Document

0000805676-16-000181.txt : 20161024 0000805676-16-000181.hdr.sgml : 20161024 20161024163303 ACCESSION NUMBER: 0000805676-16-000181 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161024 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: 20161024 DATE AS OF CHANGE: 20161024 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: 161948234 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_09x30xearningsxrelea.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934



Date of Report (Date of earliest event reported)	October 24, 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))

Item 2.02 - Results of Operations and Financial Condition.

On October 24, 2016, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and nine months ended September 30, 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 September 30, 2016, June 30, 2016 and September 30, 2015 and the nine months ended September 30, 2016 and September 30, 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 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 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.

Item 7.01 - Regulation FD Disclosure

Financial Results by segment

The table below reflects the net income (loss) by segment for the first, second and third quarters of 2016, for the first nine months 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)	Q3 2016			Q2 2016			Q1 2016			Nine months YTD 2016			Nine months YTD 2015			2015			2014
PNB	$	25,491		$	21,078		$	21,744		$	68,313		$	61,199		$	84,345		$	82,907
GFSC	640			626			(1,836		)	(570		)	1,082			1,423			1,175
Parent Company	(665		)	(1,069		)	(1,834		)	(3,568		)	(1,654		)	(4,549		)	(5,050		)
Ongoing operations	$	25,466		$	20,635		$	18,074		$	64,175		$	60,627		$	81,219		$	79,032
SEPH	1,983			(637		)	612			1,958			(504		)	(207		)	4,925
Total Park	$	27,449		$	19,998		$	18,686		$	66,133		$	60,123		$	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 nonperforming assets. Management considers the “Ongoing operations” results, which exclude the results of SEPH, to reflect the business of Park and its subsidiaries going forward. The discussion below provides 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, second and third quarters of 2016, for the first nine months of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.



(In thousands)	Q3 2016			Q2 2016		Q1 2016		Nine months YTD 2016			Nine months YTD 2015		2015		2014
Net interest income	$	57,033		$	56,006	$	57,155	$	170,194		$	164,559	$	220,879	$	218,641
(Recovery of) provision for loan losses	(3,345		)	1,362		1,533		(450		)	7,329		7,665		3,517
Other income	19,279			18,508		17,223		55,010			56,431		75,188		69,384
Other expense	42,327			42,731		41,360		126,418			124,662		167,476		163,641
Income before income taxes	$	37,330		$	30,421	$	31,485	$	99,236		$	88,999	$	120,926	$	120,867
Federal income taxes	11,839			9,343		9,741		30,923			27,800		36,581		37,960
Net income	$	25,491		$	21,078	$	21,744	$	68,313		$	61,199	$	84,345	$	82,907

Net interest income of $170.2 million for the nine months ended September 30, 2016 represented a $5.6 million, or 3.4%, increase, compared to $164.6 million for the nine months ended September 30, 2015. The increase was primarily due to a $223 million, or 4.6%, increase in average loans from $4.8 billion for the nine months ended September 30, 2015, to $5.1 billion for the nine months ended September 30, 2016. Included in interest income for the nine months ended September 30, 2016 was $725,000 in income related to PNB participations in legacy Vision Bank ("Vision") assets, compared to $184,000 for the nine months ended September 30, 2015. The increase in interest income on loans was partially offset by a $2.3 million decrease in interest income on investments from $27.6 million for the nine months ended September 30, 2015, to $25.3 million for the nine months ended September 30, 2016.

The recovery of loan losses of $450,000 for the nine months ended September 30, 2016 represented an improvement of $7.8 million, compared to a provision of loan losses of $7.3 million for the same period in 2015. Refer to the “Credit Metrics and (Recovery of) Provision for Loan Losses” section for additional details regarding the level of the (recovery of) provision for loan losses recognized in each period presented above.

Other income of $55.0 million for the nine months ended September 30, 2016 represented a $1.4 million, or 2.5%, decrease, compared to $56.4 million for the same period in 2015. The $1.4 million decrease was primarily due to income of $1.3 million related to proceeds from the death benefits paid from bank owned life insurance policies in 2015, income of $372,000 related to the sale of a building in 2015, $544,000 in income related to check card incentives in 2015 and an aggregate decrease of $724,000 in gain on sale of OREO, net, OREO valuation adjustments, and other OREO income in 2016 compared to 2015. These items were offset by a $732,000 increase in other service income primarily related to mortgage loan originations, a $521,000 increase in check card income, and a $812,000 increase in income from fiduciary activities, in each case in 2016 compared to 2015.

Other expense of $126.4 million for the nine months ended September 30, 2016 represented an increase of $1.8 million, or 1.4%, compared to $124.7 million for the same period in 2015. The $1.8 million increase was primarily related to a $965,000 increase in salaries expense of which $401,000 was related to severence, a $1.6 million increase in furniture and equipment expense, and a $1.0 million increase in professional fees and services, offset by a decrease of $2.6 million related to employee benefits expense, largely related to a decline in medical expenses.

PNB's results for the nine months ended September 30, 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 for these periods is detailed in the table below:



	Nine months YTD 2016								Nine months YTD 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	$	170,194		$	725		$	169,469	$	164,559	$	184		$	164,375	$	220,879	$	241		$	220,638
(Recovery of) provision for loan losses	(450		)	(2,736		)	2,286		7,329		(1,352		)	8,681		7,665		(1,453		)	9,118
Other income	55,010			163			54,847		56,431		1,214			55,217		75,188		1,225			73,963
Other expense	126,418			479			125,939		124,662		599			124,063		167,476		700			166,776
Income before income taxes	$	99,236		$	3,145		$	96,091	$	88,999	$	2,151		$	86,848	$	120,926	$	2,219		$	118,707
Federal income tax expense	30,923			980			29,943		27,800		672			27,128		36,581		671			35,910
Net income	$	68,313		$	2,165		$	66,148	$	61,199	$	1,479		$	59,720	$	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 table below provides certain balance sheet information and financial ratios for PNB as of September 30, 2016, December 31, 2015 and September 30, 2015.



(In thousands)	September 30, 2016			December 31, 2015			September 30, 2015			% change from 12/31/15		% change from 09/30/15
Loans	$	5,148,482		$	5,029,072		$	4,960,654		2.37	%	3.79	%
Allowance for loan losses	51,573			54,453			56,403			(5.29	)%	(8.56	)%
Net loans	5,096,909			4,974,619			4,904,251			2.46	%	3.93	%
Investment securities	1,475,863			1,641,539			1,467,009			(10.09	)%	0.60	%
Total assets	7,287,923			7,229,764			7,216,773			0.80	%	0.99	%
Average assets ⁽¹⁾	7,339,517			7,219,898			7,206,175			1.66	%	1.85	%
Efficiency ratio	55.73		%	56.42		%	56.27		%	(1.22	)%	(0.96	)%
Return on average assets ⁽²⁾	1.24		%	1.17		%	1.14		%	5.98	%	8.77	%

(1) Average assets for the nine-month periods ended September 30, 2016 and 2015 and for the fiscal year ended December 31, 2015.

(2) Annualized for the nine-month periods ended September 30, 2016 and 2015.

Loans outstanding at September 30, 2016 were $5.15 billion, compared to $5.03 billion at December 31, 2015, an increase of $119 million for the nine months ended September 30, 2016, or an annualized 3.2%. The loan growth for the nine-month period consisted of commercial loan growth of $35.9 million (1.9% annualized), consumer loan growth of $100.2 million (13.7% annualized), and HELOC loan growth of $1.6 million (1.0% annualized), offset by a reduction in residential loan balances of $16.0 million (1.7% annualized).

PNB's allowance for loan losses decreased by $2.9 million, or 5.3%, to $51.6 million at September 30, 2016, compared to $54.5 million at December 31, 2015. Net charge-offs were $2.4 million, or an annualized 0.06% of total average loans, for the nine months ended September 30, 2016. Refer to the “Credit Metrics and (Recovery of) Provision for Loan Losses” section for additional information regarding PNB's loan portfolio and the level of (recovery of) provision for loan losses recognized in each period presented.

Guardian Financial Services Company (GFSC)

The table below reflects GFSC's net income (loss) for the first, second and third quarters of 2016, for the first nine months of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.



(In thousands)	Q3 2016			Q2 2016			Q1 2016			Nine months YTD 2016			Nine months YTD 2015		2015		2014
Net interest income	$	1,472		$	1,440		$	1,504		$	4,416		$	5,014	$	6,588	$	7,457
(Recovery of) provision for loan losses	(313		)	1,444			527			1,658			1,086		1,415		1,544
Other (loss) income	(1		)	—			—			(1		)	2		2		(1		)
Other expense	800			(966		)	3,798			3,632			2,264		2,984		4,103
Income (loss) before income taxes	$	984		$	962		$	(2,821	)	$	(875	)	$	1,666	$	2,191	$	1,809
Federal income taxes (benefit)	344			336			(985		)	(305		)	584		768		634
Net income (loss)	$	640		$	626		$	(1,836	)	$	(570	)	$	1,082	$	1,423	$	1,175

The provision for loan losses of $1.7 million for the nine months ended September 30, 2016 represented an increase of $572,000, compared to $1.1 million for the same period of 2015. Refer to the “Credit Metrics and (Recovery of) Provision for Loan Losses” section for additional information regarding Guardian's loan portfolio and the level of (recovery of) provision for loan losses recognized in each period presented.

Other expense of $3.6 million for the nine months ended September 30, 2016 represented a $1.3 million increase compared to $2.3 million for the first nine months of 2015. The fluctuations in other expense during 2016 primarily related to the ongoing evaluation of litigation accruals.

The table below provides certain balance sheet information and financial ratios for GFSC as of September 30, 2016, December 31, 2015 and September 30, 2015.



(In thousands)	September 30, 2016			December 31, 2015			September 30, 2015			% change from 12/31/15		% change from 09/30/15
Loans	$	32,236		$	35,469		$	35,942		(9.12	)%	(10.31	)%
Allowance for loan losses	1,988			2,041			2,080			(2.60	)%	(4.42	)%
Net loans	30,248			33,428			33,862			(9.51	)%	(10.67	)%
Total assets	32,759			35,793			36,517			(8.48	)%	(10.29	)%
Average assets⁽¹⁾	33,621			37,675			38,171			(10.76	)%	(11.92	)%
Return on average assets ⁽²⁾	(2.27		)%	3.78		%	3.79		%	N.M.		N.M.

(1) Average assets for the nine months ended September 30, 2016 and 2015, and for the fiscal year ended December 31, 2015.

(2) Annualized for the nine months ended September 30, 2016 and 2015.

Park Parent Company

The table below reflects the Park Parent Company net loss for the first, second and third quarters of 2016, for the first nine months of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.



(In thousands)	Q3 2016			Q2 2016			Q1 2016			Nine months YTD 2016			Nine months YTD 2015			2015			2014
Net interest income (expense)	$	20		$	(32	)	$	(1	)	$	(13	)	$	229		$	239		$	(2,012	)
Provision for loan losses	—			—			—			—			—			—			—
Other income	131			116			132			379			388			513			175
Other expense	1,840			2,209			3,337			7,386			5,951			9,972			8,000
Loss before income tax benefit	$	(1,689	)	$	(2,125	)	$	(3,206	)	$	(7,020	)	$	(5,334	)	$	(9,220	)	$	(9,837	)
Federal income tax benefit	(1,024		)	(1,056		)	(1,372		)	(3,452		)	(3,680		)	(4,671		)	(4,787		)
Net loss	$	(665	)	$	(1,069	)	$	(1,834	)	$	(3,568	)	$	(1,654	)	$	(4,549	)	$	(5,050	)

The net interest income (expense) 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 income (expense) 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.

Other expense of $7.4 million for the nine months ended September 30, 2016 represented an increase of $1.4 million, or 24.1%, compared to $6.0 million for the nine months ended September 30, 2015. The $1.4 million increase was primarily related to an increase of $604,000 in professional fees and services, an increase of $483,000 in miscellaneous other expense and an increase of $368,000 in salaries expense.

SEPH

The table below reflects SEPH's net income (loss) for the first, second and third quarters of 2016, for the first nine months 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)	Q3 2016			Q2 2016			Q1 2016			Nine months YTD 2016			Nine months YTD 2015			2015			2014
Net interest income (expense)	$	8		$	71		$	1,161		$	1,240		$	(37	)	$	(74	)	$	958
Recovery of loan losses	(3,708		)	(169		)	(1,150		)	(5,027		)	(2,767		)	(4,090		)	(12,394		)
Other income	1,126			112			34			1,272			1,434			1,848			5,991
Other expense	1,789			1,332			1,404			4,525			4,939			6,182			11,766
Income (loss) before income taxes	$	3,053		$	(980	)	$	941		$	3,014		$	(775	)	$	(318	)	$	7,577
Federal income tax expense (benefit)	1,070			(343		)	329			1,056			(271		)	(111		)	2,652
Net income (loss)	$	1,983		$	(637	)	$	612		$	1,958		$	(504	)	$	(207	)	$	4,925

SEPH's financial results for the nine months ended September 30, 2016 included net recoveries of $5.0 million. The net recoveries during 2016 consisted of $212,000 in charge-offs offset by recoveries from loans previously charged off of $5.2 million. The $414,000 decrease in other expense for the nine months ended September 30, 2016 compared to the same period of 2015 was primarily the result of a $390,000 decrease in OREO related expenses and a $843,000 decrease in expense related

to reserves established for potential mortgage loan repurchases, offset by increases in legal fees of $275,000 and management and consulting services of $675,000.

Legacy Vision assets at SEPH totaled $22.3 million as of September 30, 2016. In addition to these SEPH assets, PNB participations in legacy Vision assets totaled $9.6 million at September 30, 2016.

Park National Corporation

The table below reflects Park's consolidated net income for the first, second and third quarters of 2016, for the first nine months of 2016 and 2015, and for the fiscal years ended December 31, 2015 and 2014.



(In thousands)	Q3 2016			Q2 2016		Q1 2016		Nine months YTD 2016			Nine months YTD 2015		2015		2014
Net interest income	$	58,533		$	57,485	$	59,819	$	175,837		$	169,765	$	227,632	$	225,044
(Recovery of) provision for loan losses	(7,366		)	2,637		910		(3,819		)	5,648		4,990		(7,333		)
Other income	20,535			18,736		17,389		56,660			58,255		77,551		75,549
Other expense	46,756			45,306		49,899		141,961			137,816		186,614		187,510
Income before income taxes	$	39,678		$	28,278	$	26,399	$	94,355		$	84,556	$	113,579	$	120,416
Federal income taxes	12,229			8,280		7,713		28,222			24,433		32,567		36,459
Net income	$	27,449		$	19,998	$	18,686	$	66,133		$	60,123	$	81,012	$	83,957

Credit Metrics and (Recovery of) Provision for Loan Losses

On a consolidated basis, Park reported a recovery of loan losses for the nine months ended September 30, 2016 of $3.8 million, compared to a provision for loan losses of $5.6 million for the same period in 2015. The table below shows a breakdown of the (recovery of) provision for loan losses by reportable segment.



(In thousands)	Q3 2016			Q2 2016			Q1 2016			Nine months YTD 2016			Nine months YTD 2015			2015			2014
PNB	$	(3,345	)	$	1,362		$	1,533		$	(450	)	$	7,329		$	7,665		$	3,517
GFSC	(313		)	1,444			527			1,658			1,086			1,415			1,544
Park Parent	—			—			—			—			—			—			—
Total Ongoing Operations	$	(3,658	)	$	2,806		$	2,060		$	1,208		$	8,415		$	9,080		$	5,061
SEPH	(3,708		)	(169		)	(1,150		)	(5,027		)	(2,767		)	(4,090		)	(12,394		)
Total Park	$	(7,366	)	$	2,637		$	910		$	(3,819	)	$	5,648		$	4,990		$	(7,333	)

PNB had net charge-offs of $2.4 million, GFSC had net charge-offs of $1.7 million, and SEPH had net recoveries of $5.0 million for the nine months ended September 30, 2016, resulting in net recoveries of $886,000 for Park. Recovery of loan losses at Park on a consolidated basis were $3.8 million for the nine months ended September 30, 2016, which was $2.9 million higher than net recoveries of $886,000. The primary reason for the $2.9 million recovery of loan losses in excess of the net recoveries was due to Park's ongoing evaluation of the required allowance for loan losses to cover probable incurred losses in the Park loan portfolio.

The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of September 30, 2016, December 31, 2015 and September 30, 2015.



(In thousands)	9/30/2016			12/31/2015			9/30/2015
Total allowance for loan losses	$	53,562		$	56,494		$	58,483
Specific reserve	4,232			4,191			5,738
General reserve	$	49,330		$	52,303		$	52,745

Total loans	$	5,172,601		$	5,052,932		$	4,984,449
Impaired commercial loans	64,313			66,232			54,537
Total loans less impaired commercial loans	$	5,108,288		$	4,986,700		$	4,929,912

General reserve as a % of total loans less impaired commercial loans	0.97		%	1.05		%	1.07		%

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.

The allowance for loan losses of $53.6 million at September 30, 2016 represented a $2.9 million or 5.2% decrease, compared to $56.5 million at December 31, 2015. This decrease was the result of a $3.0 million decrease in general reserves which occurred in the third quarter of 2016 following Park's re-evaluation of the allowance for loan losses required to cover probable incurred losses in the loan portfolio.

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, 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, the JOBS Act, the FAST Act 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; the uncertainty surrounding the United Kingdom's exit from the European Union and its consequences; 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; fraud, scams and schemes of third parties; the impact of widespread natural and other disasters, pandemics, dislocations, terrorist activities or international hostilities on the economy and financial markets generally or on US or our counterparties specifically; 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.

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on October 24, 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 December 9, 2016 to common shareholders of record as of the close of business on November 18, 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.

Prepayment of FHLB Advances

On October 20, 2016, Park prepaid $50 million of Federal Home Loan Bank (“FHLB”) advances, incurring a $5.6 million prepayment penalty. These advances had an interest rate of 3.15% and a maturity date of November 13, 2023. The borrowing that was prepaid had an expected annual cost of $1.6 million. The prepayment was the result of management’s analysis of Park’s consolidated balance sheet and consideration of current and anticipated financial performance.

The prepayment was made using excess cash, which averaged $220.5 million for the nine months ended September 30, 2016. Excess cash is shown as money market instruments on the consolidated balance sheet and is invested overnight with the Federal Reserve at the overnight federal funds sold rate. For the nine months ended September 30, 2016, Park earned 0.51% on these money market instruments.

Item 9.01 - Financial Statements and Exhibits.


(a)	Not applicable


(b)	Not applicable


(c)	Not applicable


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

Exhibit No. Description


99.1	News Release issued by Park National Corporation on October 24, 2016 addressing financial results for the three and nine months ended September 30, 2016.

[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: October 24, 2016	By:	/s/ Brady T. Burt
		Brady T. Burt
		Chief Financial Officer, Secretary and Treasurer

INDEX TO EXHIBITS

Current Report on Form 8-K

Dated October 24, 2016

Park National Corporation



Exhibit No.	Description
99.1	News Release issued by Park National Corporation on October 24, 2016 addressing financial results for the three and nine months ended September 30, 2016.

EX-99.1 2 exhibit991earningsrelease3.htm EXHIBIT 99.1 Exhibit

October 24, 2016 Exhibit 99.1

Park National Corporation reports financial results

for third quarter and first nine months of 2016

Consumer and commercial loans propel community bank income

NEWARK, Ohio - Park National Corporation (Park) (NYSE MKT: PRK) today announced increased net income and other financial results for the third quarter and first nine months of 2016 (three and nine months ended September 30, 2016). The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on December 9, 2016 to common shareholders of record as of November 18, 2016.

Park’s third quarter net income in 2016 was $27.4 million, a 37.0 percent increase from $20.0 million for the same period in 2015. Net income per diluted common share for the third quarter of 2016 was $1.78, compared to $1.30 in the third quarter of 2015. Park cited substantial recoveries from loans in its Southeast Property Holdings unit as part of the boost in income for the quarter.

Park’s net income for the first nine months of 2016 was $66.1 million, compared to $60.1 million for the same period in 2015, an increase of 10.0 percent. Net income per diluted common share for the first nine months of 2016 was $4.29, compared to $3.90 in the same period of 2015.

“Our results this year position us well as we look ahead and make plans for the future,” said Park President and CEO David L. Trautman. “We lead our organization with long-run performance in mind. While any given quarter may contain one-time income items or expenses, it’s the consistency of our community banks that demonstrates our strength and steady success.”

Park's community-banking subsidiary, The Park National Bank, reported net income of $25.5 million for the third quarter of 2016, compared to $20.7 million for the third quarter of 2015. The bank’s first nine months of 2016 net income was $68.3 million, compared to $61.2 million for the same period of 2015. The bank had total assets of $7.3 billion at September 30, 2016, rising from $7.2 billion at December 31, 2015.

In the first nine months of 2016, the bank grew consumer loans by $100.2 million (13.7 percent annualized) and commercial loans by $35.9 million (1.9 percent annualized). Total loans for the bank were $5.15 billion at September 30, 2016, up $187.8 million (3.79 percent) from $4.96 billion at September 30, 2015.

About Park National Corporation

Headquartered in Newark, Ohio, Park National Corporation had $7.4 billion in total assets (as of September 30, 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 National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights
Three months ended September 30, 2016, June 30, 2016, and September 30, 2015

	2016			2016			2015			Percent change vs.
(in thousands, except share and per share data)	3rd QTR			2nd QTR			3rd QTR			2Q '16		3Q '15
INCOME STATEMENT:
Net interest income	$	58,533		$	57,485		$	57,715		1.8	%	1.4	%
(Recovery of) provision for loan losses	(7,366		)	2,637			2,404			N.M.		N.M.
Other income	20,535			18,736			20,191			9.6	%	1.7	%
Other expense	46,756			45,306			47,429			3.2	%	(1.4)	%
Income before income taxes	$	39,678		$	28,278		$	28,073		40.3	%	41.3	%
Income taxes	12,229			8,280			8,033			47.7	%	52.2	%
Net income	$	27,449		$	19,998		$	20,040		37.3	%	37.0	%

MARKET DATA:
Earnings per common share - basic (b)	$	1.79		$	1.30		$	1.30		37.7	%	37.7	%
Earnings per common share - diluted (b)	1.78			1.30			1.30			36.9	%	36.9	%
Cash dividends per common share	0.94			0.94			0.94			—	%	—	%
Book value per common share at period end	48.99			48.26			46.66			1.5	%	5.0	%
Market price per common share at period end	96.00			91.78			90.22			4.6	%	6.4	%
Market capitalization at period end	1,471,755			1,407,060			1,384,035			4.6	%	6.3	%

Weighted average common shares - basic (a)	15,330,791			15,330,802			15,361,087			—	%	(0.2	)%
Weighted average common shares - diluted (a)	15,399,707			15,399,283			15,401,808			—	%	—	%
Common shares outstanding at period end	15,330,781			15,330,796			15,340,670			—	%	(0.1	)%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.46		%	1.09		%	1.07		%	33.9	%	36.4	%
Return on average equity (a)(b)	14.67		%	10.98		%	11.20		%	33.6	%	31.0	%
Yield on loans	4.66		%	4.64		%	4.65		%	0.4	%	0.2	%
Yield on investments	2.25		%	2.30		%	2.39		%	(2.2)	%	(5.9)	%
Yield on money markets	0.52		%	0.51		%	0.25		%	2.0	%	108.0	%
Yield on earning assets	3.99		%	4.00		%	3.91		%	(0.3)	%	2.0	%
Cost of interest bearing deposits	0.32		%	0.32		%	0.29		%	—	%	10.3	%
Cost of borrowings	2.49		%	2.50		%	2.39		%	(0.4)	%	4.2	%
Cost of paying liabilities	0.74		%	0.74		%	0.70		%	—	%	5.7	%
Net interest margin (g)	3.42		%	3.43		%	3.37		%	(0.3)	%	1.5	%
Efficiency ratio (g)	58.67		%	59.01		%	60.71		%	(0.6)	%	(3.4)	%

OTHER RATIOS (NON - GAAP):
Annualized return on average tangible assets (a)(b)(e)	1.48		%	1.10		%	1.08		%	34.5	%	37.0	%
Annualized return on average tangible equity (a)(b)(c)	16.24		%	12.18		%	12.47		%	33.3	%	30.2	%
Tangible book value per share (d)	$	44.27		$	43.54		$	41.95		1.7	%	5.5	%

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 September 30, 2016, June 30, 2016, and September 30, 2015

										Percent change vs.
BALANCE SHEET:	September 30, 2016			June 30, 2016			September 30, 2015			2Q '16		3Q '15

Investment securities	$	1,478,255		$	1,548,006		$	1,469,284		(4.5)	%	0.6	%
Loans	5,187,004			5,127,644			4,999,912			1.2	%	3.7	%
Allowance for loan losses	53,562			58,699			58,483			(8.8)	%	(8.4)	%
Goodwill	72,334			72,334			72,334			—	%	—	%
Other real estate owned (OREO)	14,941			17,566			20,136			(14.9)	%	(25.8)	%
Total assets	7,364,092			7,431,610			7,300,340			(0.9)	%	0.9	%
Total deposits	5,519,659			5,623,879			5,454,982			(1.9)	%	1.2	%
Borrowings	1,005,937			996,905			1,059,904			0.9	%	(5.1)	%
Shareholders' equity	751,063			739,887			715,803			1.5	%	4.9	%
Tangible equity (d)	678,729			667,553			643,469			1.7	%	5.5	%
Nonperforming loans	116,864			131,456			109,638			(11.1)	%	6.6	%
Nonperforming assets	131,805			149,022			129,774			(11.6)	%	1.6	%

ASSET QUALITY RATIOS:
Loans as a % of period end total assets	70.44		%	69.00		%	68.49		%	2.1	%	2.8	%
Nonperforming loans as a % of period end loans	2.25		%	2.56		%	2.19		%	(12.1)	%	2.7	%
Nonperforming assets as a % of period end loans + OREO	2.53		%	2.90		%	2.59		%	(12.8)	%	(2.3)	%
Allowance for loan losses as a % of period end loans	1.03		%	1.14		%	1.17		%	(9.6)	%	(12.0)	%
Net loan (recoveries) charge-offs	$	(2,229	)	$	886		$	1,348		N.M.		N.M.
Annualized net loan (recoveries) charge-offs as a % of average loans (a)	(0.17)		%	0.07		%	0.11		%	N.M.		N.M.

CAPITAL & LIQUIDITY:
Total equity / Period end total assets	10.20		%	9.96		%	9.81		%	2.4	%	4.0	%
Tangible equity (d) / Tangible assets (f)	9.31		%	9.07		%	8.90		%	2.6	%	4.6	%
Average equity / Average assets (a)	9.97		%	9.92		%	9.59		%	0.5	%	4.0	%
Average equity / Average loans (a)	14.49		%	14.41		%	14.37		%	0.6	%	0.8	%
Average loans / Average deposits (a)	91.14		%	91.18		%	88.61		%	—	%	2.9	%

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
Nine months ended September 30, 2016 and 2015

(in thousands, except share and per share data)	2016			2015			Percent change vs. 2015
INCOME STATEMENT:
Net interest income	$	175,837		$	169,765		3.6	%
(Recovery of) provision for loan losses	(3,819		)	5,648			N.M.
Other income	56,660			58,255			(2.7	)%
Total other expense	141,961			137,816			3.0	%
Income before income taxes	$	94,355		$	84,556		11.6	%
Income taxes	28,222			24,433			15.5	%
Net income	$	66,133		$	60,123		10.0	%

MARKET DATA:
Earnings per common share - basic (b)	$	4.31		$	3.91		10.2	%
Earnings per common share - diluted (b)	4.29			3.90			10.0	%
Cash dividends per common share	2.82			2.82			—	%

Weighted average common shares - basic (a)	15,330,802			15,370,380			(0.3	)%
Weighted average common shares - diluted (a)	15,401,825			15,411,511			(0.1	)%

PERFORMANCE RATIOS: (Annualized)
Return on average assets (a)(b)	1.19		%	1.10		%	8.2	%
Return on average common equity (a)(b)	12.04		%	11.35		%	6.1	%
Yield on loans	4.70		%	4.67		%	0.6	%
Yield on investments	2.31		%	2.48		%	(6.9	)%
Yield on earning assets	4.03		%	3.95		%	2.0	%
Cost of interest bearing deposits	0.32		%	0.30		%	6.7	%
Cost of borrowings	2.44		%	2.40		%	1.7	%
Cost of paying liabilities	0.74		%	0.72		%	2.8	%
Net interest margin (g)	3.47		%	3.39		%	2.4	%
Efficiency ratio (g)	60.64		%	60.29		%	0.6	%

ASSET QUALITY RATIOS:
Net loan (recoveries) charge-offs	$	(887	)	$	1,517		N.M.
Annualized net loan (recoveries) charge-offs as a % of average loans (a)	(0.02		)%	0.04		%	N.M.

CAPITAL & LIQUIDITY:
Average stockholders' equity / Average assets (a)	9.89		%	9.71		%	1.9	%
Average stockholders' equity / Average loans (a)	14.42		%	14.53		%	(0.8	)%
Average loans / Average deposits (a)	91.21		%	89.23		%	2.2	%

OTHER RATIOS (NON-GAAP):
Annualized return on average tangible assets (a)(b)(e)	1.20		%	1.11		%	8.1	%
Annualized return on average tangible common equity (a)(b)(c)	13.35		%	12.64		%	5.6	%

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 September 30, 2016, June 30, 2016 and September 30, 2015 and the nine months ended September 30, 2016 and September 30, 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						NINE MONTHS ENDED
	September 30, 2016		June 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
AVERAGE SHAREHOLDERS' EQUITY	$	744,620	$	732,759	$	710,128	$	733,937	$	708,085
Less: Average goodwill	72,334		72,334		72,334		72,334		72,334
AVERAGE TANGIBLE EQUITY	$	672,286	$	660,425	$	637,794	$	661,603	$	635,751

(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:
	September 30, 2016		June 30, 2016		September 30, 2015
SHAREHOLDERS' EQUITY	$	751,063	$	739,887	$	715,803
Less: Goodwill	72,334		72,334		72,334
TANGIBLE EQUITY	$	678,729	$	667,553	$	643,469

(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						NINE MONTHS ENDED
	September 30, 2016		June 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
AVERAGE ASSETS	$	7,468,439	$	7,383,703	$	7,405,178	$	7,419,342	$	7,294,077
Less: Average goodwill	72,334		72,334		72,334		72,334		72,334
AVERAGE TANGIBLE ASSETS	$	7,396,105	$	7,311,369	$	7,332,844	$	7,347,008	$	7,221,743

(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:
	September 30, 2016		June 30, 2016		September 30, 2015
TOTAL ASSETS	$	7,364,092	$	7,431,610	$	7,300,340
Less: Goodwill	72,334		72,334		72,334
TANGIBLE ASSETS	$	7,291,758	$	7,359,276	$	7,228,006

(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						NINE MONTHS ENDED
	September 30, 2016		June 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Interest income	$	68,242	$	67,011	$	67,087	$	204,561	$	197,909
Fully taxable equivalent adjustment	619		555		220		1,618		551
Fully taxable equivalent interest income	$	68,861	$	67,566	$	67,307	$	206,179	$	198,460
Interest expense	9,709		9,526		9,372		28,724		28,144
Fully taxable equivalent net interest income	$	59,152	$	58,040	$	57,935	$	177,455	$	170,316

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in thousands, except share and per share data)	2016			2015		2016			2015

Interest income:
Interest and fees on loans	$	59,893		$	57,680	$	178,346		$	169,555
Interest on:
Obligations of U.S. Government, its agencies
and other securities	7,339			9,163		23,718			27,665
Obligations of states and political subdivisions	689			12		1,653			12
Other interest income	321			232		844			677
Total interest income	68,242			67,087		204,561			197,909

Interest expense:
Interest on deposits:
Demand and savings deposits	1,094			614		2,851			1,656
Time deposits	2,352			2,508		7,128			7,672
Interest on borrowings	6,263			6,250		18,745			18,816
Total interest expense	9,709			9,372		28,724			28,144

Net interest income	58,533			57,715		175,837			169,765

(Recovery of) provision for loan losses	(7,366		)	2,404		(3,819		)	5,648

Net interest income after (recovery of) provision for loan losses	65,899			55,311		179,656			164,117

Other income	20,535			20,191		56,660			58,255

Other expense	46,756			47,429		141,961			137,816

Income before income taxes	39,678			28,073		94,355			84,556

Income taxes	12,229			8,033		28,222			24,433

Net income	$	27,449		$	20,040	$	66,133		$	60,123

Per Common Share:
Net income - basic	$	1.79		$	1.30	$	4.31		$	3.91
Net income - diluted	$	1.78		$	1.30	$	4.29		$	3.90

Weighted average shares - basic	15,330,791			15,361,087		15,330,802			15,370,380
Weighted average shares - diluted	15,399,707			15,401,808		15,401,825			15,411,511

Cash Dividends Declared	$	0.94		$	0.94	$	2.82		$	2.82

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Balance Sheets

(in thousands, except share data)	September 30, 2016			December 31, 2015

Assets

Cash and due from banks	$	117,457		$	119,412
Money market instruments	122,541			30,047
Investment securities	1,478,255			1,643,879
Loans	5,187,004			5,068,085
Allowance for loan losses	(53,562		)	(56,494		)
Loans, net	5,133,442			5,011,591
Bank premises and equipment, net	58,361			59,493
Goodwill	72,334			72,334
Other real estate owned	14,941			18,651
Other assets	366,761			355,947
Total assets	$	7,364,092		$	7,311,354

Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,429,024		$	1,404,032
Interest bearing	4,090,635			3,943,610
Total deposits	5,519,659			5,347,642
Borrowings	1,005,937			1,177,347
Other liabilities	87,433			73,010
Total liabilities	$	6,613,029		$	6,597,999


Shareholders' Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at September 30, 2016 and December 31, 2015)	$	—		$	—
Common shares (No par value; 20,000,000 shares authorized in 2016 and 2015; 16,150,820 shares issued at September 30, 2016 and 16,150,854 shares issued at December 31, 2015)	305,152			303,966
Accumulated other comprehensive loss, net of taxes	(1,793		)	(15,643		)
Retained earnings	530,177			507,505
Treasury shares (820,039 shares at both September 30, 2016 and December 31, 2015)	(82,473		)	(82,473		)
Total shareholders' equity	$	751,063		$	713,355

Total liabilities and shareholders' equity	$	7,364,092		$	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						Nine Months Ended
	September 30,						September 30,
(in thousands)	2016			2015			2016			2015

Assets

Cash and due from banks	$	116,069		$	113,708		$	115,588		$	117,617
Money market instruments	247,475			362,420			220,461			355,240
Investment securities	1,507,484			1,528,404			1,535,235			1,500,275
Loans	5,139,781			4,942,024			5,091,148			4,872,191
Allowance for loan losses	(59,470		)	(57,798		)	(57,835		)	(56,383		)
Loans, net	5,080,311			4,884,226			5,033,313			4,815,808
Bank premises and equipment, net	58,890			59,386			59,252			57,985
Goodwill	72,334			72,334			72,334			72,334
Other real estate owned	17,374			20,970			17,700			22,310
Other assets	368,502			363,730			365,459			352,508
Total assets	$	7,468,439		$	7,405,178		$	7,419,342		$	7,294,077


Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,401,201		$	1,302,987		$	1,386,518		$	1,290,383
Interest bearing	4,238,301			4,274,375			4,195,328			4,169,895
Total deposits	5,639,502			5,577,362			5,581,846			5,460,278
Borrowings	1,001,761			1,037,158			1,024,175			1,049,041
Other liabilities	82,556			80,530			79,384			76,673
Total liabilities	$	6,723,819		$	6,695,050		$	6,685,405		$	6,585,992

Shareholders' Equity:
Preferred shares	$	—		$	—		$	—		$	—
Common shares	304,885			303,631			304,449			303,392
Accumulated other comprehensive loss, net of taxes	(350		)	(12,136		)	(4,584		)	(9,154		)
Retained earnings	522,558			498,670			516,545			493,117
Treasury shares	(82,473		)	(80,037		)	(82,473		)	(79,270		)
Total shareholders' equity	$	744,620		$	710,128		$	733,937		$	708,085

Total liabilities and shareholders' equity	$	7,468,439		$	7,405,178		$	7,419,342		$	7,294,077

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters

	2016			2016		2016		2015			2015
(in thousands, except per share data)	3rd QTR			2nd QTR		1st QTR		4th QTR			3rd QTR

Interest income:
Interest and fees on loans	$	59,893		$	58,401	$	60,052	$	58,424		$	57,680
Interest on:
Obligations of U.S. Government, its agencies and other securities	7,339			7,770		8,609		8,360			9,163
Obligations of states and political subdivisions	689			591		373		170			12
Other interest income	321			249		274		211			232
Total interest income	68,242			67,011		69,308		67,165			67,087

Interest expense:
Interest on deposits:
Demand and savings deposits	1,094			933		824		573			614
Time deposits	2,352			2,389		2,387		2,453			2,508
Interest on borrowings	6,263			6,204		6,278		6,272			6,250
Total interest expense	9,709			9,526		9,489		9,298			9,372

Net interest income	58,533			57,485		59,819		57,867			57,715

(Recovery of) provision for loan losses	(7,366		)	2,637		910		(658		)	2,404

Net interest income after (recovery of) provision for loan losses	65,899			54,848		58,909		58,525			55,311

Other income	20,535			18,736		17,389		19,296			20,191

Other expense	46,756			45,306		49,899		48,798			47,429

Income before income taxes	39,678			28,278		26,399		29,023			28,073

Income taxes	12,229			8,280		7,713		8,134			8,033

Net income	$	27,449		$	19,998	$	18,686	$	20,889		$	20,040

Per Common Share:
Net income - basic	$	1.79		$	1.30	$	1.22	$	1.36		$	1.30
Net income - diluted	$	1.78		$	1.30	$	1.21	$	1.36		$	1.30

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Detail of other income and other expense - Linked Quarters

	2016			2016			2016			2015			2015
(in thousands)	3rd QTR			2nd QTR			1st QTR			4th QTR			3rd QTR

Other income:
Income from fiduciary activities	$	5,315		$	5,438		$	5,113		$	5,140		$	4,933
Service charges on deposits	3,800			3,575			3,423			3,777			3,909
Other service income	3,640			3,351			2,574			2,861			3,251
Checkcard fee income	3,780			3,868			3,532			3,902			3,643
Bank owned life insurance income	1,038			1,049			1,197			1,245			1,574
ATM fees	581			570			583			588			648
OREO valuation adjustments	(233		)	(221		)	(118		)	(319		)	(718		)
Gain on the sale of OREO, net	783			162			134			175			243
Gain on sale of investments	—			—			—			88			—
Miscellaneous	1,831			944			951			1,839			2,708
Total other income	$	20,535		$	18,736		$	17,389		$	19,296		$	20,191

Other expense:
Salaries	$	22,084		$	21,256		$	21,554		$	22,520		$	21,692
Employee benefits	5,073			4,894			4,773			4,161			6,721
Occupancy expense	2,506			2,639			2,548			2,257			2,469
Furniture and equipment expense	3,437			3,416			3,443			3,069			3,044
Data processing fees	1,450			1,373			1,217			1,190			1,383
Professional fees and services	6,356			5,401			6,667			7,751			5,424
Marketing	1,062			1,073			1,111			975			1,058
Insurance	1,423			1,438			1,411			1,407			1,399
Communication	1,154			1,353			1,221			1,321			1,245
State tax expense	895			798			926			857			779
Miscellaneous	1,316			1,665			5,028			3,290			2,215
Total other expense	$	46,756		$	45,306		$	49,899		$	48,798		$	47,429

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Asset Quality Information

										Year ended December 31,
(in thousands, except ratios)	September 30, 2016			June 30, 2016			March 31, 2016			2015			2014				2013			2012

Allowance for loan losses:
Allowance for loan losses, beginning of period	$	58,699		$	56,948		$	56,494		$	54,352		$	59,468			$	55,537		$	68,444
Charge-offs	4,140			4,419			3,401			14,290			24,780			(B)	19,153			61,268			(A)
Recoveries	6,369			3,533			2,945			11,442			26,997				19,669			12,942
Net (recoveries) charge-offs	(2,229		)	886			456			2,848			(2,217		)		(516		)	48,326
(Recovery of) provision for loan losses	(7,366		)	2,637			910			4,990			(7,333		)		3,415			35,419
Allowance for loan losses, end of period	$	53,562		$	58,699		$	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	$	53,562		$	58,699		$	56,948		$	56,494		$	54,352			$	59,468		$	55,537
Specific reserves	4,232			6,287			4,930			4,191			3,660				10,451			8,276
General reserves	$	49,330		$	52,412		$	52,018		$	52,303		$	50,692			$	49,017		$	47,261

Total loans	$	5,187,004		$	5,127,644		$	5,062,185		$	5,068,085		$	4,829,682			$	4,620,505		$	4,450,322
Impaired commercial loans	77,986			90,828			78,117			80,599			73,676				112,304			137,238
Total loans less impaired commercial loans	$	5,109,018		$	5,036,816		$	4,984,068		$	4,987,486		$	4,756,006			$	4,508,201		$	4,313,084


Asset Quality Ratios:
Annualized net (recoveries) charge-offs as a % of average loans	(0.17)		%	0.07		%	0.04		%	0.06		%	(0.05)		%		(0.01)		%	1.10		%
Allowance for loan losses as a % of period end loans	1.03		%	1.14		%	1.12		%	1.11		%	1.13		%		1.29		%	1.25		%
General reserves as a % of total loans less impaired commercial loans	0.97		%	1.04		%	1.04		%	1.05		%	1.07		%		1.09		%	1.10		%

Nonperforming Assets - Park National Corporation:
Nonaccrual loans	$	97,832		$	111,429		$	102,625		$	95,887		$	100,393			$	135,216		$	155,536
Accruing troubled debt restructuring	17,350			17,722			14,999			24,979			16,254				18,747			29,800
Loans past due 90 days or more	1,682			2,305			1,336			1,921			2,641				1,677			2,970
Total nonperforming loans	$	116,864		$	131,456		$	118,960		$	122,787		$	119,288			$	155,640		$	188,306
Other real estate owned - Park National Bank	7,004			7,038			6,846			7,456			10,687				11,412			14,715
Other real estate owned - SEPH	7,937			10,528			10,899			11,195			11,918				23,224			21,003
Total nonperforming assets	$	131,805		$	149,022		$	136,705		$	141,438		$	141,893			$	190,276		$	224,024
Percentage of nonaccrual loans to period end loans	1.89		%	2.17		%	2.03		%	1.89		%	2.08		%		2.93		%	3.49		%
Percentage of nonperforming loans to period end loans	2.25		%	2.56		%	2.35		%	2.42		%	2.47		%		3.37		%	4.23		%
Percentage of nonperforming assets to period end loans	2.54		%	2.91		%	2.70		%	2.79		%	2.94		%		4.12		%	5.03		%
Percentage of nonperforming assets to period end total assets	1.79		%	2.01		%	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)	September 30, 2016			June 30, 2016			March 31, 2016			2015			2014			2013			2012

Nonperforming Assets - Park National Bank and Guardian:
Nonaccrual loans	$	84,045		$	97,642		$	88,351		$	81,468		$	77,477		$	99,108		$	100,244
Accruing troubled debt restructuring	17,350			17,722			14,999			24,979			16,157			18,747			29,800
Loans past due 90 days or more	1,682			2,305			1,336			1,921			2,641			1,677			2,970
Total nonperforming loans	$	103,077		$	117,669		$	104,686		$	108,368		$	96,275		$	119,532		$	133,014
Other real estate owned - Park National Bank	7,004			7,038			6,846			7,456			10,687			11,412			14,715
Total nonperforming assets	$	110,081		$	124,707		$	111,532		$	115,824		$	106,962		$	130,944		$	147,729
Percentage of nonaccrual loans to period end loans	1.62		%	1.91		%	1.75		%	1.61		%	1.61		%	2.16		%	2.28		%
Percentage of nonperforming loans to period end loans	1.99		%	2.30		%	2.07		%	2.14		%	2.00		%	2.61		%	3.03		%
Percentage of nonperforming assets to period end loans	2.13		%	2.44		%	2.21		%	2.29		%	2.23		%	2.86		%	3.36		%
Percentage of nonperforming assets to period end total assets	1.51		%	1.69		%	1.52		%	1.60		%	1.55		%	2.01		%	2.27		%

Nonperforming Assets - SEPH/Vision Bank (retained portfolio):
Nonaccrual loans	$	13,787		$	13,787		$	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	$	13,787		$	13,787		$	14,274		$	14,419		$	23,013		$	36,108		$	55,292
Other real estate owned - SEPH	7,937			10,528			10,899			11,195			11,918			23,224			21,003
Total nonperforming assets	$	21,724		$	24,315		$	25,173		$	25,614		$	34,931		$	59,332		$	76,295

New nonaccrual loan information - Park National Corporation
Nonaccrual loans, beginning of period	$	111,429		$	102,625		$	95,887		$	100,393		$	135,216		$	155,536		$	195,106
New nonaccrual loans	12,363			26,858			21,339			80,791			70,059			67,398			83,204
Resolved nonaccrual loans	25,960			18,054			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	$	97,832		$	111,429		$	102,625		$	95,887		$	100,393		$	135,216		$	155,536

New nonaccrual loan information - Ohio-based operations
Nonaccrual loans, beginning of period	$	97,642		$	88,351		$	81,468		$	77,477		$	99,108		$	100,244		$	96,113
New nonaccrual loans - Ohio-based operations	12,363			26,735			21,339			80,791			69,389			66,197			68,960
Resolved nonaccrual loans	25,960			17,444			14,456			76,800			78,288			67,333			64,829
Sale of nonaccrual loans held for sale	—			—			—			—			12,732			—			—
Nonaccrual loans, end of period	$	84,045		$	97,642		$	88,351		$	81,468		$	77,477		$	99,108		$	100,244

New nonaccrual loan information - SEPH/Vision Bank
Nonaccrual loans, beginning of period	$	13,787		$	14,274		$	14,419		$	22,916		$	36,108		$	55,292		$	98,993
New nonaccrual loans - SEPH/Vision Bank	—			123			—			—			670			1,201			14,243
Resolved nonaccrual loans	—			610			145			8,365			8,096			20,385			57,944
Sale of nonaccrual loans held for sale	—			—			—			132			5,766			—			—
Nonaccrual loans, end of period	$	13,787		$	13,787		$	14,274		$	14,419		$	22,916		$	36,108		$	55,292

Impaired Commercial Loan Portfolio Information (period end):
Unpaid principal balance	$	100,187		$	115,186		$	106,539		$	109,304		$	106,156		$	175,576		$	242,345
Prior charge-offs	22,201			24,358			28,422			28,705			32,480			63,272			105,107
Remaining principal balance	77,986			90,828			78,117			80,599			73,676			112,304			137,238
Specific reserves	4,232			6,287			4,930			4,191			3,660			10,451			8,276
Book value, after specific reserve	$	73,754		$	84,541		$	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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