0000805676-16-000157.txt : 20160422 0000805676-16-000157.hdr.sgml : 20160422 20160422161537 ACCESSION NUMBER: 0000805676-16-000157 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160422 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: 20160422 DATE AS OF CHANGE: 20160422 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: 161586873 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 a2016_03x31xearningsxrelea.htm 8-K 8-K


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)
April 22, 2016
 
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 April 22, 2016, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three months ended March 31, 2016. A copy of the 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 share. Management has included in the Financial Results News Release information relating to the annualized return on average tangible equity, annualized return on average tangible assets, tangible equity to tangible assets and tangible book value per share for the three months ended March 31, 2016, December 31, 2015 and March 31, 2015. For purposes of calculating the annualized 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 during the applicable period. For the purpose of calculating the annualized 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 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, in each case at period end. Tangible assets equals total assets less goodwill, in each case at period end. For the purpose of calculating tangible book value per share, a non-GAAP financial measure, tangible equity is divided by 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 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, 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 share are substitutes for return on average equity, return on average assets, shareholders' equity to total assets and book value per 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 quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014. 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)
Q1 2016
 
Q1 2015
 
2015
 
2014
PNB
$
21,744

 
$
19,159

 
$
84,345

 
$
82,907

GFSC
(1,836
)
 
281

 
1,423

 
1,175

Parent Company
(1,834
)
 
(694
)
 
(4,549
)
 
(5,050
)
   Ongoing operations
$
18,074

 
$
18,746

 
$
81,219


$
79,032

SEPH
612

 
298

 
(207
)
 
4,925

   Total Park
$
18,686

 
$
19,044

 
$
81,012

 
$
83,957


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 exclude 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 the first quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.
(In thousands)
 
Q1 2016
Q1 2015
2015
2014
Net interest income
 
$
57,155

$
53,821

$
220,879

$
218,641

Provision for loan losses
 
1,533

2,022

7,665

3,517

Other income
 
17,223

18,012

75,188

69,384

Other expense
 
41,360

41,932

167,476

163,641

Income before income taxes
 
$
31,485

$
27,879

$
120,926

$
120,867

    Federal income taxes
 
9,741

8,720

36,581

37,960

Net income
 
$
21,744

$
19,159

$
84,345

$
82,907


Net interest income of $57.2 million for the three months ended March 31, 2016 represented a $3.3 million, or 6.2%, increase, compared to $53.8 million for the three months ended March 31, 2015. The increase was due to a $241 million, or 5.1%, increase in average loans from $4.8 billion at March 31, 2015 to $5.0 billion at March 31, 2016, along with a 5 basis point increase in the yield on loans from 4.56% to 4.61%. Included in interest income for the three months ended March 31, 2016 is $561,000 in income related to PNB participations in legacy Vision Bank ("Vision") assets.
The provision for loan losses of $1.5 million for the three months ended March 31, 2016 represented a decrease of $489,000, compared to $2.0 million for the same period in 2015. Refer to the “Credit Metrics and Provision for (Recovery of) Loan Losses” section for additional details regarding the level of the provision for loan losses recognized in each period presented above.
Other income of $17.2 million for the three months ended March 31, 2016 represented a $789,000, or 4.4%, decrease, compared to $18.0 million for the same period in 2015. The $789,000 decrease was primarily due to income of $791,000 related to proceeds from the death benefits paid from a bank owned life insurance policy in 2015 and a decrease of $774,000 in gain on sale of OREO, net and other OREO income.  These items were offset by a $272,000 increase in other service income primarily related to mortgage loan originations, a $258,000 increase in miscellaneous income and a $201,000 increase in income from fiduciary activities. 

3


Other expense of $41.4 million for the three months ended March 31, 2016 represented a decrease of $572,000, or 1.4%, compared to $41.9 million for the same period in 2015. The $572,000 decrease was primarily related to a decrease of $1.1 million related to employee benefits expense and a reduction in expenses as $1.1 million was recognized in the first quarter of 2015 related to a prepayment penalty on borrowings and a contract termination fee, offset by a $461,000 increase in salary expense, a $587,000 increase in furniture and equipment expense, and an $823,000 increase in professional fees and services.

PNB results for the three months ended March 31, 2016 and 2015 and for the fiscal year ended December 31, 2015 included income and expense related to participations in legacy Vision assets. The impact of these participations on particular items within PNB's income and expense is detailed in the table below:
 
1Q 2016
 
1Q 2015
 
2015
(In thousands)
 PNB as reported
Adjustments (1)
 PNB as adjusted
 
 PNB as reported
Adjustments (1)
 PNB as adjusted
 
 PNB as reported
Adjustments (1)
 PNB as adjusted
Net interest income
$
57,155

$
561

$
56,594

 
$
53,821

$
60

$
53,761

 
$
220,879

$
241

$
220,638

Provision for (recovery of) loan losses
1,533

(5
)
1,538

 
2,022

(541
)
2,563

 
7,665

(1,453
)
9,118

Other income
17,223

(202
)
17,425

 
18,012

406

17,606

 
75,188

1,225

73,963

Other expense
41,360

221

41,139

 
41,932

235

41,697

 
167,476

700

166,776

Income before income taxes
$
31,485

$
143

$
31,342

 
$
27,879

$
772

$
27,107

 
$
120,926

$
2,219

$
118,707

Federal income tax expense
9,741

44

9,697

 
8,720

241

8,479

 
36,581

671

35,910

Net income
$
21,744

$
99

$
21,645

 
$
19,159

$
531

$
18,628

 
$
84,345

$
1,548

$
82,797

(1) Adjustments consist of the impact on the particular items reported in PNB's income statement of PNB participations in legacy Vision assets.

The impact of Vision Bank participations includes: interest income, net recoveries from loans previously charged off, net gains on the sale of OREO, other OREO income, gains on the sale of loans and other expenses.

The table below provides certain balance sheet information and financial ratios for PNB as of March 31, 2016, December 31, 2015 and March 31, 2015.
(In thousands)
March 31, 2016
December 31, 2015
March 31, 2015
 
% change from 12/31/15
% change from 03/31/15
Loans
$
5,023,659

$
5,029,072

$
4,786,901

 
(0.11
)%
4.95
 %
Allowance for loan losses
54,646

54,453

53,141

 
0.35
 %
2.83
 %
Net loans
4,969,013

4,974,619

4,733,760


(0.11
)%
4.97
 %
Investment securities
1,599,598

1,641,539

1,454,895

 
(2.55
)%
9.95
 %
Total assets
7,347,378

7,229,764

7,212,490

 
1.63
 %
1.87
 %
Average assets (1)
7,325,133

7,219,898

7,118,563

 
1.46
 %
2.90
 %
Efficiency ratio
55.28
%
56.42
%
58.24
%
 
(2.02
)%
(5.08
)%
Return on average assets (2)
1.19
%
1.17
%
1.09
%
 
1.71
 %
9.17
 %
(1) Average assets for the three months ended March 31, 2016 and 2015, and for the fiscal year ended December 31, 2015.
(2) Annualized for the three months ended March 31, 2016 and 2015.

PNB's allowance for loan losses increased by $193,000, or 0.35%, to $54.6 million at March 31, 2016, compared to $54.5 million at December 31, 2015. Net charge-offs were $1.3 million, or an annualized 0.11% of total average loans, for the three months ended March 31, 2016. Refer to the “Credit Metrics and Provision for (Recovery of) Loan Losses” section for additional information regarding PNB's loan portfolio and the level of provision for loan losses recognized in each period presented.


4


Guardian Financial Services Company (GFSC)

The table below reflects GFSC's net income (loss) for the first quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.
(In thousands)
 
Q1 2016
 
Q1 2015
2015
2014
Net interest income
 
$
1,504

 
$
1,692

$
6,588

$
7,457

Provision for loan losses
 
527

 
495

1,415

1,544

Other income (loss)
 
—

 
2

2

(1
)
Other expense
 
3,798

 
779

2,984

4,103

Income (loss) before income taxes
 
$
(2,821
)
 
$
420

$
2,191

$
1,809

    Federal income taxes (benefit)
 
(985
)
 
139

768

634

Net income (loss)
 
$
(1,836
)
 
$
281

$
1,423

$
1,175


The increase in other expense during the first quarter of 2016 compared to the same period in 2015 primarily relates to an accrual for ongoing legal proceedings.

The table below provides certain balance sheet information and financial ratios for GFSC as of March 31, 2016, December 31, 2015 and March 31, 2015.
(In thousands)
March 31, 2016
December 31, 2015
March 31, 2015
 
% change from 12/31/15
% change from 03/31/15
Loans
$
33,798

$
35,469

$
38,901

 
(4.71
)%
(13.12
)%
Allowance for loan losses
2,302

2,041

2,267

 
12.79
 %
1.54
 %
Net loans
31,496

33,428

36,634

 
(5.78
)%
(14.03
)%
Total assets
34,637

35,793

38,569

 
(3.23
)%
(10.19
)%
Average assets (1)
35,372

37,675

39,661

 
(6.11
)%
(10.81
)%
Return on average assets (2)
N.M.

3.78
%
2.87
%
 
N.M.

N.M.

(1) Average assets for the three months ended March 31, 2016 and 2015, and for the fiscal year ended December 31, 2015.
(2) Annualized for the three months ended March 31, 2016 and 2015.

Park Parent Company

The table below reflects the Park Parent Company net loss for the first quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.
(In thousands)
 
Q1 2016
 
Q1 2015
2015
2014
Net interest (expense) income
 
$
(1
)
 
$
110

$
239

$
(2,012
)
Provision for loan losses
 
—

 
—

—

—

Other income
 
132

 
99

513

175

Other expense
 
3,337

 
1,911

9,972

8,000

Loss before income tax benefit
 
$
(3,206
)
 
$
(1,702
)
$
(9,220
)
$
(9,837
)
    Federal income tax benefit
 
(1,372
)
 
(1,008
)
(4,671
)
(4,787
)
Net loss
 
$
(1,834
)
 
$
(694
)
$
(4,549
)
$
(5,050
)

The net interest (expense) income for Park's parent company included, for all periods presented, interest income on loans to SEPH and on subordinated debt investments in PNB, which were eliminated in the consolidated Park National Corporation totals. Additionally, net interest (expense) income included, for all periods presented, interest expense related to the $30.00 million of 7% Subordinated Notes due April 20, 2022 issued by Park to accredited investors on April 20, 2012. Results for the fiscal year ended December 31, 2014 included, in addition to the items previously discussed, interest expense related to the $35.25 million of 10% Subordinated Notes due December 23, 2019 issued by Park to accredited investors on December 23, 2009. Park paid off 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.


5


Other expense of $3.3 million for the three months ended March 31, 2016 represented an increase of $1.4 million or 74.6%, compared to $1.9 million for the three months ended March 31, 2015. The $1.4 million increase was primarily related to an increase of $0.6 million in professional fees and services, an increase of $0.5 million in miscellaneous other expense and an increase of $237,000 in employee benefit expense.

SEPH

The table below reflects SEPH's net income (loss) for the first quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014. SEPH holds the remaining assets and liabilities 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)
Q1 2016
 
Q1 2015
2015
2014
Net interest income (expense)
$
1,161

 
$
(88
)
$
(74
)
$
958

Recovery of loan losses
(1,150
)
 
(885
)
(4,090
)
(12,394
)
Other income
34

 
760

1,848

5,991

Other expense
1,404

 
1,098

6,182

11,766

Income (loss) before income taxes
$
941

 
$
459

$
(318
)
$
7,577

    Federal income tax expense (benefit)
329

 
161

(111
)
2,652

Net income (loss)
$
612

 
$
298

$
(207
)
$
4,925


SEPH's financial results for the three months ended March 31, 2016 included net recoveries of $1.2 million. The net recoveries during 2016 consisted solely of recoveries from loans previously charged off. The $726,000 decrease in other income for the three months ended March 31, 2016 compared to the same period of 2015 was primarily due to a $722,000 gain on the sale of loans in the first quarter of 2015. The $306,000 increase in other expense for the three months ended March 31, 2016 compared to the same period of 2015 was primarily the result of increases in: legal fees of $418,000; management and consulting fees of $145,000; and other OREO expense of $39,000, offset by a $202,000 decrease in expense related to reserves established for potential mortgage loan repurchases.

Legacy Vision assets at SEPH totaled $25.9 million as of March 31, 2016. In addition to these SEPH assets, PNB participations in legacy Vision assets totaled $9.8 million at March 31, 2016.

Park National Corporation

The table below reflects Park's consolidated net income for the first quarters of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.
(In thousands)
 
Q1 2016
 
Q1 2015
2015
2014
Net interest income
 
$
59,819

 
$
55,535

$
227,632

$
225,044

Provision for (recovery of) loan losses
 
910

 
1,632

4,990

(7,333
)
Other income
 
17,389

 
18,873

77,551

75,549

Other expense
 
49,899

 
45,720

186,614

187,510

Income before income taxes
 
$
26,399

 
$
27,056

$
113,579

$
120,416

    Federal income taxes
 
7,713

 
8,012

32,567

36,459

Net income
 
$
18,686

 
$
19,044

$
81,012

$
83,957


Other expense of $49.9 million for the three months ended March 31, 2016 represented an increase of $4.2 million, or 9.1%, compared to $45.7 million for the same period of 2015. The increase was primarily related to an increase of $2.0 million in professional fees and services due to increases in legal and consulting expense, an increase of $2.1 million in miscellaneous other expense, a $581,000 increase in furniture and equipment expense, and a $572,000 increase in salary expense. These increases were offset by a $912,000 decrease in employee benefits expense. The $2.1 million increase in miscellaneous expense was primarily due to a $3.5 million increase in accruals due to the ongoing evaluation of litigation and other proceedings impacting the GFSC subsidiary and the Parent Company, offset by a reduction in expenses as $1.1 million was recognized in the first quarter of 2015 related to a prepayment penalty on borrowings and a contract termination fee.

6


Credit Metrics and Provision for (Recovery of) Loan Losses

On a consolidated basis, Park reported a provision for loan losses for the three months ended March 31, 2016 of $910,000, compared to $1.6 million for the same period in 2015. The table below shows a breakdown of the provision for (recovery of) loan losses by reportable segment.
(In thousands)
Q1 2016
Q1 2015
2015
 
2014
PNB
$
1,533

$
2,022

$
7,665

 
$
3,517

GFSC
527

495

1,415

 
1,544

Park Parent
—

—

—

 
—

    Total Ongoing Operations
$
2,060

$
2,517

$
9,080

 
$
5,061

SEPH
(1,150
)
(885
)
(4,090
)
 
(12,394
)
    Total Park
$
910

$
1,632

$
4,990

 
$
(7,333
)

PNB had net charge-offs of $1.3 million, GFSC had net charge-offs of $266,000, and SEPH had net recoveries of $1.2 million for the three months ended March 31, 2016, resulting in net charge-offs of $456,000 for Park. Provision for loan losses at Park on a consolidated basis were $910,000, which was $454,000 higher than net-charge-offs of $456,000.

The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of March 31, 2016, December 31, 2015 and March 31, 2015.

(In thousands)
3/31/2016
12/31/2015
3/31/2015
Total allowance for loan losses
$
56,948

$
56,494

$
55,408

Specific reserve
4,930

4,191

5,064

General reserve
$
52,018

$
52,303

$
50,344

 

 
 
Total loans
$
5,047,177

$
5,052,932

$
4,811,318

Impaired commercial loans
63,894

66,232

52,260

Total loans less impaired commercial loans
$
4,983,283

$
4,986,700

$
4,759,058

 



General reserve as a % of total loans less impaired commercial loans
1.04
%
1.05
%
1.06
%
Note: The table above includes only those loans at PNB and GFSC, as these are the entities that had 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.

The allowance for loan losses of $56.9 million at March 31, 2016 represented a $454,000 or 0.8% increase, compared to $56.5 million at December 31, 2015. This increase was the result of a $739,000 increase in specific reserves offset by a $285,000 decrease in general reserves. The increase in specific reserves was largely due to the addition of $439,000 in new specific reserves at GFSC.


7


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this release 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, 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 experience a slowing or reversal of the recent economic expansion in addition to continuing residual effects of recessionary conditions and an uneven spread of positive impacts of recovery on the economy and our counterparties, including adverse impacts on the demand for loan, deposit and other financial services, delinquencies, defaults and counterparties' ability to meet credit and other obligations; 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 as well as reduce interest margins; changes in consumer spending, borrowing and saving habits, whether due to changing business and economic conditions, legislative and regulatory initiatives, or other factors; 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 and bank holding company 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 major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes, pensions, bankruptcy, consumer protection, accounting, banking, securities and other aspects of the financial services industry, specifically the reforms provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as well as regulations already adopted and which may be adopted in the future 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 U.S. federal government, including money supply and interest rate policies of the Federal Reserve; disruption in the liquidity and other functioning of U.S. 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., European and Asian government debt and concerns regarding the creditworthiness of certain sovereign governments, supranationals and financial institutions in Europe and Asia; our litigation and regulatory compliance exposure, including any adverse developments in legal proceedings or other claims and unfavorable resolution of regulatory and other governmental examinations or other inquiries; the adequacy of our risk management program; the ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; 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 SEC including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. 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.


8



Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on April 22, 2016, 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 June 10, 2016 to common shareholders of record as of the close of business on May 20, 2016. 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.

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 April 22, 2016 addressing financial results for the three months ended March 31, 2016.






            


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











9



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: April 22, 2016
By:
/s/ Brady T. Burt
 
 
Brady T. Burt
 
 
Chief Financial Officer, Secretary and Treasurer
 
 
 

10




INDEX TO EXHIBITS


Current Report on Form 8-K
Dated April 22, 2016


Park National Corporation

Exhibit No.
Description
99.1
News Release issued by Park National Corporation on April 22, 2016 addressing financial results for the three months ended March 31, 2016.



11
 EX-99.1 2 exhibit991earningsrelease1.htm EXHIBIT 99.1 Exhibit



April 22, 2016                                        Exhibit 99.1
Park National Corporation reports first quarter
2016 financial results and declares quarterly dividend
NEWARK, Ohio - Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the first quarter of 2016, which include continued consumer loan growth and a 13.5 percent increase in net income for its community banking subsidiary, The Park National Bank. The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on June 10, 2016 to common shareholders of record as of May 20, 2016.
Park’s net income for the three months ended March 31, 2016 (first quarter) was $18.7 million, compared to $19.0 million for the same period in 2015, a decrease of 1.9 percent. Net income per diluted common share for the first quarter of 2016 was $1.21, compared to $1.23 in the same period of 2015.
“Our banks have begun the year with great momentum, continuing our focus on lending and service,” said Park Chief Executive Officer David L. Trautman. “We are responding quickly to our clients’ requests for vehicle, home and business loans of all kinds. Our investment professionals are increasing their assets under management. We’re all working together to control expenses, support our communities, and plan exciting enhancements for our clients in the future.”
In the first quarter, The Park National Bank reported consumer loan growth of $11.9 million (4.9 percent annualized). Total loans for the bank were $5.02 billion at March 31, 2016, up $236.7 million (4.95 percent) from $4.79 billion at March 31, 2015.
The bank earned net income of $21.7 million for the first quarter of 2016, compared to net income of $19.2 million for the same period of 2015. The bank had total assets of $7.3 billion at March 31, 2016, rising from $7.2 billion at December 31, 2015. This performance generated an annualized return on average assets of 1.19 percent and 1.09 percent for the first quarter 2016 and first quarter of 2015, respectively.
About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $7.4 billion in total assets (as of March 31, 2016). 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


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



SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this release 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, 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 experience a slowing or reversal of the recent economic expansion in addition to continuing residual effects of recessionary conditions and an uneven spread of positive impacts of recovery on the economy and our counterparties, including adverse impacts on the demand for loan, deposit and other financial services, delinquencies, defaults and counterparties' ability to meet credit and other obligations; 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 as well as reduce interest margins; changes in consumer spending, borrowing and saving habits, whether due to changing business and economic conditions, legislative and regulatory initiatives, or other factors; 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 and bank holding company 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 major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes, pensions, bankruptcy, consumer protection, accounting, banking, securities and other aspects of the financial services industry, specifically the reforms provided for in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as well as regulations already adopted and which may be adopted in the future 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 U.S. federal government, including money supply and interest rate policies of the Federal Reserve; disruption in the liquidity and other functioning of U.S. 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., European and Asian government debt and concerns regarding the creditworthiness of certain sovereign governments, supranationals and financial institutions in Europe and Asia; our litigation and regulatory compliance exposure, including any adverse developments in legal proceedings or other claims and unfavorable resolution of regulatory and other governmental examinations or other inquiries; the adequacy of our risk management program; the ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks; 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 SEC including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. 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 March 31, 2016, December 31, 2015, and March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
2015
2015
 
Percent change vs.
(in thousands, except share and per share data)
1st QTR
4th QTR
1st QTR
 
4Q '15
1Q '15
INCOME STATEMENT:
 
 
 
 
 
 
Net interest income
$
59,819

$
57,867

$
55,535

 
3.4
 %
7.7
 %
Provision for (recovery of) loan losses
910

(658
)
1,632

 
N.M.

(44.2)
 %
Other income
17,389

19,296

18,873

 
(9.9)
 %
(7.9)
 %
Other expense
49,899

48,798

45,720

 
2.3
 %
9.1
 %
Income before income taxes
$
26,399

$
29,023

$
27,056

 
(9.0
)%
(2.4)
 %
Income taxes
7,713

8,134

8,012

 
(5.2
)%
(3.7)
 %
Net income
$
18,686

$
20,889

$
19,044

 
(10.5
)%
(1.9)
 %
 
 
 
 
 
 
 
MARKET DATA:
 
 
 
 
 
 
Earnings per common share - basic (b)
$
1.22

$
1.36

$
1.24

 
(10.3
)%
(1.6
)%
Earnings per common share - diluted (b)
1.21

1.36

1.23

 
(11.0
)%
(1.6
)%
Cash dividends per common share
0.94

0.94

0.94

 
—
 %
—
 %
Book value per common share at period end
47.60

46.53

46.02

 
2.3
 %
3.4
 %
Stock price per common share at period end
90.00

90.48

85.56

 
(0.5
)%
5.2
 %
Market capitalization at period end
1,379,773

1,387,132

1,315,133

 
(0.5
)%
4.9
 %
 
 
 
 
 
 
 
Weighted average common shares - basic (a)
15,330,813

15,345,986

15,379,170

 
(0.1
)%
(0.3
)%
Weighted average common shares - diluted (a)
15,406,508

15,384,451

15,421,928

 
0.1
 %
(0.1
)%
Common shares outstanding at period end
15,330,807

15,330,815

15,370,887

 
—
 %
(0.3
)%
 
 
 
 
 
 
 
PERFORMANCE RATIOS: (annualized)
 
 
 
 
 
 
Return on average assets (a)(b)
1.01
%
1.13
%
1.07
%
 
(10.6)
 %
(5.6)
 %
Return on average equity (a)(b)
10.38
%
11.56
%
10.95
%
 
(10.2)
 %
(5.2)
 %
Yield on loans
4.80
%
4.63
%
4.68
%
 
3.7
 %
2.6
 %
Yield on investments
2.38
%
2.38
%
2.57
%
 
—
 %
(7.4)
 %
Yield on money markets
0.51
%
0.27
%
0.25
%
 
88.9
 %
104.0
 %
Yield on earning assets
4.11
%
3.96
%
3.98
%
 
3.8
 %
3.3
 %
Cost of interest bearing deposits
0.31
%
0.29
%
0.31
%
 
6.9
 %
—
 %
Cost of borrowings
2.35
%
2.34
%
2.34
%
 
0.4
 %
0.4
 %
Cost of paying liabilities
0.73
%
0.71
%
0.74
%
 
2.8
 %
(1.4)
 %
Net interest margin (g)
3.55
%
3.41
%
3.40
%
 
4.1
 %
4.4
 %
Efficiency ratio (g)
64.26
%
62.98
%
61.31
%
 
2.0
 %
4.8
 %
 
 
 
 
 
 
 
OTHER RATIOS (NON - GAAP):
 
 
 
 
 
 
Annualized return on average tangible assets (a)(b)(e)
1.02
%
1.14
%
1.08
%
 
(10.5
)%
(5.6
)%
Annualized return on average tangible equity (a)(b)(c)
11.53
%
12.86
%
12.21
%
 
(10.3
)%
(5.6
)%
Tangible book value per share (d) 
$
42.88

$
41.81

$
41.32

 
2.6
 %
3.8
 %
 
 
 
 
 
 
 
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 (continued)
Three months ended March 31, 2016, December 31, 2015, and March 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent change vs.
BALANCE SHEET:
March 31, 2016
December 31, 2015
March 31, 2015
 
4Q '15
1Q '15
 
 
 
 
 
 
 
Investment securities
$
1,601,767

$
1,643,879

$
1,457,171

 
(2.6)
 %
9.9
 %
Loans
5,062,185

5,068,085

4,830,830

 
(0.1)
 %
4.8
 %
Allowance for loan losses
56,948

56,494

55,408

 
0.8
 %
2.8
 %
Goodwill
72,334

72,334

72,334

 
—
 %
—
 %
Other real estate owned (OREO)
17,745

18,651

26,337

 
(4.9)
 %
(32.6)
 %
Total assets
7,428,185

7,311,354

7,303,999

 
1.6
 %
1.7
 %
Total deposits
5,606,790

5,347,642

5,515,847

 
4.8
 %
1.6
 %
Borrowings
1,004,279

1,177,347

1,018,516

 
(14.7)
 %
(1.4)
 %
Shareholders' equity
729,701

713,355

707,431

 
2.3
 %
3.1
 %
Tangible equity (d)
657,367

641,021

635,097

 
2.5
 %
3.5
 %
Nonperforming loans
118,960

122,787

114,304

 
(3.1)
 %
4.1
 %
Nonperforming assets
136,705

141,438

140,641

 
(3.3)
 %
(2.8)
 %
 
 
 
 
 
 
 
ASSET QUALITY RATIOS:
 
 
 
 
 
 
Loans as a % of period end total assets
68.15
%
69.32
%
66.14
%
 
(1.7)
 %
3.0
 %
Nonperforming loans as a % of period end loans
2.35
%
2.42
%
2.37
%
 
(2.9)
 %
(0.8)
 %
Nonperforming assets as a % of period end loans + OREO 
2.69
%
2.78
%
2.90
%
 
(3.2)
 %
(7.2)
 %
Allowance for loan losses as a % of period end loans
1.12
%
1.11
%
1.15
%
 
0.9
 %
(2.6)
 %
Net loan charge-offs
$
456

$
1,331

$
576

 
(65.7)
 %
(20.8)
 %
Annualized net loan charge-offs as a % of average loans (a)
0.04
%
0.11
%
0.05
%
 
(63.6)
 %
(20.0)
 %
 
 
 
 
 
 
 
CAPITAL & LIQUIDITY:
 
 
 
 
 
 
Total equity / Period end total assets
9.82
%
9.76
%
9.69
%
 
0.6
 %
1.3
 %
Tangible equity (d) / Tangible assets (f)
8.94
%
8.86
%
8.78
%
 
0.9
 %
1.8
 %
Average equity / Average assets (a)
9.78
%
9.76
%
9.78
%
 
0.2
 %
—
 %
Average equity / Average loans (a)
14.34
%
14.28
%
14.64
%
 
0.4
 %
(2.0)
 %
Average loans / Average deposits (a)
91.31
%
91.51
%
90.34
%
 
(0.2)
 %
1.1
 %
 
 
 
 
 
 
 
N.M. - Not meaningful
Note: Explanations (a) - (h) 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 three months ended March 31, 2016, December 31, 2015 and March 31, 2015.
 
(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 during the applicable period.
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
 
 
 
 
THREE MONTHS ENDED
 
 
 
March 31, 2016
December 31, 2015
March 31, 2015
 
 
 
AVERAGE SHAREHOLDERS' EQUITY
$
724,316

$
716,977

$
705,041

 
 
 
Less: Average goodwill
72,334

72,334

72,334

 
 
 
AVERAGE TANGIBLE EQUITY
$
651,982

$
644,643

$
632,707

 


 
 
 
 
 
 
 
(d) Tangible book value divided by common shares outstanding at period end. Tangible equity equals ending shareholders' equity less goodwill, in each case at the end of the period.
 
 
 
 
 
 
 
RECONCILIATION OF SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:
 
 
 
March 31, 2016
December 31, 2015
March 31, 2015
 
 
 
SHAREHOLDERS' EQUITY
$
729,701

$
713,355

$
707,431

 
 
 
Less: Goodwill
72,334

72,334

72,334

 
 
 
TANGIBLE EQUITY
$
657,367

$
641,021

$
635,097

 


 
 
 
 
 


(e) Net income for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill, in each case during the applicable period.
 
 
 
 
 
 
 
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:
 
 
 
 
THREE MONTHS ENDED
 
 
 
March 31, 2016
December 31, 2015
March 31, 2015
 
 
 
AVERAGE ASSETS
$
7,405,345

$
7,343,206

$
7,209,143

 
 
 
Less: Average goodwill
72,334

72,334

72,334

 


AVERAGE TANGIBLE ASSETS
$
7,333,011

$
7,270,872

$
7,136,809

 


 
 
 
 
 


(f) Tangible equity divided by tangible assets. Tangible assets equals total assets less goodwill, in each case at the end of the period.
 
 
 
 
 
 
 
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
 
 
 
March 31, 2016
December 31, 2015
March 31, 2015
 
 
 
TOTAL ASSETS
$
7,428,185

$
7,311,354

$
7,303,999

 
 
 
Less: Goodwill
72,334

72,334

72,334

 
 
 
TANGIBLE ASSETS
$
7,355,851

$
7,239,020

$
7,231,665

 


 
 
 
 
 


(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
 
 
 
March 31, 2016
December 31, 2015
March 31, 2015
 
 
 
Interest income
$
69,308

$
67,165

$
65,018

 
 
 
Fully taxable equivalent adjustment
444

314

161

 


Fully taxable equivalent interest income
$
69,752

$
67,479

$
65,179

 


Interest expense
9,489

9,298

9,483

 


Fully taxable equivalent net interest income
$
60,263

$
58,181

$
55,696

 


 
 
 
 
 
 
 




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


 
 
 
 
 
 
PARK NATIONAL CORPORATION
Consolidated Statements of Income
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
March 31,
 
(in thousands, except share and per share data)
 
2016
 
2015
 
 
 
 
 
 
 
Interest income:
 
 
 
 
 
   Interest and fees on loans
 
$
60,052

 
$
55,412

 
   Interest on:
 
 
 
 
 
      Obligations of U.S. Government, its agencies
 
 
 
 
 
         and other securities
 
8,609

 
9,389

 
      Obligations of states and political subdivisions
 
373

 
—

 
   Other interest income
 
274

 
217

 
         Total interest income
 
69,308

 
65,018

 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
   Interest on deposits:
 
 
 
 
 
      Demand and savings deposits
 
824

 
486

 
      Time deposits
 
2,387

 
2,622

 
   Interest on borrowings
 
6,278

 
6,375

 
      Total interest expense
 
9,489

 
9,483

 
 
 
 
 
 
 
         Net interest income
 
59,819

 
55,535

 
 
 
 
 
 
 
Provision for loan losses
 
910

 
1,632

 
 
 
 
 
 
 
         Net interest income after provision for loan losses
 
58,909

 
53,903

 
 
 
 
 
 
 
Other income
 
17,389

 
18,873

 
 
 
 
 
 
 
Other expense
 
49,899

 
45,720

 
 
 
 
 
 
 
         Income before income taxes
 
26,399

 
27,056

 
 
 
 
 
 
 
Income taxes
 
7,713

 
8,012

 
 
 
 
 
 
 
         Net income
 
$
18,686

 
$
19,044

 
 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
         Net income - basic
 
$
1.22

 
$
1.24

 
         Net income - diluted
 
$
1.21

 
$
1.23

 
 
 
 
 
 
 
         Weighted average shares - basic
 
15,330,813

 
15,379,170

 
         Weighted average shares - diluted
 
15,406,508

 
15,421,928

 
 
 
 
 
 
 
        Cash Dividends Declared
 
$
0.94

 
$
0.94

 
 
 
 
 
 
 




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


 
PARK NATIONAL CORPORATION 
Consolidated Balance Sheets
 
 
 
(in thousands, except share data)
March 31, 2016
December 31, 2015
 
 
 
Assets
 
 
 
 
 
Cash and due from banks
$
105,664

$
119,412

Money market instruments
212,239

30,047

Investment securities
1,601,767

1,643,879

Loans
5,062,185

5,068,085

Allowance for loan losses
(56,948
)
(56,494
)
Loans, net
5,005,237

5,011,591

Bank premises and equipment, net
59,025

59,493

Goodwill
72,334

72,334

Other real estate owned
17,745

18,651

Other assets
354,174

355,947

Total assets
$
7,428,185

$
7,311,354

 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Deposits:
 
 
Noninterest bearing
$
1,360,605

$
1,404,032

Interest bearing
4,246,185

3,943,610

Total deposits
5,606,790

5,347,642

Borrowings
1,004,279

1,177,347

Other liabilities
87,415

73,010

Total liabilities
$
6,698,484

$
6,597,999

 
 
 
 
 
 
Shareholders' Equity:
 
 
Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2016 and December 31, 2015)

$
—

$
—

Common shares (No par value; 20,000,000 shares authorized in 2016 and 2015; 16,150,846 shares issued at March 31, 2016 and 16,150,854 shares issued at December 31, 2015)
304,433

303,966

Accumulated other comprehensive loss, net of taxes
(3,963
)
(15,643
)
Retained earnings
511,704

507,505

Treasury shares (820,039 shares at both March 31, 2016 and December 31, 2015, respectively)
(82,473
)
(82,473
)
Total shareholders' equity
$
729,701

$
713,355

 
 
 
Total liabilities and shareholders' equity
$
7,428,185

$
7,311,354





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


 
PARK NATIONAL CORPORATION 
Consolidated Average Balance Sheets
 
 
 
 
Three Months Ended
 
March 31,
(in thousands)
2016
2015
 
 
 
Assets
 
 
 
 
 
Cash and due from banks
$
118,981

$
122,699

Money market instruments
217,384

341,072

Investment securities 
1,562,194

1,490,545

Loans
5,049,327

4,815,358

Allowance for loan losses
(56,999
)
(55,031
)
Loans, net
4,992,328

4,760,327

Bank premises and equipment, net
59,577

56,559

Goodwill
72,334

72,334

Other real estate owned
18,303

23,325

Other assets
364,244

342,282

Total assets
$
7,405,345

$
7,209,143

 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Deposits:
 
 
Noninterest bearing
$
1,357,998

$
1,264,318

Interest bearing
4,171,865

4,066,186

Total deposits
5,529,863

5,330,504

Borrowings
1,072,814

1,102,711

Other liabilities
78,352

70,887

Total liabilities
$
6,681,029

$
6,504,102

 
 
 
Shareholders' Equity:
 
 
Preferred shares
$
—

$
—

Common shares
303,986

303,106

Accumulated other comprehensive loss, net of taxes
(8,446
)
(8,055
)
Retained earnings
511,249

488,525

Treasury shares
(82,473
)
(78,535
)
Total shareholders' equity
$
724,316

$
705,041

 
 
 
Total liabilities and shareholders' equity
$
7,405,345

$
7,209,143






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


 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income - Linked Quarters
 
 
 
 
 
 
 
2016
2015
2015
2015
2015
(in thousands, except per share data)
1st QTR
4th QTR
3rd QTR
2nd QTR
1st QTR
 
 
 
 
 
 
Interest income:
 
 
 
 
 
Interest and fees on loans 
$
60,052

$
58,424

$
57,680

$
56,463

$
55,412

Interest on:
 
 
 
 
 
Obligations of U.S. Government, its agencies and other securities
8,609

8,360

9,163

9,113

9,389

Obligations of states and political subdivisions
373

170

12

—

—

Other interest income
274

211

232

228

217

Total interest income
69,308

67,165

67,087

65,804

65,018

 
 
 
 
 
 
Interest expense:
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
Demand and savings deposits
824

573

614

556

486

Time deposits
2,387

2,453

2,508

2,542

2,622

Interest on borrowings
6,278

6,272

6,250

6,191

6,375

Total interest expense
9,489

9,298

9,372

9,289

9,483

 
 
 
 
 
 
Net interest income
59,819

57,867

57,715

56,515

55,535

 
 
 
 
 
 
Provision for (recovery of) loan losses
910

(658
)
2,404

1,612

1,632

 
 
 
 
 
 
Net interest income after provision for (recovery of) loan losses
58,909

58,525

55,311

54,903

53,903

 
 
 
 
 
 
Other income
17,389

19,296

20,191

19,191

18,873

 
 
 
 
 
 
Other expense
49,899

48,798

47,429

44,667

45,720

 
 
 
 
 
 
Income before income taxes
26,399

29,023

28,073

29,427

27,056

 
 
 
 
 
 
Income taxes
7,713

8,134

8,033

8,388

8,012

 
 
 
 
 
 
Net income 
$
18,686

$
20,889

$
20,040

$
21,039

$
19,044

 
 
 
 
 
 
Per Common Share:
 
 
 
 
 
Net income - basic
$
1.22

$
1.36

$
1.30

$
1.37

$
1.24

Net income - diluted
$
1.21

$
1.36

$
1.30

$
1.37

$
1.23







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
 
 
 
 
 
 
 
2016
2015
2015
2015
2015
(in thousands)
1st QTR
4th QTR
3rd QTR
2nd QTR
1st QTR
 
 
 
 
 
 
Other income:
 
 
 
 
 
Income from fiduciary activities
$
5,113

$
5,140

$
4,933

$
5,210

$
4,912

Service charges on deposits
3,423

3,777

3,909

3,684

3,381

Other service income
2,574

2,861

3,251

3,025

2,301

Checkcard fee income
3,532

3,902

3,643

3,665

3,351

Bank owned life insurance income
1,197

1,245

1,574

1,086

1,878

OREO valuation adjustments
(118
)
(319
)
(718
)
(251
)
(304
)
Gain on the sale of OREO, net
134

175

243

513

673

Gain on commercial loans held for sale
—

—

—

—

756

Gain on sale of investments
—

88

—

—

—

Miscellaneous
1,534

2,427

3,356

2,259

1,925

Total other income
$
17,389

$
19,296

$
20,191

$
19,191

$
18,873

 
 
 
 
 
 
Other expense:
 
 
 
 
 
Salaries
$
21,554

$
22,520

$
21,692

$
20,995

$
20,982

Employee benefits
4,773

4,161

6,721

4,729

5,685

Occupancy expense
2,548

2,257

2,469

2,381

2,579

Furniture and equipment expense
3,443

3,069

3,044

2,831

2,862

Data processing fees
1,217

1,190

1,383

1,197

1,267

Professional fees and services
6,667

7,751

5,424

5,583

4,694

Marketing
1,111

975

1,058

937

1,013

Insurance
1,411

1,407

1,399

1,362

1,461

Communication
1,221

1,321

1,245

1,233

1,331

Miscellaneous
5,954

4,147

2,994

3,419

3,846

Total other expense
$
49,899

$
48,798

$
47,429

$
44,667

$
45,720





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)
March 31, 2016
2015
2014
 
2013
2012
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
Allowance for loan losses, beginning of period
$
56,494

$
54,352

$
59,468

 
$
55,537

$
68,444

 
Charge-offs
3,401

14,290

24,780

(B)
19,153

61,268

(A)
Recoveries
2,945

11,442

26,997

 
19,669

12,942

 
Net charge-offs (recoveries)
456

2,848

(2,217
)
 
(516
)
48,326

 
Provision for (recovery of) loan losses
910

4,990

(7,333
)
 
3,415

35,419

 
Allowance for loan losses, end of period
$
56,948

$
56,494

$
54,352

 
$
59,468

$
55,537

 
(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
$
56,948

$
56,494

$
54,352

 
$
59,468

$
55,537

 
Specific reserves
4,930

4,191

3,660

 
10,451

8,276

 
General reserves
$
52,018

$
52,303

$
50,692

 
$
49,017

$
47,261

 
 
 
 
 
 
 
 
 
Total loans
$
5,062,185

$
5,068,085

$
4,829,682

 
$
4,620,505

$
4,450,322

 
Impaired commercial loans
78,117

80,599

73,676

 
112,304

137,238

 
Total loans less impaired commercial loans
$
4,984,068

$
4,987,486

$
4,756,006

 
$
4,508,201

$
4,313,084

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
 
 
Net charge-offs (recoveries) as a % of average loans
0.04
%
0.06
%
(0.05)
 %
 
(0.01)
 %
1.10
%
 
Allowance for loan losses as a % of period end loans
1.12
%
1.11
%
1.13
 %
 
1.29
 %
1.25
%
 
General reserves as a % of total loans less impaired commercial loans
1.04
%
1.05
%
1.07
 %
 
1.09
 %
1.10
%
 
 
 
 
 
 
 
 
 
Nonperforming Assets - Park National Corporation:
 
 
 
 
 
 
 
Nonaccrual loans
$
102,625

$
95,887

$
100,393

 
$
135,216

$
155,536

 
Accruing troubled debt restructuring
14,999

24,979

16,254

 
18,747

29,800

 
Loans past due 90 days or more
1,336

1,921

2,641

 
1,677

2,970

 
Total nonperforming loans
$
118,960

$
122,787

$
119,288

 
$
155,640

$
188,306

 
Other real estate owned - Park National Bank
6,846

7,456

10,687

 
11,412

14,715

 
Other real estate owned - SEPH
10,899

11,195

11,918

 
23,224

21,003

 
Total nonperforming assets
$
136,705

$
141,438

$
141,893


$
190,276

$
224,024

 
Percentage of nonaccrual loans to period end loans
2.03
%
1.89
%
2.08
 %
 
2.93
 %
3.49
%
 
Percentage of nonperforming loans to period end loans
2.35
%
2.42
%
2.47
 %
 
3.37
 %
4.23
%
 
Percentage of nonperforming assets to period end loans
2.70
%
2.79
%
2.94
 %
 
4.12
 %
5.03
%
 
Percentage of nonperforming assets to period end total assets
1.84
%
1.93
%
2.03
 %
 
2.87
 %
3.37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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)
March 31, 2016
2015
2014
 
2013
2012
 
 
 
 
 
 
 
 
 
Nonperforming Assets - Park National Bank and Guardian:
 
 
 
 
 
 
 
Nonaccrual loans
$
88,351

$
81,468

$
77,477

 
$
99,108

$
100,244

 
Accruing troubled debt restructuring
14,999

24,979

16,157

 
18,747

29,800

 
Loans past due 90 days or more
1,336

1,921

2,641

 
1,677

2,970

 
Total nonperforming loans
$
104,686

$
108,368

$
96,275

 
$
119,532

$
133,014

 
Other real estate owned - Park National Bank
6,846

7,456

10,687

 
11,412

14,715

 
Total nonperforming assets
$
111,532

$
115,824

$
106,962

 
$
130,944

$
147,729


Percentage of nonaccrual loans to period end loans
1.75
%
1.61
%
1.61
 %
 
2.16
 %
2.28
%
 
Percentage of nonperforming loans to period end loans
2.07
%
2.14
%
2.00
 %
 
2.61
 %
3.03
%
 
Percentage of nonperforming assets to period end loans
2.21
%
2.29
%
2.23
 %
 
2.86
 %
3.36
%
 
Percentage of nonperforming assets to period end total assets
1.52
%
1.60
%
1.55
 %
 
2.01
 %
2.27
%
 
 
 
 
 
 
 
 
 
Nonperforming Assets - SEPH/Vision Bank (retained portfolio):
Nonaccrual loans
$
14,274

$
14,419

$
22,916

 
$
36,108

$
55,292

 
Accruing troubled debt restructuring
—

—

97

 
—

—

 
Loans past due 90 days or more
—

—

—

 
—

—

 
Total nonperforming loans
$
14,274

$
14,419

$
23,013

 
$
36,108

$
55,292

 
Other real estate owned - SEPH
10,899

11,195

11,918

 
23,224

21,003

 
Total nonperforming assets
$
25,173

$
25,614

$
34,931

 
$
59,332

$
76,295

 
 
 
 
 
 
 
 
 
New nonaccrual loan information - Park National Corporation
 
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
95,887

$
100,393

$
135,216

 
$
155,536

$
195,106

 
New nonaccrual loans
21,339

80,791

70,059

 
67,398

83,204

 
Resolved nonaccrual loans
14,601

85,165

86,384

 
87,718

122,774

 
Sale of nonaccrual loans held for sale
—

132

18,498

 
—

—

 
Nonaccrual loans, end of period
$
102,625

$
95,887

$
100,393

 
$
135,216

$
155,536

 
 
 
 
 
 
 
 
 
New nonaccrual loan information - Ohio - based operations
 
 
 
 
 
 
 
Nonaccrual loans, beginning of period
$
81,468

$
77,477

$
99,108

 
$
100,244

$
96,113

 
New nonaccrual loans - Ohio-based operations
21,339

80,791

69,389

 
66,197

68,960

 
Resolved nonaccrual loans
14,456

76,800

78,288

 
67,333

64,829

 
Sale of nonaccrual loans held for sale
—

—

12,732

 
—

—

 
Nonaccrual loans, end of period
$
88,351

$
81,468

$
77,477

 
$
99,108

$
100,244

 
 
 
 
 
 
 
 
 
New nonaccrual loan information - SEPH/Vision Bank
Nonaccrual loans, beginning of period
$
14,419

$
22,916

$
36,108

 
$
55,292

$
98,993

 
New nonaccrual loans - SEPH/Vision Bank
—

—

670

 
1,201

14,243

 
Resolved nonaccrual loans
145

8,365

8,096

 
20,385

57,944

 
Sale of nonaccrual loans held for sale
—

132

5,766

 
—

—

 
Nonaccrual loans, end of period
$
14,274

$
14,419

$
22,916

 
$
36,108

$
55,292

 
 
 
 
 
 
 
 
 
Impaired Commercial Loan Portfolio Information (period end):
 
 
 
 
 
 
 
Unpaid principal balance
$
106,539

$
109,304

$
106,156

 
$
175,576

$
242,345

 
Prior charge-offs
28,422

28,705

32,480

 
63,272

105,107

 
Remaining principal balance
78,117

80,599

73,676

 
112,304

137,238

 
Specific reserves
4,930

4,191

3,660

 
10,451

8,276

 
Book value, after specific reserve
$
73,187

$
76,408

$
70,016

 
$
101,853

$
128,962

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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