Document

0000805676-18-000002.txt : 20180122 0000805676-18-000002.hdr.sgml : 20180122 20180122161606 ACCESSION NUMBER: 0000805676-18-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180122 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: 20180122 DATE AS OF CHANGE: 20180122 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: 18540040 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 a2017_12x31xearningsxrelea.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)	January 22, 2018

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 - Results of Operations and Financial Condition.

On January 22, 2018, Park National Corporation (“Park”) issued a news release (the “Financial Results News Release”) announcing financial results for the three and twelve months ended December 31, 2017. 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 and at December 31, 2017, September 30, 2017 and December 31, 2016, and the twelve months ended December 31, 2017 and 2016. 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 total 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 the number of 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 total 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, total shareholders' equity to total assets and book value per share, respectively, as determined in accordance with GAAP.

Item 7.01 - Regulation FD Disclosure

Financial Results by Segment

The table below reflects the net income (loss) by segment for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015. Park's segments include The Park National Bank ("PNB"), Guardian Financial Services Company (“GFSC”), SE Property Holdings, LLC ("SEPH") and all other which primarily consists of Park as the "Parent Company."



Net income (loss) by segment
(In thousands)	Q4 2017			Q3 2017		Q2 2017			Q1 2017			2017			2016			2015
PNB	$	24,369		$	21,297	$	20,163		$	21,486		$	87,315		$	84,451		$	84,345
GFSC	(208		)	84		186			198			260			(307		)	1,423
Parent Company	(417		)	105		(919		)	(1,226		)	(2,457		)	(4,557		)	(4,549		)
Ongoing operations	$	23,744		$	21,486	$	19,430		$	20,458		$	85,118		$	79,587		$	81,219
SEPH	(913		)	626		(398		)	(191		)	(876		)	6,548			(207		)
Total Park	$	22,831		$	22,112	$	19,032		$	20,267		$	84,242		$	86,135		$	81,012

The category “Parent Company” above excludes the results for SEPH, an entity which is winding down commensurate with the disposition of SEPH's nonperforming assets. Management considers the “Ongoing operations” results, which exclude the results of SEPH, to reflect the business of Park and Park's subsidiaries going forward. The discussion below provides additional information regarding the segments that make up the “Ongoing operations”, followed by additional information regarding SEPH.

On December 22, 2017, “H.R.1,” known as the “Tax Cuts and Jobs Act,” was signed into law. Among other things, the Tax Cuts and Jobs Act permanently lowers the corporate federal income tax rate to 21% from the existing maximum rate of 35%, effective January 1, 2018. As a result of the reduction of the corporate federal income tax rate to 21%, U.S. generally accepted accounting principles require companies to re-value certain tax-related assets and liabilities as of the date of enactment, with the resulting tax effects accounted for in the reporting period of enactment. This re-valuation impacted Park’s net deferred tax liabilities and qualified affordable housing tax credit investments. The effect of the Tax Cuts and Jobs Act was an increase to federal income tax expense at Park of $1.2 million. A breakout of the impact to Park's segments is below.



	Q4 2017								2017
(In thousands)	Federal income tax expense (as reported)		Impact of the Tax Cuts and Jobs Act			Federal income tax expense excluding the impact of the Tax Cuts and Jobs Act			Federal income tax expense (as reported)			Impact of the Tax Cuts and Jobs Act			Federal income tax expense excluding the impact of the Tax Cuts and Jobs Act
PNB	$	8,634	$	(803	)	$	9,437		$	34,881		$	(803	)	$	35,684
GFSC	414		341			73			666			341			325
Parent Company	226		494			(268		)	(2,695		)	494			(3,189		)
SEPH	1,355		1,201			154			1,375			1,201			174
Total Park	$	10,629	$	1,233		$	9,396		$	34,227		$	1,233		$	32,994

The Park National Bank (PNB)

The table below reflects PNB's net income for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015.



(In thousands)	Q4 2017		Q3 2017		Q2 2017		Q1 2017		2017		2016		2015
Net interest income	$	60,526	$	59,415	$	57,822	$	57,480	$	235,243	$	227,576	$	220,879
Provision for loan losses	784		3,820		4,574		720		9,898		2,611		7,665
Other income	19,869		20,367		19,179		17,711		77,126		74,803		75,188
Other expense	46,608		45,987		43,877		43,803		180,275		177,562		167,476
Income before income taxes	$	33,003	$	29,975	$	28,550	$	30,668	$	122,196	$	122,206	$	120,926
Federal income tax expense	8,634		8,678		8,387		9,182		34,881		37,755		36,581
Net income	$	24,369	$	21,297	$	20,163	$	21,486	$	87,315	$	84,451	$	84,345

Net interest income of $235.2 million for the fiscal year ended December 31, 2017 represented a $7.6 million, or 3.4%, increase compared to $227.6 million for the fiscal year ended December 31, 2016. The increase was the result of a $13.5 million increase in interest income offset by a $5.9 million increase in interest expense.

The $13.5 million increase in interest income was due to a $10.1 million increase in interest income on loans, along with a $3.4 million increase in interest income on investments. The increase in interest income on loans was largely the result of a $208 million, or 4.1%, increase in average loans from $5.08 billion for the fiscal year ended December 31, 2016, to $5.29 billion for the fiscal year ended December 31, 2017. Included in interest income for the fiscal years ended December 31, 2017 and 2016 was $233,000 and $801,000 in interest income, respectively, related to PNB participations in legacy Vision Bank ("Vision") assets.

The $5.9 million increase in interest expense was due to a $5.7 million increase in interest expense on deposits, and an $173,000 increase in interest expense on borrowings. The increase in interest expense on deposits was partially the result of a $183 million, or 4.4%, increase in average interest-bearing deposits from $4.16 billion for the fiscal year ended December 31, 2016, to $4.34 billion for the fiscal year ended December 31, 2017. Additionally, the cost of deposits increased by 12 basis points from 0.32% for the fiscal year ended December 31, 2016 to 0.44% for the fiscal year ended December 31, 2017.

The provision for loan losses of $9.9 million for the fiscal year ended December 31, 2017 represented an increase of $7.3 million, compared to $2.6 million for the fiscal year ended December 31, 2016. Refer to the “Credit Metrics and (Recovery of) Provision for Loan Losses” section for additional details regarding the level of the provision for loan losses recognized in each period presented above.

Other income of $77.1 million for the fiscal year ended December 31, 2017 represented an increase of $2.3 million, or 3.1%, compared to $74.8 million for the fiscal year ended December 31, 2016. The $2.3 million increase was primarily related to a $2.3 million increase in fiduciary income, a $741,000 increase in check card fee income income, and income of $478,000 related to proceeds from the death benefits paid from bank owned life insurance policies compared to $40,000 of such income in 2016, offset by an $1.6 million decrease in service charges on deposit accounts.

Other expense of $180.3 million for the fiscal year ended December 31, 2017 represented an increase of $2.7 million, or 1.5%, compared to $177.6 million for the fiscal year ended December 31, 2016. The $2.7 million increase was primarily related to a $5.0 million increase in salaries expense, a $750,000 increase in employee benefits expense, an $1.6 million increase in data processing fees, an $1.6 million increase in furniture and equipment expense, a $580,000 increase in insurance expense, and a $532,000 increase in professional fees and services, offset by a $5.6 million decrease in debt prepayment penalties, an $878,000 decrease in non-loan related losses which are included in miscellaneous expense, and a $493,000 decrease in contribution expense.

The impact of the Tax Cuts and Jobs Act on federal income tax expense at PNB was a reduction of $803,000.

PNB's results for the fiscal years ended December 31, 2017, 2016 and 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 fiscal years is detailed in the table below:



	2017							2016							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	$	235,243	$	233		$	235,010	$	227,576	$	801		$	226,775	$	220,879	$	241		$	220,638
Provision for (recovery of) loan losses	9,898		(5		)	9,903		2,611		(3,118		)	5,729		7,665		(1,453		)	9,118
Other income	77,126		244			76,882		74,803		194			74,609		75,188		1,225			73,963
Other expense	180,275		492			179,783		177,562		662			176,900		167,476		700			166,776
Income (loss) before income taxes	$	122,196	$	(10	)	$	122,206	$	122,206	$	3,451		$	118,755	$	120,926	$	2,219		$	118,707
Federal income tax expense (benefit)	34,881		(3		)	34,884		37,755		1,066			36,689		36,581		671			35,910
Net income (loss)	$	87,315	$	(7	)	$	87,322	$	84,451	$	2,385		$	82,066	$	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 or for the fiscal years ended December 31, 2017 and 2016.



(In thousands)	December 31, 2017			December 31, 2016			% change from 12/31/16
Loans	$	5,339,255		$	5,234,828		1.99	%
Allowance for loan losses	47,607			48,782			(2.41	)%
Net loans	5,291,648			5,186,046			2.04	%
Investment securities	1,507,926			1,573,320			(4.16	)%
Total assets	7,467,851			7,389,538			1.06	%
Total deposits	5,896,676			5,630,199			4.73	%
Average assets ⁽¹⁾	7,664,725			7,337,438			4.46	%
Efficiency ratio	56.81		%	58.26		%	(2.49	)%
Return on average assets	1.14		%	1.15		%	(0.87	)%

(1) Average assets for the fiscal years ended December 31, 2017 and 2016.

Loans outstanding at December 31, 2017 were $5.34 billion, compared to $5.23 billion at December 31, 2016, an increase of $104.4 million, or 2.0%. The loan growth for 2017 consisted of consumer loan growth of $118.0 million (10.5%) and commercial loan growth of $51.7 million (1.9%), offset by a reduction in home equity line of credit loan balances of $9.2 million (4.4%) and residential loan balances of $53.8 million (4.4%).

PNB's allowance for loan losses decreased by $1.2 million, or 2.4%, to $47.6 million at December 31, 2017, compared to $48.8 million at December 31, 2016. Net charge-offs were $11.1 million, or 0.21% of total average loans, for the fiscal year ended December 31, 2017. Net charge-offs consisted of net charge-offs of consumer loans of $4.4 million, commercial loans of $5.7 million, mortgage loans of $307,000 and other loans of $704,000. 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 provision for (recovery of) loan losses recognized in each period presented.

Total deposits at December 31, 2017 were $5.90 billion, compared to $5.63 billion at December 31, 2016, an increase of $266.5 million, or 4.7%. The deposit growth for the fiscal year ended December 31, 2017 consisted of savings deposit growth of $184.0 million (10.8%), transaction account growth of $85.6 million (7.3%), and non-interest bearing deposit growth of $81.3 million (5.0%), offset by a reduction in time deposits of $84.4 million (7.5%).

During the fourth quarter of 2017, Park utilized excess fed funds to repay $350 million of long-term debt which matured during November 2017. The effective interest rate on the long-term debt was 3.22%.

Guardian Financial Services Company (GFSC)

The table below reflects GFSC's net (loss) income for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015.



(In thousands)	Q4 2017			Q3 2017		Q2 2017			Q1 2017		2017		2016			2015
Net interest income	$	1,415		$	1,455	$	1,491		$	1,478	$	5,839	$	5,874		$	6,588
Provision for loan losses	498			609		373			437		1,917		1,887			1,415
Other income (loss)	30			18		(8		)	—		40		(1		)	2
Other expense	741			734		825			736		3,036		4,457			2,984
Income (loss) before income taxes	$	206		$	130	$	285		$	305	$	926	$	(471	)	$	2,191
Federal income tax expense (benefit)	414			46		99			107		666		(164		)	768
Net (loss) income	$	(208	)	$	84	$	186		$	198	$	260	$	(307	)	$	1,423

The provision for loan losses of $1.9 million for the fiscal year ended December 31, 2017 represented an increase of $30,000, compared to $1.9 million for the fiscal year ended December 31, 2016. 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 provision for loan losses recognized in each period presented.

Other expense of $3.0 million for the fiscal year ended December 31, 2017 represented a $1.4 million decrease, compared to $4.4 million for the fiscal year ended December 31, 2016. This decrease was primarily related to the evaluation of respective litigation accruals during 2017 and 2016.

The impact of the Tax Cuts and Jobs Act on federal income tax expense at GFSC was an increase of $341,000.

The table below provides certain balance sheet information and financial ratios for GFSC as of or for the fiscal years ended December 31, 2017 and 2016.



(In thousands)	December 31, 2017			December 31, 2016			% change from 12/31/16
Loans	$	33,385		$	32,661		2.22	%
Allowance for loan losses	2,382			1,842			29.32	%
Net loans	31,003			30,819			0.60	%
Total assets	32,077			32,268			(0.59	)%
Average assets⁽¹⁾	33,509			33,370			0.42	%
Return on average assets	0.78		%	(0.92		)%	N.M.

(1) Average assets for the fiscal years ended December 31, 2017 and 2016.

Park Parent Company

The table below reflects the Park Parent Company net (loss) income for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015.



(In thousands)	Q4 2017			Q3 2017			Q2 2017			Q1 2017			2017			2016			2015
Net interest income (expense)	$	332		$	280		$	183		$	(207	)	$	588		$	(138	)	$	239
Provision for loan losses	—			—			—			—			—			—			—
Other income (loss)	1,875			1,293			101			(204		)	3,065			955			513
Other expense	2,398			2,094			2,166			2,147			8,805			9,731			9,972
Loss before income tax benefit	$	(191	)	$	(521	)	$	(1,882	)	$	(2,558	)	$	(5,152	)	$	(8,914	)	$	(9,220	)
Federal income tax expense (benefit)	226			(626		)	(963		)	(1,332		)	(2,695		)	(4,357		)	(4,671		)
Net (loss) income	$	(417	)	$	105		$	(919	)	$	(1,226	)	$	(2,457	)	$	(4,557	)	$	(4,549	)

The net interest income (expense) for Park's parent company included, for all periods presented, interest income on subordinated debt investments in PNB, which were eliminated in the consolidated Park National Corporation totals. For the fiscal years ended December 31, 2016 and 2015, the net interest income (expense) included interest income on loans to SEPH (paid off on December 14, 2016). Additionally, net interest income (expense) included 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, which Park prepaid in full (principal plus accrued interest) on April 24, 2017.

Other income of $3.1 million for the fiscal year ended December 31, 2017 represented an increase of $2.1 million compared to $955,000 for the fiscal year ended December 31, 2016. The $2.1 million increase was related to a $738,000 increase in income from certain equity investments and an $1.7 million gain in 2017 related to the sale of equity securities.

Other expense of $8.8 million for the fiscal year ended December 31, 2017 represented a decrease of $926,000, or 9.5%, compared to $9.7 million for the fiscal year ended December 31, 2016. The $926,000 decrease was primarily related to a decrease of $693,000 in professional fees and services, a $253,000 decrease in miscellaneous other expense and a $286,000 decrease in employee benefit expense, offset by an increase of $191,000 in salaries expense and an increase of $141,000 in state tax expense.

The impact of the Tax Cuts and Jobs Act on federal income tax expense at the Parent Company was an increase of $494,000.

SEPH

The table below reflects SEPH's net (loss) income for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015. 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)	Q4 2017			Q3 2017			Q2 2017			Q1 2017			2017			2016			2015
Net interest income (expense)	$	1,205		$	401		$	282		$	201		$	2,089		$	4,774		$	(74	)
Recovery of loan losses	(1,465		)	(1,146		)	(366		)	(281		)	(3,258		)	(9,599		)	(4,090		)
Other income (loss)	14			411			(21		)	—			404			2,974			1,848
Other expense	2,242			996			1,238			776			5,252			7,273			6,182
Income (loss) before income taxes	$	442		$	962		$	(611	)	$	(294	)	$	499		$	10,074		$	(318	)
Federal income tax expense (benefit)	1,355			336			(213		)	(103		)	1,375			3,526			(111		)
Net (loss) income	$	(913	)	$	626		$	(398	)	$	(191	)	$	(876	)	$	6,548		$	(207	)

Net interest income decreased to $2.1 million for the fiscal year ended December 31, 2017 from $4.8 million for the fiscal year ended December 31, 2016. The decrease was largely the result of a decline in interest payments received from SEPH impaired loan relationships.

For the fiscal year ended December 31, 2017, SEPH had net recoveries of loan losses of $3.3 million, compared to $9.6 million for the fiscal year ended December 31, 2016.

The $2.0 million decrease in other expense for the fiscal year ended December 31, 2017, compared to the fiscal year ended December 31, 2016, was primarily the result of a $2.0 million decline in management and consulting fees.

The impact of the Tax Cuts and Jobs Act on federal income tax expense at SEPH was an increase of $1.2 million.

Legacy Vision assets at SEPH totaled $18.8 million as of December 31, 2017, compared to $20.3 million at December 31, 2016. In addition to these SEPH assets, PNB participations in legacy Vision assets totaled $9.0 million at December 31, 2017, compared to $9.6 million at December 31, 2016.

Park National Corporation

The table below reflects Park's consolidated net income for each quarter of 2017 and for the fiscal years ended December 31, 2017, 2016 and 2015.



(In thousands)	Q4 2017			Q3 2017		Q2 2017		Q1 2017		2017		2016			2015
Net interest income	$	63,478		$	61,551	$	59,778	$	58,952	$	243,759	$	238,086		$	227,632
(Recovery of) provision for loan losses	(183		)	3,283		4,581		876		8,557		(5,101		)	4,990
Other income	21,788			22,089		19,251		17,507		80,635		78,731			77,551
Other expense	51,989			49,811		48,106		47,462		197,368		199,023			186,614
Income before income taxes	$	33,460		$	30,546	$	26,342	$	28,121	$	118,469	$	122,895		$	113,579
Federal income taxes	10,629			8,434		7,310		7,854		34,227		36,760			32,567
Net income	$	22,831		$	22,112	$	19,032	$	20,267	$	84,242	$	86,135		$	81,012

Credit Metrics and (Recovery of) Provision for Loan Losses

On a consolidated basis, Park reported a provision for loan losses for the fiscal year ended December 31, 2017 of $8.6 million, compared to a recovery of loan losses of $5.1 million for the fiscal year ended December 31, 2016. The table below shows a breakdown of the (recovery of) provision for loan losses by reportable segment.



(In thousands)	Q4 2017			Q3 2017			Q2 2017			Q1 2017			2017			2016			2015
PNB	$	784		$	3,820		$	4,574		$	720		$	9,898		$	2,611		$	7,665
GFSC	498			609			373			437			1,917			1,887			1,415
Park Parent	—			—			—			—			—			—			—
Total Ongoing Operations	$	1,282		$	4,429		$	4,947		$	1,157		$	11,815		$	4,498		$	9,080
SEPH	(1,465		)	(1,146		)	(366		)	(281		)	(3,258		)	(9,599		)	(4,090		)
Total Park	$	(183	)	$	3,283		$	4,581		$	876		$	8,557		$	(5,101	)	$	4,990

PNB had net charge-offs of $11.1 million, GFSC had net charge-offs of $1.4 million, and SEPH had net recoveries of $3.3 million for the fiscal year ended December 31, 2017, resulting in net charge-offs of $9.2 million for Park, on a consolidated basis.

The table below provides additional information related to specific reserves and general reserves for Park's ongoing operations as of December 31, 2017, 2016 and 2015.



(In thousands)	12/31/2017			12/31/2016			12/31/2015
Total allowance for loan losses	$	49,988		$	50,624		$	56,494
Specific reserve	684			548			4,191
General reserve	$	49,304		$	50,076		$	52,303

Total loans	$	5,361,593		$	5,259,503		$	5,052,932
Impaired commercial loans	46,242			58,676			66,232
Total loans less impaired commercial loans	$	5,315,351		$	5,200,827		$	4,986,700

General reserve as a % of total loans less impaired commercial loans	0.93		%	0.96		%	1.05		%

Note: The table above includes only those loans at PNB and GFSC, as these are the entities that have an allowance for loan loss 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 $50.0 million at December 31, 2017 represented a $636,000, or 1.3%, decrease compared to $50.6 million at December 31, 2016. This decrease was the result of a $772,000 decrease in general reserves, offset by a $136,000 increase in specific reserves.

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, resulting in 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 and impact loan demand; changes in consumer spending, borrowing and saving habits, whether due to the newly enacted tax legislation, 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; uncertainty regarding 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, bank products and services, bank capital and liquidity standards, fiduciary standards, 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”) and the Basel III regulatory capital reforms, 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, the OCC, the FDIC, and the Federal Reserve Board, to implement the Dodd-Frank Act's provisions, 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; changes in law and policy accompanying the new presidential administration, including the recently enacted Tax Cuts and Jobs Act, and uncertainty or speculation pending the enactment of such changes; uncertainties in Park's preliminary review of, and additional analysis of, the Tax Cuts and Jobs Act; the effect of healthcare laws in the United States and potential changes for such laws which may increase our healthcare and other costs and negatively impact our operations and financial results; significant changes in the tax laws, which may adversely affect the fair values of net deferred tax assets and obligations of state and political subdivisions held in Park's investment securities portfolio; 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 Board; 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 actions to be taken to implement the referendum by United Kingdom voters to exit the European Union; 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 impact of our ability to anticipate and respond to technological changes on our ability to respond to customer needs and meet competitive demands; 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, civil unrest, 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, 2016. Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Item 8.01 - Other Events

Declaration of Cash Dividend

As reported in the Financial Results News Release, on January 22, 2018, the Park Board of Directors declared a $0.94 per share quarterly cash dividend in respect of Park's common shares. The dividend is payable on March 9, 2018 to common shareholders of record as of the close of business on February 16, 2018. 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

99.1News Release issued by Park National Corporation on January 22, 2018 addressing financial results for the three and twelve months ended December 31, 2017.

[Remainder of page intentionally left blank;

signature page follows.]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	PARK NATIONAL CORPORATION

Dated: January 22, 2018	By:	/s/ Brady T. Burt
		Brady T. Burt
		Chief Financial Officer, Secretary and Treasurer

EX-99.1 2 exhibit991earningsrelease4.htm EXHIBIT 99.1 Exhibit

January 22, 2018 Exhibit 99.1

Park National Corporation reports 2017 financial results

and declares quarterly cash dividend

NEWARK, Ohio - Park National Corporation (Park) (NYSE MKT: PRK) today reported deposit and loan growth as part of its financial results for the fourth quarter and the year ended 2017 (three and twelve months ended December 31, 2017). Park’s board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on March 9, 2018 to common shareholders of record as of February 16, 2018.

“We planted many seeds in 2017 - new checking accounts, enhanced mobile app features, extended hours for quick loan approvals, and a 24/7 customer care center. They are already bearing fruit, and we have great momentum for the new year,” said Park Chief Executive Officer David Trautman. “Our local bankers continue to listen, respond and serve their communities with excellence and dedication. We are ready to welcome new clients in 2018.”

Park’s net income for the fourth quarter of 2017 was $22.8 million, a 14.1 percent rise from $20.0 million for the fourth quarter of 2016. Fourth quarter 2017 net income per diluted common share was $1.48, compared to $1.30 in the fourth quarter of 2016.

Net income for the 2017 year was $84.2 million, a 2.2 percent decrease from $86.1 million for the same period in 2016. Net income per diluted common share for the 2017 year was $5.47, compared to $5.59 for the 2016 year. Financial results in 2016 were influenced by significant recoveries from loans related to Park’s Southeast Property Holdings subsidiary and an overall reduction of the allowance for loan losses.

Park's community-banking subsidiary, The Park National Bank, reported net income of $24.4 million for the fourth quarter of 2017, compared to $16.1 million for the fourth quarter of 2016. The bank’s full-year net income for 2017 was $87.3 million, compared to $84.5 million for the same period in 2016. The bank’s total assets were $7.5 billion at December 31, 2017, rising from $7.4 billion at December 31, 2016.

The bank’s total loans were $5.34 billion at December 31, 2017, a $104.4 million (2.0 percent) increase over $5.23 billion at December 31, 2016. In 2017, the bank grew consumer loans by $118.0 million (10.5 percent increase) and commercial loans by $51.7 million (1.9 percent increase). The bank also reported increased deposits for personal and business clients in the 2017 year. Total deposit balances rose $266 million, a 4.73 percent increase in deposits compared to the 2016 year.

Headquartered in Newark, Ohio, Park National Corporation had $7.5 billion in total assets (as of December 31, 2017). 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

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
As of or for the three months ended December 31, 2017, September 30, 2017, and December 31, 2016

	2017			2017			2016			Percent change vs.
(in thousands, except share and per share data)	4th QTR			3rd QTR			4th QTR			3Q '17		4Q '16
INCOME STATEMENT:
Net interest income	$	63,478		$	61,551		$	62,249		3.1	%	2.0	%
(Recovery of) provision for loan losses	(183		)	3,283			(1,282		)	N.M.		N.M.
Other income	21,788			22,089			22,071			(1.4)	%	(1.3)	%
Other expense	51,989			49,811			57,062			4.4	%	(8.9)	%
Income before income taxes	$	33,460		$	30,546		$	28,540		9.5	%	17.2	%
Federal income taxes	10,629			8,434			8,538			26.0	%	24.5	%
Net income	$	22,831		$	22,112		$	20,002		3.3	%	14.1	%

MARKET DATA:
Earnings per common share - basic (b)	$	1.49		$	1.45		$	1.30		2.8	%	14.6	%
Earnings per common share - diluted (b)	1.48			1.44			1.30			2.8	%	13.8	%
Cash dividends per common share	0.94			0.94			0.94			—	%	—	%
Book value per common share at period end	49.46			49.71			48.38			(0.5	)%	2.2	%
Market price per common share at period end	104.00			107.99			119.66			(3.7	)%	(13.1	)%
Market capitalization at period end	1,589,972			1,649,770			1,835,670			(3.6	)%	(13.4	)%

Weighted average common shares - basic (a)	15,285,174			15,287,974			15,337,806			—	%	(0.3	)%
Weighted average common shares - diluted (a)	15,378,825			15,351,590			15,415,132			0.2	%	(0.2	)%
Common shares outstanding at period end	15,288,194			15,277,061			15,340,718			0.1	%	(0.3	)%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.17		%	1.11		%	1.07		%	5.4	%	9.3	%
Return on average shareholders' equity (a)(b)	11.85		%	11.52		%	10.62		%	2.9	%	11.6	%
Yield on loans	4.79		%	4.71		%	4.87		%	1.7	%	(1.6)	%
Yield on investment securities	2.55		%	2.48		%	2.29		%	2.8	%	11.4	%
Yield on money markets	1.29		%	1.28		%	0.53		%	0.8	%	143.4	%
Yield on earning assets	4.19		%	4.03		%	4.23		%	4.0	%	(0.9)	%
Cost of interest bearing deposits	0.48		%	0.48		%	0.34		%	—	%	41.2	%
Cost of borrowings	2.15		%	2.37		%	2.40		%	(9.3)	%	(10.4)	%
Cost of paying liabilities	0.79		%	0.83		%	0.74		%	(4.8)	%	6.8	%
Net interest margin (g)	3.61		%	3.40		%	3.68		%	6.2	%	(1.9)	%
Efficiency ratio (g)	59.98		%	58.65		%	67.04		%	2.3	%	(10.5)	%

OTHER RATIOS (NON - GAAP):
Annualized return on average tangible assets (a)(b)(e)	1.18		%	1.12		%	1.08		%	5.4	%	9.3	%
Annualized return on average tangible equity (a)(b)(c)	13.09		%	12.73		%	11.76		%	2.8	%	11.3	%
Tangible book value per share (d)	$	44.73		$	44.97		$	43.67		(0.5	)%	2.4	%

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights (continued)
Three months ended December 31, 2017, September 30, 2017, and December 31, 2016

										Percent change vs.
BALANCE SHEET:	December 31, 2017			September 30, 2017			December 31, 2016			3Q '17		4Q '16

Investment securities	$	1,512,824		$	1,571,038		$	1,579,783		(3.7)	%	(4.2)	%
Loans	5,372,483			5,365,877			5,271,857			0.1	%	1.9	%
Allowance for loan losses	49,988			55,232			50,624			(9.5)	%	(1.3)	%
Goodwill	72,334			72,334			72,334			—	%	—	%
Other real estate owned (OREO)	14,190			14,366			13,926			(1.2)	%	1.9	%
Total assets	7,537,620			7,862,695			7,467,586			(4.1)	%	0.9	%
Total deposits	5,817,326			5,974,322			5,521,956			(2.6)	%	5.3	%
Borrowings	906,289			1,056,888			1,134,076			(14.2)	%	(20.1)	%
Total shareholders' equity	756,101			759,367			742,240			(0.4)	%	1.9	%
Tangible equity (d)	683,767			687,033			669,906			(0.5)	%	2.1	%
Nonperforming loans	93,959			111,949			108,083			(16.1)	%	(13.1)	%
Nonperforming assets	112,998			126,315			122,009			(10.5)	%	(7.4)	%

ASSET QUALITY RATIOS:
Loans as a % of period end total assets	71.28		%	68.24		%	70.60		%	4.5	%	1.0	%
Nonperforming loans as a % of period end loans	1.75		%	2.09		%	2.05		%	(16.3)	%	(14.6)	%
Nonperforming assets as a % of period end loans + OREO + other nonperforming assets	2.10		%	2.35		%	2.31		%	(10.6)	%	(9.1)	%
Allowance for loan losses as a % of period end loans	0.93		%	1.03		%	0.96		%	(9.7)	%	(3.1)	%
Net loan charge-offs	$	5,061		$	1,873		$	1,656		N.M.		N.M.
Annualized net loan charge-offs as a % of average loans (a)	0.37		%	0.14		%	0.13		%	N.M.		N.M.

CAPITAL & LIQUIDITY:
Total shareholders' equity / Period end total assets	10.03		%	9.66		%	9.94		%	3.8	%	0.9	%
Tangible equity (d) / Tangible assets (f)	9.16		%	8.82		%	9.06		%	3.9	%	1.1	%
Average shareholders' equity / Average assets (a)	9.88		%	9.60		%	10.11		%	2.9	%	(2.3)	%
Average shareholders' equity / Average loans (a)	14.24		%	14.27		%	14.36		%	(0.2)	%	(0.8)	%
Average loans / Average deposits (a)	90.73		%	88.37		%	93.54		%	2.7	%	(3.0)	%

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights
Twelve months ended December 31, 2017 and 2016


(in thousands, except share and per share data)	2017			2016			Percent change vs 2016
INCOME STATEMENT:
Net interest income	$	243,759		$	238,086		2.4	%
Provision for (recovery of) loan losses	8,557			(5,101		)	N.M.
Other income	80,635			78,731			2.4	%
Other expense	197,368			199,023			(0.8)	%
Income before income taxes	$	118,469		$	122,895		(3.6	)%
Federal income taxes	34,227			36,760			(6.9	)%
Net income	$	84,242		$	86,135		(2.2	)%

MARKET DATA:
Earnings per common share - basic (b)	$	5.51		$	5.62		(2.0	)%
Earnings per common share - diluted (b)	5.47			5.59			(2.1	)%
Cash dividends per common share	3.76			3.76			—	%

Weighted average common shares - basic (a)	15,295,573			15,332,553			(0.2	)%
Weighted average common shares - diluted (a)	15,390,352			15,405,160			(0.1	)%

PERFORMANCE RATIOS: (annualized)
Return on average assets (a)(b)	1.09		%	1.16		%	(6.0)	%
Return on average shareholders' equity (a)(b)	11.15		%	11.68		%	(4.5)	%
Yield on loans	4.69		%	4.74		%	(1.1)	%
Yield on investment securities	2.47		%	2.30		%	7.4	%
Yield on earning assets	4.08		%	4.08		%	—	%
Cost of interest bearing deposits	0.44		%	0.32		%	37.5	%
Cost of borrowings	2.32		%	2.43		%	(4.5)	%
Cost of paying liabilities	0.80		%	0.74		%	8.1	%
Net interest margin (g)	3.48		%	3.52		%	(1.1)	%
Efficiency ratio (g)	59.93		%	62.34		%	(3.9)	%

ASSET QUALITY RATIOS:
Net loan charge-offs	9,193			769			N.M.
Annualized net loan charge-offs as a % of average loans (a)	0.17		%	0.02		%	N.M.

CAPITAL & LIQUIDITY:
Average shareholders' equity / Average assets (a)	9.76		%	9.95		%	(1.9)	%
Average shareholders' equity / Average loans (a)	14.19		%	14.40		%	(1.5)	%
Average loans / Average deposits (a)	90.40		%	91.79		%	(1.5)	%

OTHER RATIOS (NON - GAAP):
Annualized return on average tangible assets (a)(b)(e)	1.10		%	1.17		%	(6.0	)%
Annualized return on average tangible equity (a)(b)(c)	12.33		%	12.94		%	(4.7	)%

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

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com



PARK NATIONAL CORPORATION
Financial Highlights (continued)

(a) Averages are for the three months ended December 31, 2017, September 30, 2017 and December 31, 2016 or for the twelve months ended December 31, 2017 and December 31, 2016, as appropriate.

(b) Reported measure uses net income.

(c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill during the applicable period.

RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY:
	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31, 2017		September 30, 2017		December 31, 2016		December 31, 2017		December 31, 2016
AVERAGE SHAREHOLDERS' EQUITY	$	764,211	$	761,448	$	749,053	$	755,839	$	737,737
Less: Average goodwill	72,334		72,334		72,334		72,334		72,334
AVERAGE TANGIBLE EQUITY	$	691,877	$	689,114	$	676,719	$	683,505	$	665,403

(d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill, in each case at the end of the period.

RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY:
	December 31, 2017		September 30, 2017		December 31, 2016
TOTAL SHAREHOLDERS' EQUITY	$	756,101	$	759,367	$	742,240
Less: Goodwill	72,334		72,334		72,334
TANGIBLE EQUITY	$	683,767	$	687,033	$	669,906

(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						TWELVE MONTHS ENDED
	December 31, 2017		September 30, 2017		December 31, 2016		December 31, 2017		December 31, 2016
AVERAGE ASSETS	$	7,734,844	$	7,928,766	$	7,408,109	$	7,741,043	$	7,416,519
Less: Average goodwill	72,334		72,334		72,334		72,334		72,334
AVERAGE TANGIBLE ASSETS	$	7,662,510	$	7,856,432	$	7,335,775	$	7,668,709	$	7,344,185

(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:
	December 31, 2017		September 30, 2017		December 31, 2016
TOTAL ASSETS	$	7,537,620	$	7,862,695	$	7,467,586
Less: Goodwill	72,334		72,334		72,334
TANGIBLE ASSETS	$	7,465,286	$	7,790,361	$	7,395,252

(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 by dividing fully taxable equivalent net interest income by average interest earning assets.

RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31, 2017		September 30, 2017		December 31, 2016		December 31, 2017		December 31, 2016
Interest income	$	73,969	$	73,224	$	71,697	$	286,424	$	276,258
Fully taxable equivalent adjustment	1,413		1,291		799		4,953		2,417
Fully taxable equivalent interest income	$	75,382	$	74,515	$	72,496	$	291,377	$	278,675
Interest expense	10,491		11,673		9,448		42,665		38,172
Fully taxable equivalent net interest income	$	64,891	$	62,842	$	63,048	$	248,712	$	240,503

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands, except share and per share data)	2017			2016			2017		2016

Interest income:
Interest and fees on loans	$	64,447		$	63,633		$	248,687	$	241,979
Interest on:
Obligations of U.S. Government, its agencies
and other securities	6,653			6,909			27,440		30,627
Obligations of states and political subdivisions	2,112			979			7,210		2,632
Other interest income	757			176			3,087		1,020
Total interest income	73,969			71,697			286,424		276,258

Interest expense:
Interest on deposits:
Demand and savings deposits	2,677			1,228			9,464		4,079
Time deposits	2,490			2,209			9,629		9,337
Interest on borrowings	5,324			6,011			23,572		24,756
Total interest expense	10,491			9,448			42,665		38,172

Net interest income	63,478			62,249			243,759		238,086

(Recovery of) provision for loan losses	(183		)	(1,282		)	8,557		(5,101		)

Net interest income after (recovery of) provision for loan losses	63,661			63,531			235,202		243,187

Other income	21,788			22,071			80,635		78,731

Other expense	51,989			57,062			197,368		199,023

Income before income taxes	33,460			28,540			118,469		122,895

Federal income taxes	10,629			8,538			34,227		36,760

Net income	$	22,831		$	20,002		$	84,242	$	86,135

Per Common Share:
Net income - basic	$	1.49		$	1.30		$	5.51	$	5.62
Net income - diluted	$	1.48		$	1.30		$	5.47	$	5.59

Weighted average shares - basic	15,285,174			15,337,806			15,295,573		15,332,553
Weighted average shares - diluted	15,378,825			15,415,132			15,390,352		15,405,160

Cash Dividends Declared	$	0.94		$	0.94		$	3.76	$	3.76

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Balance Sheets

(in thousands, except share data)	December 31, 2017			December 31, 2016

Assets

Cash and due from banks	$	131,946		$	122,811
Money market instruments	37,166			23,635
Investment securities	1,512,824			1,579,783
Loans	5,372,483			5,271,857
Allowance for loan losses	(49,988		)	(50,624		)
Loans, net	5,322,495			5,221,233
Bank premises and equipment, net	55,901			57,971
Goodwill	72,334			72,334
Other real estate owned	14,190			13,926
Other assets	390,764			375,893
Total assets	$	7,537,620		$	7,467,586

Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,633,941		$	1,523,417
Interest bearing	4,183,385			3,998,539
Total deposits	5,817,326			5,521,956
Borrowings	906,289			1,134,076
Other liabilities	57,904			69,314
Total liabilities	$	6,781,519		$	6,725,346


Shareholders' Equity:
Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2017 and December 31, 2016)	$	—		$	—
Common shares (No par value; 20,000,000 shares authorized in 2017 and 2016; 16,150,752 shares issued at December 31, 2017 and 16,150,807 shares issued at December 31, 2016)	307,726			305,826
Accumulated other comprehensive loss, net of taxes	(26,454		)	(17,745		)
Retained earnings	561,908			535,631
Treasury shares (862,558 shares at December 31, 2017 and 810,089 shares at December 31, 2016)	(87,079		)	(81,472		)
Total shareholders' equity	$	756,101		$	742,240

Total liabilities and shareholders' equity	$	7,537,620		$	7,467,586

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(in thousands)	2017			2016			2017			2016

Assets

Cash and due from banks	$	113,355		$	116,349		$	113,882		$	115,779
Money market instruments	233,384			131,890			262,100			198,197
Investment securities	1,542,367			1,475,097			1,557,815			1,520,118
Loans	5,366,100			5,217,313			5,327,507			5,122,862
Allowance for loan losses	(55,397		)	(54,077		)	(52,688		)	(56,890		)
Loans, net	5,310,703			5,163,236			5,274,819			5,065,972
Bank premises and equipment, net	56,345			58,664			56,910			59,104
Goodwill	72,334			72,334			72,334			72,334
Other real estate owned	14,315			14,404			14,262			16,871
Other assets	392,041			376,135			388,921			368,144
Total assets	$	7,734,844		$	7,408,109		$	7,741,043		$	7,416,519


Liabilities and Shareholders' Equity

Deposits:
Noninterest bearing	$	1,610,815		$	1,499,367		$	1,544,986		$	1,414,885
Interest bearing	4,303,732			4,078,333			4,348,110			4,165,919
Total deposits	5,914,547			5,577,700			5,893,096			5,580,804
Borrowings	982,245			995,320			1,017,684			1,016,922
Other liabilities	73,841			86,036			74,424			81,056
Total liabilities	$	6,970,633		$	6,659,056		$	6,985,204		$	6,678,782

Shareholders' Equity:
Preferred shares	$	—		$	—		$	—		$	—
Common shares	307,173			305,299			306,371			304,663
Accumulated other comprehensive loss, net of taxes	(14,641		)	(7,460		)	(14,384		)	(5,307		)
Retained earnings	559,064			532,980			550,136			520,676
Treasury shares	(87,385		)	(81,766		)	(86,284		)	(82,295		)
Total shareholders' equity	$	764,211		$	749,053		$	755,839		$	737,737

Total liabilities and shareholders' equity	$	7,734,844		$	7,408,109		$	7,741,043		$	7,416,519

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com




PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters

	2017			2017		2017		2017		2016
(in thousands, except per share data)	4th QTR			3rd QTR		2nd QTR		1st QTR		4th QTR

Interest income:
Interest and fees on loans	$	64,447		$	63,110	$	61,222	$	59,908	$	63,633
Interest on:
Obligations of U.S. Government, its agencies and other securities	6,653			6,757		6,892		7,138		6,909
Obligations of states and political subdivisions	2,112			1,974		1,664		1,460		979
Other interest income	757			1,383		698		249		176
Total interest income	73,969			73,224		70,476		68,755		71,697

Interest expense:
Interest on deposits:
Demand and savings deposits	2,677			2,882		2,291		1,614		1,228
Time deposits	2,490			2,521		2,457		2,161		2,209
Interest on borrowings	5,324			6,270		5,950		6,028		6,011
Total interest expense	10,491			11,673		10,698		9,803		9,448

Net interest income	63,478			61,551		59,778		58,952		62,249

(Recovery of) provision for loan losses	(183		)	3,283		4,581		876		(1,282		)

Net interest income after (recovery of) provision for loan losses	63,661			58,268		55,197		58,076		63,531

Other income	21,788			22,089		19,251		17,507		22,071

Other expense	51,989			49,811		48,106		47,462		57,062

Income before income taxes	33,460			30,546		26,342		28,121		28,540

Federal income taxes	10,629			8,434		7,310		7,854		8,538

Net income	$	22,831		$	22,112	$	19,032	$	20,267	$	20,002

Per Common Share:
Net income - basic	$	1.49		$	1.45	$	1.24	$	1.32	$	1.30
Net income - diluted	$	1.48		$	1.44	$	1.24	$	1.31	$	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

	2017			2017			2017			2017			2016
(in thousands)	4th QTR			3rd QTR			2nd QTR			1st QTR			4th QTR

Other income:
Income from fiduciary activities	$	6,264		$	5,932		$	6,025		$	5,514		$	5,534
Service charges on deposits	3,142			3,216			3,156			3,139			3,461
Other service income	3,554			3,357			3,447			2,804			4,854
Checkcard fee income	4,023			3,974			4,040			3,761			3,877
Bank owned life insurance income	1,068			1,573			1,114			1,103			1,054
ATM fees	545			605			561			542			534
OREO valuation adjustments	(91		)	(22		)	(272		)	(73		)	(29		)
Gain on the sale of OREO, net	47			51			53			100			244
Miscellaneous	3,236			3,403			1,127			617			2,542
Total other income	$	21,788		$	22,089		$	19,251		$	17,507		$	22,071

Other expense:
Salaries	$	23,157		$	23,302		$	23,001		$	22,717		$	22,140
Employee benefits	5,162			4,656			4,919			5,181			4,522
Occupancy expense	2,442			2,559			2,565			2,635			2,546
Furniture and equipment expense	4,198			3,868			3,640			3,618			3,470
Data processing fees	1,690			1,919			1,676			1,965			1,568
Professional fees and services	7,886			6,100			6,018			4,829			8,757
Marketing	1,112			1,122			1,084			1,056			1,277
Insurance	1,768			1,499			1,517			1,570			1,553
Communication	1,228			1,110			1,155			1,333			1,257
State tax expense	665			912			943			1,063			941
Debt prepayment penalty	—			—			—			—			5,554
Miscellaneous	2,681			2,764			1,588			1,495			3,477
Total other expense	$	51,989		$	49,811		$	48,106		$	47,462		$	57,062

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)	2017			2016			2015			2014				2013

Allowance for loan losses:
Allowance for loan losses, beginning of period	$	50,624		$	56,494		$	54,352		$	59,468			$	55,537
Charge-offs	19,403			20,799			14,290			24,780			(A)	19,153
Recoveries	10,210			20,030			11,442			26,997				19,669
Net charge-offs (recoveries)	9,193			769			2,848			(2,217		)		(516		)
Provision for (recovery of) loan losses	8,557			(5,101		)	4,990			(7,333		)		3,415
Allowance for loan losses, end of period	$	49,988		$	50,624		$	56,494		$	54,352			$	59,468
(A) 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	$	49,988		$	50,624		$	56,494		$	54,352			$	59,468
Specific reserves	684			548			4,191			3,660				10,451
General reserves	$	49,304		$	50,076		$	52,303		$	50,692			$	49,017

Total loans	$	5,372,483		$	5,271,857		$	5,068,085		$	4,829,682			$	4,620,505
Impaired commercial loans	56,545			70,415			80,599			73,676				112,304
Total loans less impaired commercial loans	$	5,315,938		$	5,201,442		$	4,987,486		$	4,756,006			$	4,508,201


Asset Quality Ratios:
Net charge-offs (recoveries) as a % of average loans	0.17		%	0.02		%	0.06		%	(0.05)		%		(0.01)		%
Allowance for loan losses as a % of period end loans	0.93		%	0.96		%	1.11		%	1.13		%		1.29		%
General reserves as a % of total loans less impaired commercial loans	0.93		%	0.96		%	1.05		%	1.07		%		1.09		%

Nonperforming Assets - Park National Corporation:
Nonaccrual loans	$	72,056		$	87,822		$	95,887		$	100,393			$	135,216
Accruing troubled debt restructuring	20,111			18,175			24,979			16,254				18,747
Loans past due 90 days or more	1,792			2,086			1,921			2,641				1,677
Total nonperforming loans	$	93,959		$	108,083		$	122,787		$	119,288			$	155,640
Other real estate owned - Park National Bank	6,524			6,025			7,456			10,687				11,412
Other real estate owned - SEPH	7,666			7,901			11,195			11,918				23,224
Other nonperforming assets - Park National Bank	4,849			—			—			—				—
Total nonperforming assets	$	112,998		$	122,009		$	141,438		$	141,893			$	190,276
Percentage of nonaccrual loans to period end loans	1.34		%	1.67		%	1.89		%	2.08		%		2.93		%
Percentage of nonperforming loans to period end loans	1.75		%	2.05		%	2.42		%	2.47		%		3.37		%
Percentage of nonperforming assets to period end loans	2.10		%	2.31		%	2.79		%	2.94		%		4.12		%
Percentage of nonperforming assets to period end total assets	1.50		%	1.63		%	1.93		%	2.03		%		2.87		%

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)	2017			2016			2015			2014			2013

Nonperforming Assets - Park National Bank and Guardian:
Nonaccrual loans	$	61,753		$	76,084		$	81,468		$	77,477		$	99,108
Accruing troubled debt restructuring	20,111			18,175			24,979			16,157			18,747
Loans past due 90 days or more	1,792			2,086			1,921			2,641			1,677
Total nonperforming loans	$	83,656		$	96,345		$	108,368		$	96,275		$	119,532
Other real estate owned - Park National Bank	6,524			6,025			7,456			10,687			11,412
Other nonperforming assets - Park National Bank	4,849			—			—			—			—
Total nonperforming assets	$	95,029		$	102,370		$	115,824		$	106,962		$	130,944
Percentage of nonaccrual loans to period end loans	1.15		%	1.45		%	1.61		%	1.61		%	2.16		%
Percentage of nonperforming loans to period end loans	1.56		%	1.83		%	2.14		%	2.00		%	2.61		%
Percentage of nonperforming assets to period end loans	1.77		%	1.95		%	2.29		%	2.23		%	2.86		%
Percentage of nonperforming assets to period end total assets	1.27		%	1.38		%	1.60		%	1.55		%	2.01		%

Nonperforming Assets - SEPH/Vision Bank (retained portfolio):
Nonaccrual loans	$	10,303		$	11,738		$	14,419		$	22,916		$	36,108
Accruing troubled debt restructuring	—			—			—			97			—
Loans past due 90 days or more	—			—			—			—			—
Total nonperforming loans	$	10,303		$	11,738		$	14,419		$	23,013		$	36,108
Other real estate owned - SEPH	7,666			7,901			11,195			11,918			23,224
Total nonperforming assets	$	17,969		$	19,639		$	25,614		$	34,931		$	59,332

New nonaccrual loan information - Park National Corporation
Nonaccrual loans, beginning of period	$	87,822		$	95,887		$	100,393		$	135,216		$	155,536
New nonaccrual loans	58,753			74,786			80,791			70,059			67,398
Resolved nonaccrual loans	74,519			82,851			85,165			86,384			87,718
Sale of nonaccrual loans held for sale	—			—			132			18,498			—
Nonaccrual loans, end of period	$	72,056		$	87,822		$	95,887		$	100,393		$	135,216

New nonaccrual loan information - Park National Bank and Guardian
Nonaccrual loans, beginning of period	$	76,084		$	81,468		$	77,477		$	99,108		$	100,244
New nonaccrual loans - Ohio-based operations	58,753			74,663			80,791			69,389			66,197
Resolved nonaccrual loans	73,084			80,047			76,800			78,288			67,333
Sale of nonaccrual loans held for sale	—			—			—			12,732			—
Nonaccrual loans, end of period	$	61,753		$	76,084		$	81,468		$	77,477		$	99,108

New nonaccrual loan information - SEPH/Vision Bank
Nonaccrual loans, beginning of period	$	11,738		$	14,419		$	22,916		$	36,108		$	55,292
New nonaccrual loans - SEPH/Vision Bank	—			123			—			670			1,201
Resolved nonaccrual loans	1,435			2,804			8,365			8,096			20,385
Sale of nonaccrual loans held for sale	—			—			132			5,766			—
Nonaccrual loans, end of period	$	10,303		$	11,738		$	14,419		$	22,916		$	36,108

Impaired Commercial Loan Portfolio Information (period end):
Unpaid principal balance	$	66,585		$	95,358		$	109,304		$	106,156		$	175,576
Prior charge-offs	10,040			24,943			28,705			32,480			63,272
Remaining principal balance	56,545			70,415			80,599			73,676			112,304
Specific reserves	684			548			4,191			3,660			10,451
Book value, after specific reserve	$	55,861		$	69,867		$	76,408		$	70,016		$	101,853

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

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