2014_12_31_Earnings

0000805676-15-000027.txt : 20150126 0000805676-15-000027.hdr.sgml : 20150126 20150126161905 ACCESSION NUMBER: 0000805676-15-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150126 DATE AS OF CHANGE: 20150126 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: 15548757 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_12x31xearningsxrelea.htm 8-K 2014_12_31_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)	January 26, 2015

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))

Item 2.02 - Results of Operations and Financial Condition.

On January 26, 2015, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and twelve months ended December 31, 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 equity, return on average tangible assets, tangible equity to tangible assets and tangible book value per common share. Management has included in the Financial Results News Release information relating to the return on average tangible equity, return on average tangible assets, tangible equity to tangible assets and tangible book value per common share for the three and twelve months ended December 31, 2014 and 2013. For purposes of calculating the return on average tangible equity, a non-GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible 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 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 equity to tangible assets, a non-GAAP financial measure, tangible equity is divided by tangible assets. Tangible 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 book value per common share, a non-GAAP financial measure, tangible equity is divided by common shares outstanding at period end. Management believes that the disclosure of return on average tangible equity, return on average tangible assets, tangible equity to tangible assets and tangible 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 equity to average shareholders' equity, average tangible assets to average assets, tangible 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 equity, return on average tangible assets, tangible equity to tangible assets and tangible book value per common share are substitutes for return on average equity, return on average assets, shareholders' equity to total assets and book value per common share, respectively, as determined by GAAP.

Item 5.02 - Departure of Directors or Certain Officers; Election of Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Notification of Retirement from Board of Directors upon Expiration of Current Term

On January 22, 2015, William T. McConnell, who currently serves in the class of directors of Park whose terms expire at the 2015 Annual Meeting of Shareholders (the “2015 Annual Meeting”), notified Park that he had decided to retire and not stand for re-election to the Board of Directors of Park. Mr. McConnell’s term as a director of Park will expire immediately prior to the 2015 Annual Meeting, which will be held on April 27, 2015. In addition, Mr. McConnell will retire as a director of Park’s national banking association subsidiary, The Park National Bank (“Park National Bank”), effective April 27, 2015.

Mr. McConnell has served as a director of Park since 1986 and as a member of the Board of Directors of Park National Bank since 1977, a span of nearly five decades. Mr. McConnell is an original member of the Park Board of Directors. Mr. McConnell served on various committees and in various leadership roles of Park and Park National Bank during his 50+ year career.

In recognition of his many years of dedicated service and commitment to Park and its subsidiaries -- in particular, Park National Bank -- as well as the judgment, wisdom and perspective he has provided, the respective Boards of Directors of Park and Park National Bank intend to name Mr. McConnell as Director Emeritus on April 27, 2015 following the expiration of his term as a director of each of Park and Park National Bank. Mr. McConnell will also be recognized at the 2015 Annual Meeting for his many significant contributions to the Park organization.

Election of New Director

On January 26, 2015, upon the recommendation of its Nominating and Corporate Governance Committee, the Board of Directors of Park elected James R. DeRoberts to fill the vacancy in the class of directors whose terms are to expire at the 2017 Annual Meeting of Shareholders. Mr. DeRoberts’ election will be effective February 16, 2015. On January 27, 2015, the Board of Directors of Park National Bank also elected Mr. DeRoberts as a director, effective February 16, 2015. Mr. DeRoberts is a partner at Gardiner Allen DeRoberts Insurance located in Columbus, Ohio.

The Park Board of Directors has affirmatively determined that Mr. DeRoberts meets the applicable standards for an “independent director” under Section 803A of the NYSE MKT LLC (“NYSE MKT”) Company Guide and that he does not have any relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director of Park. In making these determinations, the Park Board of Directors considered the fact that Mr. DeRoberts’ firm has provided insurance and risk management consulting services to Park and its subsidiaries in an amount not exceeding $200,000 in each of Park’s last three full fiscal years -- $163,687 in the fiscal year ended December 31, 2014 -- and continues to do so. In addition, Mr. DeRoberts’ father (a) owns a 7% Subordinated Note due April 20, 2022 in the original principal amount of $250,000 issued by Park on April 20, 2012 and (b) owned (until it was repaid by Park on December 24, 2014) a 10% Subordinated Note due December 23, 2019 in the original principal amount of $300,000 issued by Park on December 23, 2009.

On January 26, 2015, the Park Board of Directors also appointed Mr. DeRoberts to serve on the Investment Committee and the Risk Committee of the Board, effective upon his becoming a director of Park.

As a non-employee director, Mr. DeRoberts will receive compensation in the same manner as Park’s other non-employee directors, which compensation Park previously disclosed in its definitive proxy statement for the 2014 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on February 28, 2014.

Item 7.01 - Regulation FD Disclosure

Financial Results by segment

The table below reflects the net income (loss) by segment for each quarter of 2014 and for the fiscal years ended December 31, 2014, 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)	Q4 2014			Q3 2014			Q2 2014			Q1 2014			2014			2013			2012
PNB	$	22,007		$	19,237		$	22,189		$	19,607		$	83,040		$	75,594		$	87,106
GFSC	(323		)	416			478			604			1,175			2,888			3,550
Parent Company	(1,523		)	(1,378		)	(1,245		)	(904		)	(5,050		)	(1,397		)	195
Ongoing operations	$	20,161		$	18,275		$	21,422		$	19,307		$	79,165		$	77,085		$	90,851
SEPH	4,180			28			405			312			4,925			142			(12,221		)
Total Park	$	24,341		$	18,303		$	21,827		$	19,619		$	84,090		$	77,227		$	78,630
Preferred dividends and accretion	—			—			—			—			—			—			3,425
Net income available to common shareholders	$	24,341		$	18,303		$	21,827		$	19,619		$	84,090		$	77,227		$	75,205

The category “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, which excludes the results of SEPH, 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 regarding SEPH.

The Park National Bank (PNB)

The table below reflects PNB's net income for each quarter of 2014 and for the fiscal years ended December 31, 2014, 2013 and 2012.



(In thousands)	Q4 2014			Q3 2014		Q2 2014		Q1 2014			2014			2013		2012
Net interest income	$	54,852		$	55,400	$	55,290	$	53,099		$	218,641		$	210,781	$	221,758
(Recovery of) Provision for loan losses	(4,553		)	6,527		1,683		(140		)	3,517			14,039		16,678
Other income	17,532			18,415		18,892		15,703			70,542			70,841		70,739
(Loss)/Gain on sale of investment securities	(1,175		)	—		17		—			(1,158		)	—		—
Other expense	46,152			40,923		41,979		42,311			171,365			165,665		156,516
Income before income taxes	$	29,610		$	26,365	$	30,537	$	26,631		$	113,143		$	101,918	$	119,303
Federal income taxes	7,603			7,128		8,348		7,024			30,103			26,324		32,197
Net income	$	22,007		$	19,237	$	22,189	$	19,607		$	83,040		$	75,594	$	87,106

PNB results for the fiscal year ended December 31, 2014 included income and expense related to participations in legacy Vision Bank ("Vision") assets. For the fiscal year ended December 31, 2014, there were net recoveries of $6.2 million ($3.2 million during the fourth quarter), OREO gains of $1.2 million, and expenses of $2.0 million related to participations in legacy Vision assets. For the fiscal year ended December 31, 2013, there were net recoveries of $0.6 million, and expenses of $1.6 million related to participations in legacy Vision assets.

The table below provides certain balance sheet information and financial ratios for PNB as of and for the fiscal years ended December 31, 2014 and December 31, 2013.



(In thousands)	December 31, 2014			December 31, 2013			% change from 12/31/13
Loans	$	4,781,761		$	4,559,406		4.88	%
Allowance for loan losses	52,000			56,888			(8.59	)%
Net loans	4,729,761			4,502,518			5.05	%
Investment securities	1,498,444			1,421,937			5.38	%
Total assets	6,912,443			6,524,098			5.95	%
Average assets	6,792,672			6,576,420			3.29	%
Return on average assets	1.22		%	1.15		%	6.09	%

Loans outstanding at December 31, 2014 of $4.78 billion represented an increase of $222 million, or 4.88%, compared to the loans outstanding of $4.56 billion at December 31, 2013. The $222 million increase in loans experienced at PNB in 2014 was related to growth in PNB's retained residential mortgage loan portfolio of approximately $48 million, in the consumer loan portfolio of approximately $167 million, and in the commercial loan portfolio of approximately $7 million.

PNB's allowance for loan losses decreased by $4.9 million, or 8.59%, to $52.0 million at December 31, 2014, compared to $56.9 million at December 31, 2013. Net charge-offs were $8.4 million, or charge-offs of 0.18% of total average loans, for the fiscal year ended December 31, 2014. Refer to the “Credit Metrics and (Recovery of) Provision for Loan Losses” section for additional information regarding the credit metrics of PNB's loan portfolio.

Guardian Financial Services Company (GFSC)

The table below reflects GFSC's net income (loss) for each quarter of 2014 and for the fiscal years ended December 31, 2014, 2013, and 2012.



(In thousands)	Q4 2014			Q3 2014		Q2 2014		Q1 2014		2014			2013		2012
Net interest income	$	1,778		$	1,838	$	1,863	$	1,978	$	7,457		$	8,741	$	9,156
Provision for loan losses	530			425		315		274		1,544			1,175		859
Other income (loss)	(2		)	—		—		1		(1		)	11		—
Other expense	1,742			774		812		775		4,103			3,133		2,835
Income (loss) before income taxes	$	(496	)	$	639	$	736	$	930	$	1,809		$	4,444	$	5,462
Federal income taxes (benefit)	(173		)	223		258		326		634			1,556		1,912
Net income (loss)	$	(323	)	$	416	$	478	$	604	$	1,175		$	2,888	$	3,550

The table below provides certain balance sheet information and financial ratios for GFSC as of and for the fiscal years ended December 31, 2014 and December 31, 2013.



(In thousands)	December 31, 2014			December 31, 2013			% change from 12/31/13
Loans	$	40,645		$	47,228		(13.94	)%
Allowance for loan losses	2,352			2,581			(8.87	)%
Net loans	38,293			44,647			(14.23	)%
Total assets	40,308			47,115			(14.45	)%
Average assets	43,038			49,481			(13.02	)%
Return on average assets	2.73		%	5.84		%	(53.25	)%

Park Parent Company

The table below reflects the Park Parent Company net income (loss) for each quarter of 2014 and for the fiscal years ended December 31, 2014, 2013, and 2012.



(In thousands)	Q4 2014			Q3 2014			Q2 2014			Q1 2014			2014			2013			2012
Net interest income (expense)	$	(555	)	$	(561	)	$	(494	)	$	(402	)	$	(2,012	)	$	2,828		$	4,742
Provision for loan losses	—			—			—			—			—			—			—
Other income (loss)	93			89			(114		)	107			175			469			233
Other expense	2,043			1,874			1,992			2,091			8,000			7,520			6,585
Loss before income taxes	$	(2,505	)	$	(2,346	)	$	(2,600	)	$	(2,386	)	$	(9,837	)	$	(4,223	)	$	(1,610	)
Federal income tax benefit	(982		)	(968		)	(1,355		)	(1,482		)	(4,787		)	(2,826		)	(1,805		)
Net income (loss)	$	(1,523	)	$	(1,378	)	$	(1,245	)	$	(904	)	$	(5,050	)	$	(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 on December 23, 2009 and April 20, 2012, respectively. Park paid in full the $35.25 million outstanding principal amount of the 10% Subordinated Notes due December 23, 2019, plus accrued interest, on December 24, 2014, the earliest redemption date allowable under the related note purchase agreement dated December 23, 2009.

SEPH

The table below reflects SEPH's net income (loss) for each quarter of 2014 and for the fiscal years ended December 31, 2014, 2013 and 2012. SEPH holds the remaining assets and liabilities of those retained by Vision subsequent to the sale of the Vision business on February 16, 2012. Prior to holding the remaining Vision assets, SEPH held OREO assets that were transferred from Vision to SEPH. This segment represents a run-off portfolio of the legacy Vision assets.



(In thousands)	Q4 2014			Q3 2014			Q2 2014			Q1 2014			2014			2013			2012
Net interest income (expense)	$	1,219		$	32		$	(98	)	$	(195	)	$	958		$	(1,325	)	$	(341	)
(Recovery of) provision for loan losses	(4,326		)	(2,451		)	(3,258		)	(2,359		)	(12,394		)	(11,799		)	17,882
Other income (loss)	3,386			892			876			837			5,991			1,956			(736		)
Gain on sale of Vision business	—			—			—			—			—			—			22,167
Other expense	2,500			3,332			3,413			2,521			11,766			12,211			22,032
Income (loss) before income taxes	$	6,431		$	43		$	623		$	480		$	7,577		$	219		$	(18,824	)
Federal income taxes (benefit)	2,251			15			218			168			2,652			77			(6,603		)
Net income (loss)	$	4,180		$	28		$	405		$	312		$	4,925		$	142		$	(12,221	)
Net income (loss) excluding gain on sale of Vision business	$	4,180		$	28		$	405		$	312		$	4,925		$	142		$	(26,630	)

SEPH's financial results for the fiscal year ended December 31, 2014 included net recoveries of $12.4 million. The net recoveries during 2014 consisted of charge-offs of $1.1 million, offset by recoveries of $13.5 million. Other income for the fiscal year ended December 31, 2014 at SEPH of $6.0 million was largely related to net gains on the sale of OREO of $3.3 million, and non yield loan fee income of $1.3 million, offset by OREO devaluations of $831,000. Additionally, other income for the fourth quarter and fiscal year ended December 31, 2014 included a $2.2 million gain on sale of SEPH loans held for sale in the fourth quarter of 2014. SEPH sold $5.8 million of commercial loans which had been moved to held for sale as of September 30, 2014.

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 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 the unpaid principal balance, as of December 31, 2014.



SEPH - Retained Vision Loan Portfolio

(In thousands)	Unpaid Principal Balance		Aggregate Charge-Offs		Net Book Balance		Charge-off Percentage
Nonperforming loans	$	43,901	$	20,888	$	23,013	47.58	%
Performing loans - retained by SEPH	1,035		92		943		8.89	%
Total SEPH loan exposure	$	44,936	$	20,980	$	23,956	46.69	%

The table below provides an overview of SEPH loans and OREO, representing the legacy Vision assets. This information is provided as of December 31, 2014, 2013, and 2012, showing the decline in legacy Vision assets at SEPH over the last two years.



(In thousands)	SEPH 12/31/14		SEPH 12/31/13		SEPH 12/31/12		Change from 12/31/13			Change from 12/31/12
Nonperforming loans	$	23,013	$	36,108	$	55,292	$	(13,095	)	$	(32,279	)
OREO	11,918		23,224		21,003		(11,306		)	(9,085		)
Total nonperforming assets	$	34,931	$	59,332	$	76,295	$	(24,401	)	$	(41,364	)
Performing loans	$	943	$	1,907	$	3,886	$	(964	)	$	(2,943	)
Total SEPH - Legacy Vision assets	$	35,874	$	61,239	$	80,181	$	(25,365	)	$	(44,307	)

In addition to the SEPH assets listed above, PNB participations in legacy Vision assets totaled $11.5 million, $12.3 million and $19.2 million at December 31, 2014, 2013, and 2012, respectively.

Park National Corporation

The table below reflects Park's net income for each quarter of 2014 and for the fiscal years ended December 31, 2014, 2013, and 2012.



(In thousands)	Q4 2014			Q3 2014		Q2 2014			Q1 2014			2014			2013		2012
Net interest income	$	57,294		$	56,709	$	56,561		$	54,480		$	225,044		$	221,025	$	235,315
(Recovery of) provision for loan losses	(8,349		)	4,501		(1,260		)	(2,225		)	(7,333		)	3,415		35,419
Other income	21,009			19,396		19,654			16,648			76,707			73,277		70,236
Gain/(loss) on sale of investment securities	(1,175		)	—		17			—			(1,158		)	—		—
Gain on sale of Vision business	—			—		—			—			—			—		22,167
Other expense	52,437			46,903		48,196			47,698			195,234			188,529		187,968
Income before income taxes	$	33,040		$	24,701	$	29,296		$	25,655		$	112,692		$	102,358	$	104,331
Federal income taxes	8,699			6,398		7,469			6,036			28,602			25,131		25,701
Net income	$	24,341		$	18,303	$	21,827		$	19,619		$	84,090		$	77,227	$	78,630
Net income excluding the gain on sale of Vision business	$	24,341		$	18,303	$	21,827		$	19,619		$	84,090		$	77,227	$	64,221

Park’s other income for the fourth quarter of 2014 was $21.0 million, an increase of $2.4 million from the average other income reported in the first three quarters of 2014, which averaged $18.6 million. The $2.4 million increase in other income was primarily due to the $1.9 million net gain on sale of commercial loans held for sale at PNB and SEPH.

Park’s other expense for the fourth quarter of 2014 was $52.4 million, an increase of $4.8 million from the average other expense reported in the first three quarters of 2014, which averaged $47.6 million. The $4.8 million increase in other expense was primarily due to $4.4 million of expense related to a charitable contribution, a third-party vendor contract termination fee and expense associated with the sale of the commercial loans held for sale.

Credit Metrics and (Recovery of) Provision for Loan Losses

Park reported a recovery of loan losses for the fiscal year ended December 31, 2014 of $7.3 million, compared to provisions for loan losses of $3.4 million and $35.4 million for the fiscal years ended December 31, 2013 and 2012, respectively. The table below shows a breakdown of the (recovery of) provision for loan losses by reportable segment.



(In thousands)	Q4 2014			Q3 2014			Q2 2014			Q1 2014			2014			2013			2012
PNB	$	(4,553	)	$	6,527		$	1,683		$	(140	)	$	3,517		$	14,039		$	16,678
GFSC	530			425			315			274			1,544			1,175			859
Park Parent	—			—			—			—			—			—			—
Total Ongoing Operations	$	(4,023	)	$	6,952		$	1,998		$	134		$	5,061		$	15,214		$	17,537
SEPH	(4,326		)	(2,451		)	(3,258		)	(2,359		)	(12,394		)	(11,799		)	17,882
Total Park	$	(8,349	)	$	4,501		$	(1,260	)	$	(2,225	)	$	(7,333	)	$	3,415		$	35,419

SEPH had net recoveries of $12.4 million, PNB had net charge-offs of $8.4 million, and GFSC had net charge-offs of $1.8 million for the fiscal year ended December 31, 2014, resulting in net recoveries of $2.2 million for Park. The provision for loan losses for Park's ongoing operations (PNB and GFSC) was $5.1 million for the fiscal year ended December 31, 2014, a $10.1 million decline from the $15.2 million provision for the fiscal year ended December 31, 2013. This decline in the provision for

loan losses for Park's ongoing operations was largely due to improvements in credit metrics at PNB, and fewer impaired commercial loans requiring specific reserves at December 31, 2014 compared to December 31, 2013.

The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of December 31, 2014, 2013, and 2012.



(In thousands)	12/31/2014			12/31/2013			12/31/2012
Total allowance for loan losses	$	54,352		$	59,468		$	55,537
Specific reserve	3,660			10,451			8,276
General reserve	$	50,692		$	49,017		$	47,261

Total loans	$	4,805,725		$	4,582,491		$	4,391,145
Impaired loans	51,323			77,038			89,365
Performing loans	$	4,754,402		$	4,505,453		$	4,301,780

General reserve as a % of performing loans	1.07		%	1.09		%	1.10		%

Note: The table above includes only those loans at PNB and GFSC, as these are the entities that have an ALLL balance. The table in the "Asset Quality Information" section of the financial information included with the Financial Results News Release, includes all Park loans (including those at SEPH) and thus shows slightly different information.

As the table above shows, specific reserves were $3.7 million at December 31, 2014, a decrease of $6.8 million, compared to $10.5 million at December 31, 2013. The decline in specific reserves was largely related to the second quarter 2014 charge-off of approximately $4.7 million related to one loan relationship, which previously had a specific reserve of $4.8 million associated with it that had been established in the third quarter of 2013, and charge-offs of $1.2 million related to the specific reserves previously established against the loans moved to loans held for sale in the third quarter of 2014 and sold in the fourth quarter of 2014. General reserves for Park’s ongoing operations increased to $50.7 million at December 31, 2014, an increase of $1.7 million, or 3.5%, compared to $49.0 million at December 31, 2013. The general reserve as a percentage of performing loans was 1.07% at December 31, 2014, compared to 1.09% at December 31, 2013. The decrease in general reserve as a percentage of performing loans was primarily due to a fourth quarter of 2014 update of the historical loss factor assumptions in the general reserve calculation, for which assumptions are updated in the fourth quarter each year.

Overall, credit metrics continued to improve at Park. The table below provides additional information regarding the declines in nonaccrual loans as a percentage of period end loans and nonperforming assets as a percentage of period end assets for Park over the last five years.



	Year ended December 31,
	2014		2013		2012		2011		2010
Nonaccrual loans as a percentage of period end loans	2.08	%	2.93	%	3.49	%	4.52	%	6.11	%

Nonperforming assets as a percentage of period end assets	2.03	%	2.87	%	3.37	%	3.86	%	4.59	%

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 our 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 our 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; changes in customers', suppliers', and other counterparties' performance and creditworthiness; 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, changes to third-party relationships and our ability to attract, develop and retain qualified bank professionals; clients could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and our 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 trade, monetary, fiscal and other governmental policies of the United States federal government, including interest rate policies of the Federal Reserve; disruption in the liquidity and other functioning of United States financial markets; the impact on financial markets and the economy of any changes in the credit ratings of the U.S. Treasury obligations and other U.S. government-backed debt, as well as issues surrounding the levels of U.S. and European government debt and concerns regarding the creditworthiness of certain sovereign governments, supranationals and financial institutions in Europe; unfavorable resolution of legal proceedings or other claims and regulatory and other governmental examinations or other inquiries; 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 our 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.

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on January 26, 2015, 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 March 10, 2015 to common shareholders of record as of the close of business on February 20, 2015. 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.

Notification of Date of 2015 Annual Meeting

On January 26, 2015, Park’s Board of Directors took action to fix the date of Park’s 2015 Annual Meeting, which will be held on April 27, 2015. The record date for determining the shareholders entitled to receive notice of and vote at the 2015 Annual Meeting was also fixed, on January 26, 2015, by Park’s Board of Directors to be the close of business on February 27, 2015.

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 January 26, 2015 addressing financial results for the three months and fiscal year ended December 31, 2014, the notification of retirement from the Board of Directors received from William T. McConnell and the election of a new director.

[Remainder of page intentionally left blank;

signature page follows.]

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: January 26, 2015	By:	/s/ Brady T. Burt
		Brady T. Burt
		Chief Financial Officer, Secretary and Treasurer

INDEX TO EXHIBITS

Current Report on Form 8-K

Dated January 26, 2015

Park National Corporation



Exhibit No.	Description
99.1	News Release issued by Park National Corporation on January 26, 2015 addressing financial results for the three months and fiscal year ended December 31, 2014, the notification of retirement from the Board of Directors received from William T. McConnell and the election of a new director.

EX-99.1 2 exhibit991earningsrelease4.htm EXHIBIT 99.1 Exhibit 99.1 Earnings Release 4Q 2014

January 26, 2015 Exhibit 99.1

Park National Corporation reports fourth quarter and full year 2014

financial results and declares dividend

Net income rises and past Chairman William T. McConnell announces retirement

NEWARK, Ohio − Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the three months (fourth quarter) and year ended December 31, 2014. Park’s steady loan growth helped generate increased earnings for both the quarter and the year. The board of directors declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2015 to common shareholders of record as of February 20, 2015. The board also acknowledged the upcoming retirement of its past Chairman William T. McConnell.

Financial performance highlights

Park’s net income for the fourth quarter of 2014 was $24.3 million, compared to $17.5 million for the same period in 2013, an increase of $6.8 million or 38.9 percent. Net income per diluted common share for the fourth quarter of 2014 was $1.58, compared to $1.13 in the same period of 2013.

Park’s net income for the twelve months ended December 31, 2014 was $84.1 million, compared to $77.2 million for the same period in 2013, an increase of $6.9 million or 8.9 percent. Net income per diluted common share was $5.46 for the year ended December 31, 2014, compared to $5.01 for the same period of 2013.

“Individuals and business owners continue to tell us our local lenders consistently deliver professional, reliable service and a variety of loan options,” said Park President and CEO David L. Trautman. “I applaud our associates for their unwavering focus on serving our customers and inviting more to choose our bank.”

Park’s community-banking subsidiary, The Park National Bank, reported net income of $83.0 million for the year ended December 31, 2014, compared to net income of $75.6 million for the same period of 2013. The Park National Bank had total assets of $6.9 billion at December 31, 2014 and $6.5 billion at December 31, 2013. This performance generated a return on average assets of 1.22 percent and 1.15 percent for the bank for the twelve-month periods ended December 31, 2014 and 2013, respectively.

The Park National Bank loan portfolio expanded during the fourth quarter and full year 2014. Loans outstanding at December 31, 2014 were $4.78 billion, compared to $4.74 billion at September 30, 2014, an increase of $38 million or an annualized 3.14 percent. Loan growth for the year ended December 31, 2014 was $222 million, an increase of 4.88 percent, compared to the $4.56 billion outstanding at December 31, 2013. The $222 million increase in loans during 2014 was largely due to new loans added in the consumer loan portfolio, which increased by approximately $167 million.

Board member changes

Park Director William T. McConnell notified the board that he will retire from board service, effective April 27, 2015 at the end of his current term. A Park National Corporation board member since 1986, he is a past chairman of the board and most recently led the board’s executive committee. Also today, the board reported its plan to name McConnell a Director Emeritus on April 27, 2015.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

“After 55 years of service to the Park National organization, we want to express our profound gratitude for all that Bill has given us,” said Park Chairman C. Daniel DeLawder. “He is a man of impeccable integrity, quick witted and smart as a whip. Bill’s forward-thinking style and superb leadership shaped this organization into what it is today. Individuals here at Park National, within our larger community and those exposed to the broader role he played within our industry at the state and national level have relied on his counsel and benefitted from his support. It’s an honor to call him a friend.”

The board elected a new board member to fill a vacancy in class of directors whose terms expire at the 2017 annual meeting of Park shareholders. James R. DeRoberts will join the boards of directors for both Park National Corporation and The Park National Bank effective February 16, 2015. DeRoberts is a partner at Gardiner Allen DeRoberts Insurance.

About Park National Corporation

Headquartered in Newark, Ohio, Park National Corporation had $7.0 billion in total assets (as of December 31, 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 National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights
Three months ended December 31, 2014, September 30, 2014, and December 31, 2013

	2014			2014			2013			Percent change vs.
(in thousands, except share and per share data)	4th QTR			3rd QTR			4th QTR			3Q '14		4Q '13
INCOME STATEMENT:
Net interest income	$	57,294		$	56,709		$	55,900		1.0	%	2.5	%
(Recovery of) provision for loan losses	(8,349		)	4,501			(85		)	N.M.		N.M.
Other income	21,009			19,396			17,778			8.3	%	18.2	%
Loss on sale of investment securities	(1,175		)	—			—			N.M.		N.M.
Other expense	52,437			46,903			51,146			11.8	%	2.5	%
Income before income taxes	$	33,040		$	24,701		$	22,617		33.8	%	46.1	%
Income taxes	8,699			6,398			5,163			36.0	%	68.5	%
Net income	$	24,341		$	18,303		$	17,454		33.0	%	39.5	%

MARKET DATA:
Earnings per common share - basic (b)	$	1.58		$	1.19		$	1.13		32.8	%	39.8	%
Earnings per common share - diluted (b)	1.58			1.19			1.13			32.8	%	39.8	%
Cash dividends per common share	0.94			0.94			0.94			—	%	—	%
Book value per common share at period end	45.39			44.70			42.29			1.5	%	7.3	%
Stock price per common share at period end	88.48			75.42			85.07			17.3	%	4.0	%
Market capitalization at period end	1,361,919			1,160,896			1,311,095			17.3	%	3.9	%

Weighted average common shares - basic (a)	15,393,924			15,392,421			15,413,517			—	%	(0.1	)%
Weighted average common shares - diluted (a)	15,414,433			15,413,664			15,413,517			—	%	—	%
Common shares outstanding at period end	15,392,399			15,392,413			15,411,952			—	%	(0.1	)%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.35		%	1.05		%	1.03		%	28.6	%	31.1	%
Return on average equity (a)(b)	13.81		%	10.51		%	10.87		%	31.4	%	27.0	%
Yield on loans	4.83		%	4.80		%	4.95		%	0.6	%	(2.4)	%
Yield on investments	2.53		%	2.54		%	2.53		%	(0.4)	%	—	%
Yield on money markets	0.25		%	0.25		%	0.21		%	—	%	19.0	%
Yield on earning assets	4.11		%	4.17		%	4.24		%	(1.4)	%	(3.1)	%
Cost of interest bearing deposits	0.32		%	0.27		%	0.31		%	18.5	%	3.2	%
Cost of borrowings	2.51		%	2.58		%	2.50		%	(2.7)	%	0.4	%
Cost of paying liabilities	0.82		%	0.79		%	0.83		%	3.8	%	(1.2)	%
Net interest margin (g)	3.47		%	3.55		%	3.59		%	(2.3)	%	(3.3)	%
Efficiency ratio (g)	67.82		%	61.46		%	69.16		%	10.3	%	(1.9)	%

OTHER RATIOS (NON - GAAP):
Annualized return on average tangible assets (a)(b)(e)	1.37		%	1.06		%	1.04		%	29.2	%	31.7	%
Annualized return on average tangible equity (a)(b)(c)	15.40		%	11.74		%	12.27		%	31.2	%	25.5	%
Tangible book value per share (d)	$	40.69		$	40.00		$	37.60		1.7	%	8.2	%

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 December 31, 2014, September 30, 2014, and December 31, 2013

										Percent change vs.
BALANCE SHEET:	December 31, 2014			September 30, 2014			December 31, 2013			3Q '14		4Q '13

Investment securities	$	1,500,788		$	1,472,625		$	1,424,234		1.9	%	5.4	%
Loans	4,829,682			4,770,433			4,620,505			1.2	%	4.5	%
Allowance for loan losses	54,352			57,674			59,468			(5.8)	%	(8.6)	%
Goodwill and other intangibles	72,334			72,334			72,334			—	%	—	%
Other real estate owned	22,605			19,185			34,636			17.8	%	(34.7)	%
Loans held for sale ¹	—			28,606			—			N.M.		N.M.
Total assets	7,003,256			7,013,272			6,638,347			(0.1)	%	5.5	%
Total deposits	5,128,000			5,129,004			4,789,994			—	%	7.1	%
Borrowings	1,108,582			1,137,653			1,132,820			(2.6)	%	(2.1)	%
Shareholders' equity	698,598			688,016			651,747			1.5	%	7.2	%
Tangible equity (d)	626,264			615,682			579,413			1.7	%	8.1	%
Nonperforming loans	119,288			119,393			155,640			(0.1)	%	(23.4)	%
Nonperforming assets	141,893			160,563			190,276			(11.6)	%	(25.4)	%
¹ Loans held for sale at September 30, 2014 included both commercial ($22.0 million) and mortgage loans ($6.6 million) held for sale. There were no amounts reported as held for sale as of December 31, 2014 and 2013, respectively, as the only loans held for sale are the mortgage loans held for sale in each period, which were deemed immaterial and are thus not broken out separately.

ASSET QUALITY RATIOS:
Loans as a % of period end assets	68.96		%	68.02		%	69.60		%	1.4	%	(0.9)	%
Nonperforming loans as a % of period end loans	2.47		%	2.50		%	3.37		%	(1.2)	%	(26.7)	%
Nonperforming assets as a % of period end loans + OREO	2.92		%	3.35		%	4.09		%	(12.8)	%	(28.6)	%
Allowance for loan losses as a % of period end loans	1.13		%	1.21		%	1.29		%	(6.6)	%	(12.4)	%
Net loan charge-offs (recoveries)	$	(5,027	)	$	4,738		$	(1,659	)	N.M.		N.M.
Annualized net loan charge-offs (recoveries) as a % of average loans (a)	(0.41)		%	0.39		%	(0.14)		%	N.M.		N.M.

CAPITAL & LIQUIDITY:
Total equity / Period end assets	9.98		%	9.81		%	9.82		%	1.7	%	1.6	%
Tangible equity (d) / Tangible assets (f)	9.04		%	8.87		%	8.82		%	1.9	%	2.5	%
Average equity / Average assets (a)	9.80		%	10.01		%	9.49		%	(2.1)	%	3.3	%
Average equity / Average loans (a)	14.53		%	14.49		%	13.86		%	0.3	%	4.8	%
Average loans / Average deposits (a)	92.43		%	95.04		%	94.74		%	(2.7)	%	(2.4)	%

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
Twelve months ended December 31, 2014 and 2013

(in thousands, except share and per share data)	2014			2013			Percent change vs. 2013
INCOME STATEMENT:
Net interest income	$	225,044		$	221,025		1.8	%
(Recovery of) provision for loan losses	(7,333		)	3,415			N.M.
Other income	76,707			73,277			4.7	%
Loss on sale of investment securities	(1,158		)	—			N.M.
Other expense	195,234			188,529			3.6	%
Income before income taxes	$	112,692		$	102,358		10.1	%
Income taxes	28,602			25,131			13.8	%
Net income	$	84,090		$	77,227		8.9	%

MARKET DATA:
Earnings per common share - basic (b)	$	5.46		$	5.01		9.0	%
Earnings per common share - diluted (b)	5.46			5.01			9.0	%
Cash dividends per common share	3.76			3.76			—	%

Weighted average common shares - basic (a)	15,394,971			15,412,365			(0.1	)%
Weighted average common shares - diluted (a)	15,413,832			15,412,365			—	%

PERFORMANCE RATIOS: (Annualized)
Return on average assets (a)(b)	1.22		%	1.15		%	6.1	%
Return on average equity (a)(b)	12.32		%	11.96		%	3.0	%
Yield on loans	4.84		%	5.02		%	(3.6	)%
Yield on investments	2.58		%	2.67		%	(3.4	)%
Yield on earning assets	4.19		%	4.29		%	(2.3	)%
Cost of interest bearing deposits	0.29		%	0.35		%	(17.1	)%
Cost of borrowings	2.57		%	2.57		%	—	%
Cost of paying liabilities	0.81		%	0.86		%	(5.8	)%
Net interest margin (g)	3.55		%	3.61		%	(1.7	)%
Efficiency ratio (g)	64.77		%	63.78		%	1.6	%

ASSET QUALITY RATIOS:
Net loan charge-offs	$	(2,217	)	$	(516	)	N.M.
Net loan charge-offs as a % of average loans (a)	(0.05		)%	(0.01		)%	N.M.

CAPITAL & LIQUIDITY:
Average stockholders' equity / Average assets (a)	9.90		%	9.63		%	2.8	%
Average stockholders' equity / Average loans (a)	14.47		%	14.30		%	1.2	%
Average loans / Average deposits (a)	94.02		%	92.90		%	1.2	%

OTHER RATIOS (NON GAAP):
Return on average tangible assets (a)(b)(e)	1.23		%	1.16		%	6.0	%
Return on average tangible equity (a)(b)(c)	13.78		%	13.48		%	2.2	%
Note: Explanations (a) - (g) are included at the end of the financial highlights.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights (continued)

(a) Averages are for the quarters ended December 31, 2014, September 30, 2014 and December 31, 2013 or for the fiscal years ended December 31, 2014 and 2013, as appropriate.
(b) Reported measure uses net income.
(c) Net income for each period divided by average tangible equity during the period. Average tangible 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 EQUITY:
	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31, 2014		September 30, 2014		December 31, 2013		December 31, 2014		December 31, 2013
AVERAGE SHAREHOLDERS' EQUITY	$	699,218	$	691,085	$	636,886	$	682,455	$	645,533
Less: Average goodwill and other intangibles	72,334		72,334		72,334		72,334		72,464
AVERAGE TANGIBLE EQUITY	$	626,884	$	618,751	$	564,552	$	610,121	$	573,069

(d) Tangible book value divided by common shares outstanding at period end. Tangible 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 EQUITY:
	December 31, 2014		September 30, 2014		December 31, 2013
SHAREHOLDERS' EQUITY	$	698,598	$	688,016	$	651,747
Less: Goodwill and other intangibles	72,334		72,334		72,334
TANGIBLE EQUITY	$	626,264	$	615,682	$	579,413

(e) Net income available to 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						TWELVE MONTHS ENDED
	December 31, 2014		September 30, 2014		December 31, 2013		December 31, 2014		December 31, 2013
AVERAGE ASSETS	$	7,132,800	$	6,903,127	$	6,707,975	$	6,895,308	$	6,702,973
Less: Average goodwill and other intangibles	72,334		72,334		72,334		72,334		72,464
AVERAGE TANGIBLE ASSETS	$	7,060,466	$	6,830,793	$	6,635,641	$	6,822,974	$	6,630,509

(f) Tangible 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:
	December 31, 2014		September 30, 2014		December 31, 2013
TOTAL ASSETS	$	7,003,256	$	7,013,272	$	6,638,347
Less: Goodwill and other intangibles	72,334		72,334		72,334
TANGIBLE ASSETS	$	6,930,922	$	6,940,938	$	6,566,013

(g) Efficiency ratio is calculated by dividing total other expense 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						TWELVE MONTHS ENDED
	December 31, 2014		September 30, 2014		December 31, 2013		December 31, 2014		December 31, 2013
Interest income	$	67,816	$	66,622	$	66,066	$	265,143	$	262,947
Fully taxable equivalent adjustment	191		209		273		845		1,302
Fully taxable equivalent interest income	$	68,007	$	66,831	$	66,339	$	265,988	$	264,249
Interest expense	10,522		9,913		10,166		40,099		41,922
Fully taxable equivalent net interest income	$	57,485	$	56,918	$	56,173	$	225,889	$	222,327

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except share and per share data)	2014			2013			2014			2013

Interest income:
Interest and fees on loans	$	58,395		$	57,038		$	227,644		$	225,538
Interest on:
Obligations of U.S. Government, its agencies
and other securities	9,223			8,911			36,981			36,686
Obligations of states and political subdivisions	—			4			3			45
Other interest income	198			113			515			678
Total interest income	67,816			66,066			265,143			262,947

Interest expense:
Interest on deposits:
Demand and savings deposits	445			382			1,677			1,773
Time deposits	2,776			2,516			9,323			11,235
Interest on borrowings	7,301			7,268			29,099			28,914
Total interest expense	10,522			10,166			40,099			41,922

Net interest income	57,294			55,900			225,044			221,025

(Recovery of) provision for loan losses	(8,349		)	(85		)	(7,333		)	3,415

Net interest income after (recovery of) provision for loan losses	65,643			55,985			232,377			217,610

Other income	21,009			17,778			76,707			73,277

Loss on sale of investment securities	(1,175		)	—			(1,158		)	—

Other expense	52,437			51,146			195,234			188,529

Income before income taxes	33,040			22,617			112,692			102,358

Income taxes	8,699			5,163			28,602			25,131

Net income	$	24,341		$	17,454		$	84,090		$	77,227

Per Common Share:
Net income - basic	$	1.58		$	1.13		$	5.46		$	5.01
Net income - diluted	$	1.58		$	1.13		$	5.46		$	5.01

Weighted average shares - basic	15,393,924			15,413,517			15,394,971			15,412,365
Weighted average shares - diluted	15,414,433			15,413,517			15,413,832			15,412,365

Cash Dividends Declared	$	0.94		$	0.94		$	3.76		$	3.76

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Balance Sheets

(in thousands, except share data)	December 31, 2014			December 31, 2013

Assets

Cash and due from banks	$	133,511		$	129,078
Money market instruments	104,188			17,952
Investment securities	1,500,788			1,424,234
Loans	4,829,682			4,620,505
Allowance for loan losses	(54,352		)	(59,468		)
Loans, net	4,775,330			4,561,037
Bank premises and equipment, net	55,479			55,278
Goodwill	72,334			72,334
Other real estate owned	22,605			34,636
Other assets	339,021			343,798
Total assets	$	7,003,256		$	6,638,347

Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,269,296		$	1,193,553
Interest bearing	3,858,704			3,596,441
Total deposits	5,128,000			4,789,994
Borrowings	1,108,582			1,132,820
Other liabilities	68,076			63,786
Total liabilities	$	6,304,658		$	5,986,600


Shareholders' Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2014 and December 31, 2013)	$	—		$	—
Common shares (No par value; 20,000,000 shares authorized in 2014 and 2013; 16,150,888 shares issued at December 31, 2014 and 16,150,941 shares issued at December 31, 2013)	303,104			302,651
Accumulated other comprehensive loss, net of taxes	(13,608		)	(35,419		)
Retained earnings	486,541			460,643
Treasury shares (758,489 shares at December 31, 2014 and 738,989 at December 31, 2013)	(77,439		)	(76,128		)
Total shareholders' equity	$	698,598		$	651,747

Total liabilities and shareholders' equity	$	7,003,256		$	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						Twelve Months Ended
	December 31,						December 31,
(in thousands)	2014			2013			2014			2013

Assets

Cash and due from banks	$	118,027		$	110,644		$	112,113		$	110,796
Money market instruments	314,096			211,544			204,874			272,851
Investment securities	1,442,416			1,361,295			1,416,476			1,368,275
Loans	4,812,439			4,594,974			4,717,297			4,514,781
Allowance for loan losses	(58,760		)	(58,862		)	(58,917		)	(56,860		)
Loans, net	4,753,679			4,536,112			4,658,380			4,457,921
Bank premises and equipment, net	55,236			56,156			55,407			56,303
Goodwill and other intangibles	72,334			72,334			72,334			72,464
Other real estate owned	21,016			34,533			26,543			35,216
Other assets	355,996			325,357			349,181			329,147
Total assets	$	7,132,800		$	6,707,975		$	6,895,308		$	6,702,973


Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,266,459		$	1,163,227		$	1,196,625		$	1,117,379
Interest bearing	3,940,248			3,686,721			3,820,928			3,742,361
Total deposits	5,206,707			4,849,948			5,017,553			4,859,740
Borrowings	1,154,502			1,151,994			1,130,885			1,123,661
Other liabilities	72,373			69,147			64,415			74,039
Total liabilities	$	6,433,582		$	6,071,089		$	6,212,853		$	6,057,440

Shareholders' Equity:
Preferred shares	$	—		$	—		$	—		$	—
Common shares	303,004			302,651			302,822			302,652
Accumulated other comprehensive loss, net of taxes	(7,982		)	(49,640		)	(16,164		)	(33,324		)
Retained earnings	481,559			459,947			473,188			452,503
Treasury shares	(77,363		)	(76,072		)	(77,391		)	(76,298		)
Total shareholders' equity	$	699,218		$	636,886		$	682,455		$	645,533

Total liabilities and shareholders' equity	$	7,132,800		$	6,707,975		$	6,895,308		$	6,702,973

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters

	2014			2014		2014			2014			2013
(in thousands, except per share data)	4th QTR			3rd QTR		2nd QTR			1st QTR			4th QTR

Interest income:
Interest and fees on loans	$	58,395		$	57,492	$	57,004		$	54,753		$	57,038
Interest on:
Obligations of U.S. Government, its agencies and other securities	9,223			9,011		9,271			9,476			8,911
Obligations of states and political subdivisions	—			—		1			2			4
Other interest income	198			119		87			111			113
Total interest income	67,816			66,622		66,363			64,342			66,066

Interest expense:
Interest on deposits:
Demand and savings deposits	445			440		399			393			382
Time deposits	2,776			2,136		2,133			2,278			2,516
Interest on borrowings	7,301			7,337		7,270			7,191			7,268
Total interest expense	10,522			9,913		9,802			9,862			10,166

Net interest income	57,294			56,709		56,561			54,480			55,900

(Recovery of) provision for loan losses	(8,349		)	4,501		(1,260		)	(2,225		)	(85		)

Net interest income after (recovery of) provision for loan losses	65,643			52,208		57,821			56,705			55,985

Other income	21,009			19,396		19,654			16,648			17,778

Gain/(loss) on sale of investment securities	(1,175		)	—		17			—			—

Other expense	52,437			46,903		48,196			47,698			51,146

Income before income taxes	33,040			24,701		29,296			25,655			22,617

Income taxes	8,699			6,398		7,469			6,036			5,163

Net income	$	24,341		$	18,303	$	21,827		$	19,619		$	17,454

Per Common Share:
Net income - basic	$	1.58		$	1.19	$	1.42		$	1.27		$	1.13
Net income - diluted	$	1.58		$	1.19	$	1.42		$	1.27		$	1.13

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			2014			2014			2013
(in thousands)	4th QTR			3rd QTR			2nd QTR			1st QTR			4th QTR

Other income:
Income from fiduciary activities	$	5,050		$	4,734		$	4,825		$	4,541		$	4,590
Service charges on deposits	3,651			4,171			3,942			3,659			4,169
Other service income	3,564			2,450			2,527			1,918			2,185
Checkcard fee income	3,433			3,431			3,493			3,213			3,330
Bank owned life insurance income	1,153			1,420			1,026			1,262			1,274
OREO valuation adjustments	(380		)	(935		)	(675		)	(416		)	(951		)
Gain on the sale of OREO, net	45			2,149			2,603			706			358
Gain on loans held for sale	1,867			—			—			—			—
Miscellaneous	2,626			1,976			1,913			1,765			2,823
Total other income	$	21,009		$	19,396		$	19,654		$	16,648		$	17,778

Other expense:
Salaries and employee benefits	$	24,525		$	26,243		$	26,140		$	25,060		$	25,115
Net occupancy expense	2,378			2,339			2,457			2,832			2,415
Furniture and equipment expense	2,709			2,870			2,994			2,998			3,022
Data processing fees	1,196			1,281			1,121			1,114			1,064
Professional fees and services	8,195			6,934			8,168			6,283			10,520
Marketing	1,160			1,087			1,006			1,118			1,126
Insurance	1,413			1,396			1,467			1,447			1,391
Communication	1,328			1,304			1,293			1,343			1,489
Miscellaneous	9,533			3,449			3,550			5,503			5,004
Total other expense	$	52,437		$	46,903		$	48,196		$	47,698		$	51,146

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Asset Quality Information

	Year ended December 31,
(in thousands, except ratios)	2014				2013			2012				2011			2010

Allowance for loan losses:
Allowance for loan losses, beginning of period	$	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	24,780			(B)	19,153			61,268			(A)	133,882			66,314
Recoveries	26,997				19,669			12,942				8,798			6,092
Net (recoveries) charge-offs	(2,217		)		(516		)	48,326				125,084			60,222
(Recovery of) provision for loan losses	(7,333		)		3,415			35,419				63,272			87,080
Allowance for loan losses, end of period	$	54,352			$	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. (B) Year ended December 31, 2014 included $4.3 million in charge-offs related to the transfer of $22.0 million of commercial loans to the held for sale portfolio.

General reserve trends:
Allowance for loan losses, end of period	$	54,352			$	59,468		$	55,537			$	68,444		$	143,575
Specific reserves	3,660				10,451			8,276				15,935			66,904
General reserves	$	50,692			$	49,017		$	47,261			$	52,509		$	76,671

Total loans	$	4,829,682			$	4,620,505		$	4,450,322			$	4,317,099		$	4,732,685
Impaired commercial loans	73,676				112,304			137,238				187,074			250,933
Total loans less impaired commercial loans	$	4,756,006			$	4,508,201		$	4,313,084			$	4,130,025		$	4,481,752


Asset Quality Ratios:
Net (recoveries) charge-offs as a % of average loans	(0.05)		%		(0.01)		%	1.10		%		2.65		%	1.30		%
Allowance for loan losses as a % of period end loans	1.13		%		1.29		%	1.25		%		1.59		%	3.03		%
General reserves as a % of total loans less impaired commercial loans	1.07		%		1.09		%	1.10		%		1.27		%	1.71		%

Nonperforming Assets - Park National Corporation:
Nonaccrual loans	$	100,393			$	135,216		$	155,536			$	195,106		$	289,268
Accruing troubled debt restructuring	16,254				18,747			29,800				28,607			—
Loans past due 90 days or more	2,641				1,677			2,970				3,489			3,590
Total nonperforming loans	$	119,288			$	155,640		$	188,306			$	227,202		$	292,858
Other real estate owned - Park National Bank	10,687				11,412			14,715				13,240			8,385
Other real estate owned - SEPH	11,918				23,224			21,003				29,032			—
Other real estate owned - Vision Bank	—				—			—				—			33,324
Total nonperforming assets	$	141,893			$	190,276		$	224,024			$	269,474		$	334,567
Percentage of nonaccrual loans to period end loans	2.08		%		2.93		%	3.49		%		4.52		%	6.11		%
Percentage of nonperforming loans to period end loans	2.47		%		3.37		%	4.23		%		5.26		%	6.19		%
Percentage of nonperforming assets to period end loans	2.94		%		4.12		%	5.03		%		6.24		%	7.07		%
Percentage of nonperforming assets to period end assets	2.03		%		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)	2014			2013			2012			2011			2010

Nonperforming Assets - Park National Bank and Guardian:
Nonaccrual loans	$	77,477		$	99,108		$	100,244		$	96,113		$	117,815
Accruing troubled debt restructuring	16,157			18,747			29,800			26,342			—
Loans past due 90 days or more	2,641			1,677			2,970			3,367			3,226
Total nonperforming loans	$	96,275		$	119,532		$	133,014		$	125,822		$	121,041
Other real estate owned - Park National Bank	10,687			11,412			14,715			13,240			8,385
Total nonperforming assets	$	106,962		$	130,944		$	147,729		$	139,062		$	129,426
Percentage of nonaccrual loans to period end loans	1.61		%	2.16		%	2.28		%	2.29		%	2.88		%
Percentage of nonperforming loans to period end loans	2.00		%	2.61		%	3.03		%	3.00		%	2.96		%
Percentage of nonperforming assets to period end loans	2.23		%	2.86		%	3.36		%	3.32		%	3.16		%
Percentage of nonperforming assets to period end assets	1.55		%	2.00		%	2.27		%	2.21		%	1.99		%

Nonperforming Assets - SEPH/Vision Bank (retained portfolio as of December 31, 2014, 2013, 2012, and 2011):
Nonaccrual loans	$	22,916		$	36,108		$	55,292		$	98,993		$	171,453
Accruing troubled debt restructuring	97			—			—			2,265			—
Loans past due 90 days or more	—			—			—			122			364
Total nonperforming loans	$	23,013		$	36,108		$	55,292		$	101,380		$	171,817
Other real estate owned - Vision Bank	—			—			—			—			33,324
Other real estate owned - SEPH	11,918			23,224			21,003			29,032			—
Total nonperforming assets	$	34,931		$	59,332		$	76,295		$	130,412		$	205,141
Percentage of nonaccrual loans to period end loans	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.			26.82		%
Percentage of nonperforming assets to period end loans	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.			25.90		%

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)	2014		2013		2012		2011		2010

New nonaccrual loan information - Park National Corporation
Nonaccrual loans, beginning of period	$	135,216	$	155,536	$	195,106	$	289,268	$	233,544
New nonaccrual loans	70,059		67,398		83,204		124,158		175,175
Resolved nonaccrual loans	86,384		87,718		122,774		218,320		119,451
Sale of nonaccrual loans held for sale	18,498		—		—		—		—
Nonaccrual loans, end of period	$	100,393	$	135,216	$	155,536	$	195,106	$	289,268

New nonaccrual loan information - Ohio - based operations
Nonaccrual loans, beginning of period	$	99,108	$	100,244	$	96,113	$	117,815	$	85,197
New nonaccrual loans - Ohio-based operations	69,389		66,197		68,960		78,316		85,081
Resolved nonaccrual loans	78,288		67,333		64,829		100,018		52,463
Sale of nonaccrual loans held for sale	12,732		—		—		—		—
Nonaccrual loans, end of period	$	77,477	$	99,108	$	100,244	$	96,113	$	117,815

New nonaccrual loan information - SEPH/Vision Bank
Nonaccrual loans, beginning of period	$	36,108	$	55,292	$	98,993	$	171,453	$	148,347
New nonaccrual loans - SEPH/Vision Bank	670		1,201		14,243		45,842		90,094
Resolved nonaccrual loans	8,096		20,385		57,944		118,302		66,988
Sale of nonaccrual loans held for sale	5,766		—		—		—		—
Nonaccrual loans, end of period	$	22,916	$	36,108	$	55,292	$	98,993	$	171,453

Impaired Commercial Loan Portfolio Information (period end):
Unpaid principal balance	$	106,156	$	175,576	$	242,345	$	290,908	$	304,534
Prior charge-offs	32,480		63,272		105,107		103,834		53,601
Remaining principal balance	73,676		112,304		137,238		187,074		250,933
Specific reserves	3,660		10,451		8,276		15,935		66,904
Book value, after specific reserve	$	70,016	$	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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