-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WnZR+ZYnwYGIF3qSlDmW+fH8n/2cS+/d1fw9LbEMgek+g45Ej9J+tfQjVcOigyz2 yjGvKQ2G1MWnlllF0iQuRw== 0000950152-03-004391.txt : 20030421 0000950152-03-004391.hdr.sgml : 20030421 20030421151021 ACCESSION NUMBER: 0000950152-03-004391 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030421 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: 03656823 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 l00316ae8vk.txt PARK NATIONAL CORPORATION 04-21-2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2003 --------------- PARK NATIONAL CORPORATION --------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 1-13006 31-1179518 - --------------- ---------------- ------------------ (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 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.) Item 7. Financial Statements and Exhibits. (a) and (b) Not applicable. (c) Exhibits: The following exhibit is included pursuant to Item 12. Results of Operations and Financial Condition: 99 News Release issued by Park National Corporation on April 21, 2003 Item 9. Regulation FD Disclosure. This information, furnished under this Item 9. Regulation FD Disclosure, is also intended to be deemed provided under Item 12. Results of Operations and Financial Condition in accordance with SEC Release Nos. 33-8216; 34-47583. On April 21, 2003, Park National Corporation issued a news release announcing earnings for the quarter ended March 31, 2003 and the declaration of a second quarter dividend of $0.83 per share, payable June 10, 2003 to shareholders of record on May 23, 2003. A copy of this news release is included as Exhibit 99. [Remainder of page intentionally left blank; signature on following page.] -2- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PARK NATIONAL CORPORATION Dated: April 21, 2003 By: /s/ John W. Kozak --------------------------------- John W. Kozak Chief Financial Officer -3- INDEX TO EXHIBITS Current Report on Form 8-K Dated April 21, 2003 Park National Corporation
Exhibit No. Description - ----------- ----------- 99 News Release issued by Park National Corporation on April 21, 2003
-4- EX-99 3 l00316aexv99.txt EX-99 PRESS RELEASE Exhibit 99 NEWS RELEASE For Release: April 21, 2003 Contact: John W. Kozak, CFO (740) 349-3792 or Jerry Nethers, Vice President/Director of Marketing (740) 349-3710 PARK NATIONAL CORPORATION REPORTS EARNINGS FOR THE QUARTER ENDED MARCH 31, 2003 AND DECLARES DIVIDEND NEWARK, OHIO - Park National Corporation (Park) (AMEX:PRK) today announced earnings for the first quarter of 2003. Net income for the quarter totaled $23.166 million or $1.68 per share, compared to net income of $21.448 million or $1.53 per share for the first quarter of 2002. First quarter of 2003 net income and diluted earnings per share increased by 8.0% and 9.8%, respectively, from the first quarter of last year. The Board of Directors of Park declared a second quarter dividend of $.83 per share, payable June 10, 2003 to shareholders of record on May 23, 2003. Park is an Ohio-based bank holding company headquartered in Newark, Ohio, whose significant subsidiaries include The Park National Bank, Fairfield National Division, The Richland Trust Company, Century National Bank, The First-Knox National Bank, Farmers and Savings Division, United Bank, N.A., Second National Bank, The Citizens National Bank of Urbana, The Security National Bank and Trust Co., Unity National Division, Scope Leasing, Inc., and Guardian Finance. Operating in twenty-five Ohio counties, Park and its subsidiaries have $5.1 billion in total consolidated assets, one hundred fourteen financial service offices and a network of one hundred sixteen automatic teller machines. PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) MARCH 31, 2003
INCOME STATEMENT PERCENT THREE MONTHS ENDED MARCH 31, 2003 2002 CHANGE ---- ---- ------ NET INTEREST INCOME $52,205 $52,247 -0.08% - ------------------------------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 3,433 4,519 -24.03% - ------------------------------------------------------------------------------------------- OTHER INCOME 15,455 11,795 31.03% - ------------------------------------------------------------------------------------------- GAIN (LOSS) ON SALE OF SECURITIES (1,234) (210) - ------------------------------------------------------------------------------------------- OTHER EXPENSE 30,069 29,216 2.92% - ------------------------------------------------------------------------------------------- INCOME BEFORE TAXES 32,924 30,097 9.39% - ------------------------------------------------------------------------------------------- NET INCOME 23,166 21,448 8.01% - ------------------------------------------------------------------------------------------- NET INCOME PER SHARE-BASIC 1.68 1.54 9.09% - ------------------------------------------------------------------------------------------- NET INCOME PER SHARE-DILUTED 1.68 1.53 9.80% - ------------------------------------------------------------------------------------------- CASH DIVIDENDS PER SHARE 0.83 0.76 9.21% - ------------------------------------------------------------------------------------------- RATIOS RETURN ON AVERAGE ASSETS 1.96% 1.95% - ------------------------------------------------------------------------------------------- RETURN ON AVERAGE EQUITY 18.56% 18.48% - ------------------------------------------------------------------------------------------- RETURN ON AVERAGE REALIZED EQUITY 19.39% 18.97% - ------------------------------------------------------------------------------------------- NET INTEREST MARGIN 4.83% 5.18% - ------------------------------------------------------------------------------------------- EFFICIENCY RATIO 43.80% 44.86% - ------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.21% 0.56% - ------------------------------------------------------------------------------------------- BALANCE SHEET AT MARCH 31, INVESTMENTS $2,099,483 $1,428,836 46.94% - ------------------------------------------------------------------------------------------- LOANS 2,683,023 2,724,534 -1.52% - ------------------------------------------------------------------------------------------- LOAN LOSS RESERVE 64,062 60,693 5.55% - ------------------------------------------------------------------------------------------- GOODWILL AND OTHER INTANGIBLES 15,486 20,369 -23.97% - ------------------------------------------------------------------------------------------- MORTGAGE LOAN SERVICING RIGHTS 6,529 3,868 68.80% - ------------------------------------------------------------------------------------------- TOTAL ASSETS 5,113,487 4,425,903 15.54% - ------------------------------------------------------------------------------------------- DEPOSITS 3,486,077 3,330,782 4.66% - ------------------------------------------------------------------------------------------- BORROWINGS 1,054,500 562,937 87.32% - ------------------------------------------------------------------------------------------- EQUITY 521,227 471,969 10.44% - ------------------------------------------------------------------------------------------- BOOK VALUE PER SHARE 37.84 33.88 11.69% - ------------------------------------------------------------------------------------------- RATIOS LOANS/ASSETS 52.47% 61.56% - ------------------------------------------------------------------------------------------- NONPERFORMING LOANS/LOANS 0.81% 0.84% - ------------------------------------------------------------------------------------------- PAST DUE 90 DAY LOANS/LOANS 0.34% 0.20% - ------------------------------------------------------------------------------------------- LOAN LOSS RESERVE/LOANS 2.39% 2.23% - ------------------------------------------------------------------------------------------- EQUITY/ASSETS 10.19% 10.66% - -------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION Consolidated Statement of Income (dollars in thousands, except per share data)
THREE MONTHS ENDED MARCH 31, ------------------------------------------ 2003 2002 - --------------------------------------------------------------------------------------------------------- Interest income: Interest and fees on loans $46,918 $53,192 - --------------------------------------------------------------------------------------------------------- Interest on: Obligations of U.S. Government, its agencies and other securities 20,260 19,751 - --------------------------------------------------------------------------------------------------------- Obligations of states and political subdivisions 1,605 1,801 - --------------------------------------------------------------------------------------------------------- Other interest income 80 130 - --------------------------------------------------------------------------------------------------------- TOTAL INTEREST INCOME 68,863 74,874 - --------------------------------------------------------------------------------------------------------- Interest expense: Interest on deposits: Demand and savings deposits 2,352 3,260 - --------------------------------------------------------------------------------------------------------- Time deposits 11,200 15,159 - --------------------------------------------------------------------------------------------------------- Interest on borrowings 3,106 4,208 - --------------------------------------------------------------------------------------------------------- TOTAL INTEREST EXPENSE 16,658 22,627 - --------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 52,205 52,247 - --------------------------------------------------------------------------------------------------------- Provision for loan losses 3,433 4,519 - --------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 48,772 47,728 - --------------------------------------------------------------------------------------------------------- Other income 15,455 11,795 - --------------------------------------------------------------------------------------------------------- Gain (loss) on sale of securities (1,234) (210) - --------------------------------------------------------------------------------------------------------- Other expense: Salaries and employee benefits 17,536 16,251 - --------------------------------------------------------------------------------------------------------- Occupancy expense 1,732 1,539 - --------------------------------------------------------------------------------------------------------- Furniture and equipment expense 1,627 1,529 - --------------------------------------------------------------------------------------------------------- Other expense 9,174 9,897 - --------------------------------------------------------------------------------------------------------- TOTAL OTHER EXPENSE 30,069 29,216 - --------------------------------------------------------------------------------------------------------- INCOME BEFORE FEDERAL INCOME TAXES 32,924 30,097 - --------------------------------------------------------------------------------------------------------- Federal income taxes 9,758 8,649 - --------------------------------------------------------------------------------------------------------- NET INCOME $23,166 $21,448 ========================================================================================================= PER SHARE: NET INCOME - BASIC $1.68 $1.54 - --------------------------------------------------------------------------------------------------------- NET INCOME - DILUTED $1.68 $1.53 - --------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE SHARES - BASIC 13,780,828 13,936,340 - --------------------------------------------------------------------------------------------------------- WEIGHTED AVERAGE SHARES - DILUTED 13,824,663 13,973,050 - ---------------------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
MARCH 31, ---------------------------------- 2003 2002 - -------------------------------------------------------------------------------------------------------------------- ASSETS Cash and due from banks $165,047 $127,346 - -------------------------------------------------------------------------------------------------------------------- Federal funds sold 38,200 0 - -------------------------------------------------------------------------------------------------------------------- Interest bearing deposits 50 50 - -------------------------------------------------------------------------------------------------------------------- Investment securities 2,099,483 1,428,836 - -------------------------------------------------------------------------------------------------------------------- Loans (net of unearned interest) 2,683,023 2,724,534 - -------------------------------------------------------------------------------------------------------------------- Allowance for possible loan losses 64,062 60,693 - -------------------------------------------------------------------------------------------------------------------- LOANS, NET 2,618,961 2,663,841 - -------------------------------------------------------------------------------------------------------------------- Bank premises and equipment, net 38,190 39,594 - -------------------------------------------------------------------------------------------------------------------- Other assets 153,556 166,236 - -------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $5,113,487 $4,425,903 - -------------------------------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $528,509 $480,163 - -------------------------------------------------------------------------------------------------------------------- Interest bearing 2,957,568 2,850,619 - -------------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS 3,486,077 3,330,782 - -------------------------------------------------------------------------------------------------------------------- Borrowings 1,054,500 562,937 - -------------------------------------------------------------------------------------------------------------------- Other liabilities 51,683 60,215 - -------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 4,592,260 3,953,934 - -------------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Common stock (No par value; 20,000,000 shares authorized in 2003 and 2002; 14,541,752 shares issued in 2003 and 14,540,498 in 2002) 105,841 105,770 - -------------------------------------------------------------------------------------------------------------------- Accumulated other comprehensive income, net of taxes 24,512 3,043 - -------------------------------------------------------------------------------------------------------------------- Retained earnings 458,032 414,729 - -------------------------------------------------------------------------------------------------------------------- Treasury stock (766,121 shares in 2003 and 607,926 shares in 2002) (67,158) (51,573) - -------------------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 521,227 471,969 - -------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,113,487 $4,425,903 - --------------------------------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEETS (dollars in thousands)
THREE MONTHS ENDED MARCH 31, ---------------------------------- 2003 2002 - --------------------------------------------------------------------------------------------------------- ASSETS Cash and due from banks $135,140 $127,834 - --------------------------------------------------------------------------------------------------------- Federal funds sold 21,638 29,587 - --------------------------------------------------------------------------------------------------------- Interest bearing deposits 50 50 - --------------------------------------------------------------------------------------------------------- Investment securities 1,804,175 1,413,744 - --------------------------------------------------------------------------------------------------------- Loans (net of unearned interest) 2,675,702 2,747,018 - --------------------------------------------------------------------------------------------------------- Allowance for possible loan losses 62,953 60,644 - --------------------------------------------------------------------------------------------------------- LOANS, NET 2,612,749 2,686,374 - --------------------------------------------------------------------------------------------------------- Bank premises and equipment, net 38,736 39,936 - --------------------------------------------------------------------------------------------------------- Other assets 176,384 163,456 - --------------------------------------------------------------------------------------------------------- TOTAL ASSETS $4,788,872 $4,460,981 - --------------------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $512,112 $484,226 - --------------------------------------------------------------------------------------------------------- Interest bearing 2,895,747 2,828,919 - --------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS 3,407,859 3,313,145 - --------------------------------------------------------------------------------------------------------- Borrowings 819,246 612,750 - --------------------------------------------------------------------------------------------------------- Other liabilities 55,466 64,499 - --------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 4,282,571 3,990,394 - --------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Common stock 105,772 105,771 - --------------------------------------------------------------------------------------------------------- Accumulated other comprehensive income, net of taxes 21,681 12,110 - --------------------------------------------------------------------------------------------------------- Retained earnings 445,261 403,496 - --------------------------------------------------------------------------------------------------------- Treasury stock (66,413) (50,790) - --------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 506,301 470,587 - --------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,788,872 $4,460,981 - ---------------------------------------------------------------------------------------------------------
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