO 
3.50
%
3.91
 %
4.51
%
 
(10.5)
 %
(22.4)
 %
Allowance for loan losses as a % of period end loans
1.22
%
1.30
 %
1.22
%
 
(6.2)
 %
—
 %
Net loan charge-offs (recoveries)
$
1,086

$
(3,014
)
$
877

 
N.M.

N.M.

Annualized net loan charge-offs (recoveries) as a % of average loans (a)
0.09
%
(0.27)
 %
0.08
%
 
N.M.

N.M.

 
 
 
 
 
 
 
CAPITAL & LIQUIDITY:
 
 
 
 
 
 
Total equity / Period end assets
10.12
%
9.78
 %
9.63
%
 
3.5
 %
5.1
 %
Common equity / Period end assets
10.12
%
9.78
 %
9.63
%
 
3.5
 %
5.1
 %
Tangible common equity (d) / Tangible assets (f)
9.15
%
8.82
 %
8.63
%
 
3.7
 %
6.0
 %
Average equity / Average assets (a)
10.00
%
9.78
 %
9.83
%
 
2.2
 %
1.7
 %
Average equity / Average loans (a)
14.48
%
14.36
 %
14.62
%
 
0.8
 %
(1.0)
 %
Average loans / Average deposits (a)
95.12
%
93.55
 %
92.52
%
 
1.7
 %
2.8
 %
 
 
 
 
 
 
 
N.M. - Not meaningful
Note: Explanations (a) -(g) are included at the end of the financial highlights.
 
 
 
 
 
 


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


PARK NATIONAL CORPORATION
 
 
 
 
 
 
 
Financial Highlights
 
 
 
 
 
 
 
Six months ended June 30, 2014 and 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except share and per share data)
 
2014
 
2013
 
 
Percent change vs. 2013
INCOME STATEMENT:
 
 
 
 
 
 
 
Net interest income
 
$
111,041

 
$
110,165

 
 
0.8
 %
(Recovery of) provision for loan losses
 
(3,485
)
 
1,002

 
 
N.M.

Other income
 
36,319

 
38,103

 
 
(4.7
)%
Total other expense
 
95,894

 
92,668

 
 
3.5
 %
Income before income taxes
 
$
54,951

 
$
54,598

 
 
0.6
 %
Income taxes
 
13,505

 
13,854

 
 
(2.5
)%
Net income
 
$
41,446

 
$
40,744

 
 
1.7
 %
 
 
 
 
 
 
 
 
MARKET DATA:
 
 
 
 
 
 
 
Earnings per common share - basic (b)
 
$
2.69

 
$
2.64

 
 
1.9
 %
Earnings per common share - diluted (b)
 
2.69

 
2.64

 
 
1.9
 %
Cash dividends per common share
 
1.88

 
1.88

 
 
—
 %
 
 
 
 
 
 
 
 
Weighted average common shares - basic (a)
 
15,396,770

 
15,411,986

 
 
(0.1
)%
Weighted average common shares - diluted (a)
 
15,413,568

 
15,411,986

 
 
—
 %
 
 
 
 
 
 
 
 
PERFORMANCE RATIOS: (Annualized)
 
 
 
 
 
 
 
Return on average assets (a)(b)
 
1.23
 %
 
1.23
%
 
 
—
 %
Return on average common equity (a)(b)
 
12.48
 %
 
12.56
%
 
 
(0.6
)%
Yield on loans
 
4.87
 %
 
5.10
%
 
 
(4.5
)%
Yield on investments
 
2.63
 %
 
2.80
%
 
 
(6.1
)%
Yield on earning assets
 
4.24
 %
 
4.36
%
 
 
(2.8
)%
Cost of interest bearing deposits
 
0.28
 %
 
0.37
%
 
 
(24.3
)%
Cost of borrowings
 
2.61
 %
 
2.63
%
 
 
(0.8
)%
Cost of paying liabilities
 
0.81
 %
 
0.89
%
 
 
(9.0
)%
Net interest margin (g)
 
3.60
 %
 
3.66
%
 
 
(1.6
)%
Efficiency ratio (g)
 
64.88
 %
 
62.18
%
 
 
4.3
 %
 
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
 
Net loan (recoveries) charge-offs
 
$
(1,928
)
 
$
1,428

 
 
N.M.

Annualized net loan (recoveries) charge-offs as a % of average loans (a)
 
(0.08
)%
 
0.06
%
 
 
N.M.

 
 
 
 
 
 
 
 
CAPITAL & LIQUIDITY:
 
 
 
 
 
 
 
Average stockholders' equity / Average assets (a)
 
9.89
 %
 
9.79
%
 
 
1.0
 %
Average stockholders' equity / Average loans (a)
 
14.42
 %
 
14.66
%
 
 
(1.6
)%
Average loans / Average deposits (a)
 
94.34
 %
 
92.03
%
 
 
2.5
 %
 
 
 
 
 
 
 
 
OTHER RATIOS (NON GAAP):
 
 
 
 
 
 
 
Annualized return on average tangible assets (a)(b)(e)
 
1.25
 %
 
1.24
%
 
 
0.8
 %
Annualized return on average tangible common equity (a)(b)(c)
 
13.99
 %
 
14.13
%
 
 
(1.0
)%
 
 
 
 
 
 
 
 


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


PARK NATIONAL CORPORATION
 
 
 
Financial Highlights (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Averages are for the quarters ended June 30, 2014, March 31, 2014 and June 30, 2013.
 
 
 
(b) Reported measure uses net income available to common shareholders.
 
 
 
(c) Net income available to common shareholders for each period divided by average tangible common equity during the period. Average tangible common equity equals average shareholders' equity during the applicable period less average goodwill and other intangibles during the applicable period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY:
 
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
June 30, 2014
March 31, 2014
June 30, 2013
 
June 30, 2014
June 30, 2013
AVERAGE SHAREHOLDERS' EQUITY
$
677,226

$
661,785

$
655,432

 
$
669,547

$
653,995

Less: Average goodwill and other intangibles
72,334

72,334

72,509

 
72,334

72,565

AVERAGE TANGIBLE COMMON EQUITY
$
604,892

$
589,451

$
582,923

 
$
597,213

$
581,430

 
 
 
 
 
 
 
(d) Tangible common book value divided by common shares outstanding at period end. Tangible common equity equals ending shareholders' equity less goodwill and other intangibles, in each case at the end of the period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF SHAREHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:
 
 
 
 
June 30, 2014
March 31, 2014
June 30, 2013
 
 
 
SHAREHOLDERS' EQUITY
$
686,971

$
666,436

$
639,219

 
 
 
Less: Goodwill and other intangibles
72,334

72,334

72,446

 
 
 
TANGIBLE COMMON EQUITY
$
614,637

$
594,102

$
566,773

 
 
 
 
 
 
 
 
 
 
(e) Net income available to common shareholders for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangibles, in each case during the applicable period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:
 
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
June 30, 2014
March 31, 2014
June 30, 2013
 
June 30, 2014
June 30, 2013
AVERAGE ASSETS
$
6,774,390

$
6,766,807

$
6,670,829

 
$
6,770,619

$
6,682,090

Less: Average goodwill and other intangibles
72,334

72,334

72,509

 
72,334

72,565

AVERAGE TANGIBLE ASSETS
$
6,702,056

$
6,694,473

$
6,598,320

 
$
6,698,285

$
6,609,525

 
 
 
 
 
 
 
(f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles, in each case at the end of the period.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
 
 
 
 
June 30, 2014
March 31, 2014
June 30, 2013
 
 
 
TOTAL ASSETS
$
6,789,173

$
6,811,072

$
6,640,473

 
 
 
Less: Goodwill and other intangibles
72,334

72,334

72,446

 
 
 
TANGIBLE ASSETS
$
6,716,839

$
6,738,738

$
6,568,027

 
 
 
 
 
 
 
 
 
 
(g) Efficiency ratio is calculated by taking total other expense divided by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown below assuming a 35% tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis.
 
 
 
 
 
 
 
 
 
 
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
 
 
 
 
THREE MONTHS ENDED
 
SIX MONTHS ENDED
 
June 30, 2014
March 31, 2014
June 30, 2013
 
June 30, 2014
June 30, 2013
Interest income
$
66,363

$
64,342

$
65,279

 
$
130,705

$
131,471

Fully taxable equivalent adjustment
221

223

368

 
444

755

Fully taxable equivalent interest income
$
66,584

$
64,565

$
65,647

 
$
131,149

$
132,226

Interest expense
9,802

9,862

10,567

 
19,664

21,306

Fully taxable equivalent net interest income
$
56,782

$
54,703

$
55,080

 
$
111,485

$
110,920

 
 
 
 
 
 
 




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


 
 
 
 
 
 
 
 
 
PARK NATIONAL CORPORATION
 
 
 
Consolidated Statements of Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
(in thousands, except share and per share data)
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
 
 
 
   Interest and fees on loans
 
57,004

 
56,388

 
111,757

 
112,163

   Interest on:
 
 
 
 
 
 
 
 
      Obligations of U.S. Government, its agencies
 
 
 
 
 
 
 
 
         and other securities
 
9,271

 
8,673

 
18,747

 
18,915

      Obligations of states and political subdivisions
 
1

 
16

 
3

 
33

   Other interest income
 
87

 
202

 
198

 
360

         Total interest income
 
66,363

 
65,279

 
130,705

 
131,471

 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
   Interest on deposits:
 
 
 
 
 
 
 
 
      Demand and savings deposits
 
399

 
468

 
792

 
969

      Time deposits
 
2,133

 
2,900

 
4,411

 
5,990

   Interest on borrowings
 
7,270

 
7,199

 
14,461

 
14,347

      Total interest expense
 
9,802

 
10,567

 
19,664

 
21,306

 
 
 
 
 
 
 
 
 
         Net interest income
 
56,561

 
54,712

 
111,041

 
110,165

 
 
 
 
 
 
 
 
 
(Recovery of) provision for loan losses
 
(1,260
)
 
673

 
(3,485
)
 
1,002

 
 
 
 
 
 
 
 
 
         Net interest income after (recovery of) provision for loan losses
 
57,821

 
54,039

 
114,526

 
109,163

 
 
 
 
 
 
 
 
 
Other income
 
19,671

 
19,298

 
36,319

 
38,103

 
 
 
 
 
 
 
 
 
Total other expense
 
48,196

 
46,570

 
95,894

 
92,668

 
 
 
 
 
 
 
 
 
         Income before income taxes
 
29,296

 
26,767

 
54,951

 
54,598

 
 
 
 
 
 
 
 
 
Income taxes
 
7,469

 
6,733

 
13,505

 
13,854

 
 
 
 
 
 
 
 
 
         Net income
 
21,827

 
20,034

 
41,446

 
40,744

 
 
 
 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
 
 
 
         Net income - basic
 
1.42

 
1.30

 
2.69

 
2.64

         Net income - diluted
 
1.42

 
1.30

 
2.69

 
2.64

 
 
 
 
 
 
 
 
 
         Weighted average shares - basic
 
15,392,435

 
15,411,981

 
15,396,770

 
15,411,986

         Weighted average shares - diluted
 
15,412,167

 
15,411,981

 
15,413,568

 
15,411,986

 
 
 
 
 
 
 
 
 
        Cash Dividends Declared
 
0.94

 
0.94

 
1.88

 
1.88

 
 
 
 
 
 
 
 
 




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


 
PARK NATIONAL CORPORATION 
Consolidated Balance Sheets
 
 
 
(in thousands, except share data)
June 30, 2014
December 31, 2013
 
 
 
Assets
 
 
 
 
 
Cash and due from banks
$
141,020

$
129,078

Money market instruments
55,946

17,952

Investment securities
1,417,910

1,424,234

Loans
4,735,487

4,620,505

Allowance for loan losses
57,911

59,468

Loans, net
4,677,576

4,561,037

Bank premises and equipment, net
54,884

55,278

Goodwill and other intangibles
72,334

72,334

Other real estate owned
23,909

34,636

Other assets
345,594

343,798

Total assets
$
6,789,173

$
6,638,347

 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Deposits:
 
 
Noninterest bearing
$
1,163,288

$
1,193,553

Interest bearing
3,763,923

3,596,441

Total deposits
4,927,211

4,789,994

Borrowings
1,118,404

1,132,820

Other liabilities
56,587

63,786

Total liabilities
$
6,102,202

$
5,986,600

 
 
 
 
 
 
Shareholders' Equity:
 
 
Preferred shares (200,000 shares authorized; no shares outstanding at June 30, 2014 and December 31, 2013)

$
—

$
—

Common shares (No par value; 20,000,000 shares authorized
in 2014 and 2013; 16,150,914 shares issued at June 30, 2014
and 16,150,941 shares issued at December 31, 2013)
302,869

302,651

Accumulated other comprehensive loss, net of taxes
(11,399
)
(35,419
)
Retained earnings
473,114

460,643

Treasury shares (758,489 shares at June 30, 2014 and 738,989 at December 31, 2013)
(77,613
)
(76,128
)
Total shareholders' equity
$
686,971

$
651,747

 
 
 
Total liabilities and shareholders' equity
$
6,789,173

$
6,638,347





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


 
 
 
 
PARK NATIONAL CORPORATION 
 
 
 
Consolidated Average Balance Sheets
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
(in thousands)
2014
2013
 
2014
2013
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
106,844

$
109,130

 
$
110,169

$
111,881

Money market instruments
137,219

324,783

 
159,001

292,433

Investment securities 
1,409,368

1,312,796

 
1,413,252

1,376,186

Loans
4,678,483

4,484,161

 
4,643,037

4,461,361

Allowance for loan losses
58,234

55,579

 
59,487

56,434

Loans, net
4,620,249

4,428,582

 
4,583,550

4,404,927

Bank premises and equipment, net
55,453

57,306

 
55,633

56,204

Goodwill and other intangibles
72,334

72,509

 
72,334

72,565

Other real estate owned
29,017

35,671

 
31,489

34,980

Other assets
343,906

330,052

 
345,191

332,914

Total assets
$
6,774,390

$
6,670,829

 
$
6,770,619

$
6,682,090

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
Noninterest bearing
$
1,172,952

$
1,108,705

 
$
1,174,520

$
1,104,851

Interest bearing
3,745,385

3,738,039

 
3,747,105

3,742,810

Total deposits
4,918,337

4,846,744

 
4,921,625

4,847,661

Borrowings
1,120,608

1,095,832

 
1,119,263

1,102,034

Other liabilities
58,219

72,821

 
60,184

78,400

Total liabilities
$
6,097,164

$
6,015,397

 
$
6,101,072

$
6,028,095

 
 
 
 
 
 
Shareholders' Equity:
 
 
 
 
 
Preferred shares
$
—

$
—

 
$
—

$
—

Common shares
302,754

302,653

 
302,706

302,653

Accumulated other comprehensive loss, net of taxes
(17,968
)
(21,207
)
 
(22,457
)
(19,983
)
Retained earnings
470,053

450,361

 
466,591

447,700

Treasury shares
(77,613
)
(76,375
)
 
(77,293
)
(76,375
)
Total shareholders' equity
$
677,226

$
655,432

 
$
669,547

$
653,995

 
 
 
 
 
 
Total liabilities and shareholders' equity
$
6,774,390

$
6,670,829

 
$
6,770,619

$
6,682,090






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


 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income - Linked Quarters
 
 
 
 
 
 
 
2014
2014
2013
2013
2013
(in thousands, except per share data)
2nd QTR
1st QTR
4th QTR
3rd QTR
2nd QTR
 
 
 
 
 
 
Interest income:
 
 
 
 
 
Interest and fees on loans 
$
57,004

$
54,753

$
57,038

$
56,337

$
56,388

Interest on:
 
 
 
 
 
Obligations of U.S. Government, its agencies and other securities
9,271

9,476

8,911

8,880

8,673

Obligations of states and political subdivisions
1

2

4

7

16

Other interest income
87

111

113

186

202

Total interest income
66,363

64,342

66,066

65,410

65,279

 
 
 
 
 
 
Interest expense:
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
Demand and savings deposits
399

393

382

422

468

Time deposits
2,133

2,278

2,516

2,729

2,900

Interest on borrowings
7,270

7,191

7,268

7,299

7,199

Total interest expense
9,802

9,862

10,166

10,450

10,567

 
 
 
 
 
 
Net interest income
56,561

54,480

55,900

54,960

54,712

 
 
 
 
 
 
(Recovery of) provision for loan losses
(1,260
)
(2,225
)
(85
)
2,498

673

 
 
 
 
 
 
Net interest income after (recovery of) provision for loan losses
57,821

56,705

55,985

52,462

54,039

 
 
 
 
 
 
Other income
19,671

16,648

17,778

17,396

19,298

 
 
 
 
 
 
Total other expense
48,196

47,698

51,146

44,715

46,570

 
 
 
 
 
 
Income before income taxes
29,296

25,655

22,617

25,143

26,767

 
 
 
 
 
 
Income taxes
7,469

6,036

5,163

6,114

6,733

 
 
 
 
 
 
Net income 
$
21,827

$
19,619

$
17,454

$
19,029

$
20,034

 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
Net income - basic
$
1.42

$
1.27

$
1.13

$
1.23

$
1.30

Net income - diluted
$
1.42

$
1.27

$
1.13

$
1.23

$
1.30







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


 
PARK NATIONAL CORPORATION 
Detail of other income and other expense - Linked Quarters
 
 
 
 
 
 
 
2014
2014
2013
2013
2013
(in thousands)
2nd QTR
1st QTR
4th QTR
3rd QTR
2nd QTR
 
 
 
 
 
 
Other income:
 
 
 
 
 
Income from fiduciary activities
$
4,825

$
4,541

$
4,590

$
4,139

$
4,328

Service charges on deposits
3,942

3,659

4,169

4,255

4,070

Other service income
2,527

1,918

2,185

3,391

3,352

Checkcard fee income
3,493

3,213

3,330

3,326

3,316

Bank owned life insurance income
1,026

1,262

1,274

1,311

1,254

ATM fees
636

594

623

705

677

OREO valuation adjustments
(675
)
(416
)
(951
)
(2,030
)
(600
)
Gain on the sale of OREO, net
2,603

706

358

895

1,633

Miscellaneous
1,294

1,171

2,200

1,404

1,268

Total other income
$
19,671

$
16,648

$
17,778

$
17,396

$
19,298

 
 
 
 
 
 
Other expense:
 
 
 
 
 
Salaries and employee benefits
$
26,140

$
25,060

$
25,115

$
25,871

$
24,679

Net occupancy expense
2,457

2,832

2,415

2,348

2,444

Furniture and equipment expense
2,994

2,998

3,022

2,639

2,981

Data processing fees
1,121

1,114

1,064

1,042

1,049

Professional fees and services
8,168

6,283

10,520

5,601

5,880

Amortization of intangibles
—

—

—

112

113

Marketing
1,006

1,118

1,126

863

953

Insurance
1,467

1,447

1,391

1,174

1,338

Communication
1,293

1,343

1,489

1,268

1,453

Miscellaneous
3,550

5,503

5,004

3,797

5,680

Total other expense
$
48,196

$
47,698

$
51,146

$
44,715

$
46,570





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




PARK NATIONAL CORPORATION 
Asset Quality Information
 
 
 
 
 
 
 
 
Quarter ended
Year ended December 31,
(in thousands, except ratios)
June 30, 2014
March 31, 2014
2013
2012
2011
2010
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
Allowance for loan losses, beginning of period
$
60,257

$
59,468

$
55,537

$
68,444

$
143,575

$
116,717

Transfer of loans at fair value
—

—

—

—

(219
)
—

Transfer of allowance to held for sale
—

—

—

—

(13,100
)
—

Charge-offs (A)
7,695

3,827

19,153

61,268

133,882

66,314

Recoveries
6,609

6,841

19,669

12,942

8,798

6,092

Net charge-offs (recoveries)
1,086

(3,014
)
(516
)
48,326

125,084

60,222

(Recovery of) provision for loan losses
(1,260
)
(2,225
)
3,415

35,419

63,272

87,080

Allowance for loan losses, end of period
$
57,911

$
60,257

$
59,468

$
55,537

$
68,444

$
143,575

(A) Year ended December 31, 2012 included the full charge-off of the Vision Bank ALLL of $12.1 million to bring the retained Vision Bank loan portfolio to fair value prior to the merger of Vision Bank (as constituted following the transaction with Centennial Bank and Home BancShares, Inc.) with and into SEPH, the non-bank subsidiary of Park, on February 16, 2012.
 
 
 
 
 
 
 
General reserve trends:
 
 
 
 
 
 
Allowance for loan losses, end of period
$
57,911

$
60,257

$
59,468

$
55,537

$
68,444

$
143,575

Specific reserves
6,343

11,322

10,451

8,276

15,935

66,904

General reserves
$
51,568

$
48,935

$
49,017

$
47,261

$
52,509

$
76,671

 
 
 
 
 
 
 
Total loans
$
4,735,487

$
4,623,926

$
4,620,505

$
4,450,322

$
4,317,099

$
4,732,685

Impaired commercial loans
95,974

105,833

112,304

137,238

187,074

250,933

Non-impaired loans
$
4,639,513

$
4,518,093

$
4,508,201

$
4,313,084

$
4,130,025

$
4,481,752

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
 
Net charge-offs (recoveries) as a % of average loans (annualized for quarterly periods)
0.09
%
(0.27)
 %
(0.01)
 %
1.10
%
2.65
%
1.30
%
Allowance for loan losses as a % of period end loans
1.22
%
1.30
 %
1.29
 %
1.25
%
1.59
%
3.03
%
General reserves as a % of non-impaired loans
1.11
%
1.08
 %
1.09
 %
1.10
%
1.27
%
1.71
%
 
 
 
 
 
 
 
Nonperforming Assets - Park National Corporation:
 
 
 
 
 
 
Nonaccrual loans
$
118,895

$
128,026

$
135,216

$
155,536

$
195,106

$
289,268

Accruing troubled debt restructuring
17,514

17,957

18,747

29,800

28,607

—

Loans past due 90 days or more
6,493

1,289

1,677

2,970

3,489

3,590

Total nonperforming loans
$
142,902

$
147,272

$
155,640

$
188,306

$
227,202

$
292,858

Other real estate owned - Park National Bank
7,727

12,486

11,412

14,715

13,240

8,385

Other real estate owned - SEPH
16,182

22,626

23,224

21,003

29,032

—

Other real estate owned - Vision Bank
—

—

—

—

—

33,324

Total nonperforming assets
$
166,811

$
182,384

$
190,276

$
224,024

$
269,474

$
334,567

Percentage of nonaccrual loans to period end loans
2.51
%
2.77
 %
2.93
 %
3.49
%
4.52
%
6.11
%
Percentage of nonperforming loans to period end loans
3.02
%
3.19
 %
3.37
 %
4.23
%
5.26
%
6.19
%
Percentage of nonperforming assets to period end loans
3.52
%
3.94
 %
4.12
 %
5.03
%
6.24
%
7.07
%
Percentage of nonperforming assets to period end assets
2.46
%
2.68
 %
2.87
 %
3.37
%
3.86
%
4.59
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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


PARK NATIONAL CORPORATION 
Asset Quality Information (continued)
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
(in thousands, except ratios)
June 30, 2014
March 31, 2014
2013
2012
2011
2010
 
 
 
 
 
 
 
Nonperforming Assets - Park National Bank and Guardian:
 
 
 
 
 
 
Nonaccrual loans
$
89,231

$
96,672

$
99,108

$
100,244

$
96,113

$
117,815

Accruing troubled debt restructuring
17,417

17,860

18,747

29,800

26,342

—

Loans past due 90 days or more
6,493

1,289

1,677

2,970

3,367

3,226

Total nonperforming loans
$
113,141

$
115,821

$
119,532

$
133,014

$
125,822

$
121,041

Other real estate owned - Park National Bank
7,727

12,486

11,412

14,715

13,240

8,385

Total nonperforming assets
$
120,868

$
128,307

$
130,944

$
147,729

$
139,062

$
129,426

Percentage of nonaccrual loans to period end loans
1.90
%
2.11
 %
2.16
 %
2.28
%
2.29
%
2.88
%
Percentage of nonperforming loans to period end loans
2.41
%
2.52
 %
2.61
 %
3.03
%
3.00
%
2.96
%
Percentage of nonperforming assets to period end loans
2.57
%
2.79
 %
2.86
 %
3.36
%
3.32
%
3.16
%
Percentage of nonperforming assets to period end assets
1.81
%
1.91
 %
2.00
 %
2.27
%
2.21
%
1.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nonperforming Assets - SEPH/Vision Bank (retained portfolio as of June 30, 2014, March 31, 2014, December 31, 2013, 2012, and 2011):
Nonaccrual loans
$
29,664

$
31,354

$
36,108

$
55,292

$
98,993

$
171,453

Accruing troubled debt restructuring
97

97

—

—

2,265

—

Loans past due 90 days or more
—

—

—

—

122

364

Total nonperforming loans
$
29,761

$
31,451

$
36,108

$
55,292

$
101,380

$
171,817

Other real estate owned - Vision Bank
—

—

—

—

—

33,324

Other real estate owned - SEPH
16,182

22,626

23,224

21,003

29,032

—

Total nonperforming assets
$
45,943

$
54,077

$
59,332

$
76,295

$
130,412

$
205,141

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

N.M.

N.M.

N.M.

N.M.

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

N.M.

N.M.

N.M.

N.M.

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

N.M.

N.M.

N.M.

N.M.

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

N.M.

N.M.

N.M.

N.M.

25.90
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New nonaccrual loan information - Park National Corporation
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
128,026

$
135,216

$
155,536

$
195,106

$
289,268

$
233,544

New nonaccrual loans
14,785

12,875

67,398

83,204

124,158

175,175

Resolved nonaccrual loans
23,916

20,065

87,718

122,774

218,320

119,451

Nonaccrual loans, end of period
$
118,895

$
128,026

$
135,216

$
155,536

$
195,106

$
289,268

 
 
 
 
 
 
 
New nonaccrual loan information - Ohio - based operations
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
96,672

$
99,108

$
100,244

$
96,113

$
117,815

$
85,197

New nonaccrual loans - Ohio-based operations
14,785

12,875

66,197

68,960

78,316

85,081

Resolved nonaccrual loans
22,226

15,311

67,333

64,829

100,018

52,463

Nonaccrual loans, end of period
$
89,231

$
96,672

$
99,108

$
100,244

$
96,113

$
117,815

 
 
 
 
 
 
 
New nonaccrual loan information - SEPH/Vision Bank
Nonaccrual loans, beginning of period
$
31,354

$
36,108

$
55,292

$
98,993

$
171,453

$
148,347

New nonaccrual loans - SEPH/Vision Bank
—

—

1,201

14,243

45,842

90,094

Resolved nonaccrual loans
1,690

4,754

20,385

57,944

118,302

66,988

Nonaccrual loans, end of period
$
29,664

$
31,354

$
36,108

$
55,292

$
98,993

$
171,453

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired Commercial Loan Portfolio Information (period end):
 
 
 
 
 
 
Unpaid principal balance
$
154,396

$
160,199

$
175,576

$
242,345

$
290,908

$
304,534

Prior charge-offs
58,422

54,366

63,272

105,107

103,834

53,601

Remaining principal balance
95,974

105,833

112,304

137,238

187,074

250,933

Specific reserves
6,343

11,322

10,451

8,276

15,935

66,904

Book value, after specific reserve
$
89,631

$
94,511

$
101,853

$
128,962

$
171,139

$
184,029


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