-----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, B04S58/zzWac0MySXlPAKdUeCvfAmMiYdCFgJrtWrbvzUWbs2PoMgq4mOMhQDsCP Ko2s5zdOYJF/TG5Axt5XIg== 0000950152-03-006801.txt : 20030714 0000950152-03-006801.hdr.sgml : 20030714 20030714165234 ACCESSION NUMBER: 0000950152-03-006801 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030714 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030714 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: 03785691 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 l02083ae8vk.txt PARK NATIONAL CORPORATION 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 14, 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 July 14, 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 July 14, 2003, Park National Corporation issued a news release announcing earnings for the three and six months ended June 30, 2003. A copy of this news release is included as Exhibit 99 and incorporated by reference. [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: July 14, 2003 By: /s/ John W. Kozak ---------------------------------- John W. Kozak Chief Financial Officer -3- INDEX TO EXHIBITS Current Report on Form 8-K Dated July 14, 2003 Park National Corporation Exhibit No. Description - ----------- ------------ 99 News Release issued by Park National Corporation on July 14, 2003 -4- EX-99 3 l02083aexv99.txt EXHIBIT 99 NEWS RELEASE For Release: July 14, 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 JUNE 30, 2003 NEWARK, OHIO - Park National Corporation (Park) (AMEX: PRK) today announced earnings for the second quarter of 2003. Net income for the second quarter of 2003 totaled $25.123 million or $1.81 per share, compared to net income of $21.972 million or $1.57 per share in 2002, increases of 14.3% in net income and 15.3% in diluted earnings per share. Net income for the first half of 2003 totaled $48.289 million or $3.49 per share, compared to $43.420 million or $3.11 per share for the first half of 2002, increases of 11.2% in net income and 12.2% in diluted earnings per share. 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 $5.0 billion in total consolidated assets, one hundred thirteen financial service offices and a network of one hundred seventeen automatic teller machines. PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) JUNE 30, 2003
INCOME STATEMENT PERCENT THREE MONTHS ENDED JUNE 30, 2003 2002 CHANGE ---- ---- ------- NET INTEREST INCOME $51,596 $51,899 -0.58% - -------------------------------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 2,836 3,644 -22.17% - -------------------------------------------------------------------------------------------- OTHER INCOME 17,400 11,174 55.72% - -------------------------------------------------------------------------------------------- GAIN (LOSS) ON SALE OF SECURITIES 321 0 - -------------------------------------------------------------------------------------------- OTHER EXPENSE 30,490 28,340 7.59% - -------------------------------------------------------------------------------------------- INCOME BEFORE TAXES 35,991 31,089 15.77% - -------------------------------------------------------------------------------------------- NET INCOME 25,123 21,972 14.34% - -------------------------------------------------------------------------------------------- NET INCOME PER SHARE-BASIC 1.83 1.58 15.82% - -------------------------------------------------------------------------------------------- NET INCOME PER SHARE-DILUTED 1.81 1.57 15.29% - -------------------------------------------------------------------------------------------- CASH DIVIDENDS PER SHARE 0.83 0.76 9.21% - -------------------------------------------------------------------------------------------- RATIOS RETURN ON AVERAGE ASSETS 2.01% 1.99% - -------------------------------------------------------------------------------------------- RETURN ON AVERAGE EQUITY 19.37% 18.32% - -------------------------------------------------------------------------------------------- NET INTEREST MARGIN 4.49% 5.12% - -------------------------------------------------------------------------------------------- EFFICIENCY RATIO 43.57% 44.19% - -------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.21% 0.19% - -------------------------------------------------------------------------------------------- INCOME STATEMENT SIX MONTHS ENDED JUNE 30, NET INTEREST INCOME $103,801 $104,146 -0.33% - -------------------------------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 6,269 8,163 -23.20% - -------------------------------------------------------------------------------------------- OTHER INCOME 32,855 22,969 43.04% - -------------------------------------------------------------------------------------------- GAIN (LOSS) ON SALE OF SECURITIES (913) (210) - -------------------------------------------------------------------------------------------- OTHER EXPENSE 60,559 57,556 5.22% - -------------------------------------------------------------------------------------------- INCOME BEFORE TAXES 68,915 61,186 12.63% - -------------------------------------------------------------------------------------------- NET INCOME 48,289 43,420 11.21% - -------------------------------------------------------------------------------------------- NET INCOME PER SHARE-BASIC 3.51 3.12 12.50% - -------------------------------------------------------------------------------------------- NET INCOME PER SHARE-DILUTED 3.49 3.11 12.22% - -------------------------------------------------------------------------------------------- CASH DIVIDENDS PER SHARE 1.66 1.52 9.21% - -------------------------------------------------------------------------------------------- RATIOS RETURN ON AVERAGE ASSETS 1.98% 1.97% - -------------------------------------------------------------------------------------------- RETURN ON AVERAGE EQUITY 18.97% 18.40% - -------------------------------------------------------------------------------------------- NET INTEREST MARGIN 4.66% 5.15% - -------------------------------------------------------------------------------------------- EFFICIENCY RATIO 43.68% 44.53% - -------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.21% 0.38% - -------------------------------------------------------------------------------------------- BALANCE SHEET AT JUNE 30, INVESTMENTS $1,720,819 $1,486,720 15.75% - -------------------------------------------------------------------------------------------- LOANS 2,690,329 2,704,893 -0.54% - -------------------------------------------------------------------------------------------- LOAN LOSS RESERVE 65,525 63,030 3.96% - -------------------------------------------------------------------------------------------- GOODWILL AND OTHER INTANGIBLES 14,904 19,394 -23.15% - -------------------------------------------------------------------------------------------- TOTAL ASSETS 5,002,480 4,494,442 11.30% - -------------------------------------------------------------------------------------------- DEPOSITS 3,535,170 3,463,514 2.07% - -------------------------------------------------------------------------------------------- BORROWINGS 865,676 480,444 80.18% - -------------------------------------------------------------------------------------------- EQUITY 538,222 498,296 8.01% - -------------------------------------------------------------------------------------------- BOOK VALUE PER SHARE 39.11 35.86 9.06% - -------------------------------------------------------------------------------------------- RATIOS LOANS/ASSETS 53.78% 60.18% - -------------------------------------------------------------------------------------------- NONPERFORMING LOANS/LOANS 0.76% 0.78% - -------------------------------------------------------------------------------------------- PAST DUE 90 DAY LOANS/LOANS 0.37% 0.24% - -------------------------------------------------------------------------------------------- LOAN LOSS RESERVE/LOANS 2.44% 2.33% - -------------------------------------------------------------------------------------------- EQUITY/ASSETS 10.76% 11.09% - --------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------------------- -------------------------------- 2003 2002 2003 2002 - -------------------------------------------------------------------------------------------- -------------------------------- Interest income: Interest and fees on loans $46,591 $51,506 $93,509 $104,698 - -------------------------------------------------------------------------------------------- -------------------------------- Interest on: Obligations of U.S. Government, its agencies and other securities 19,450 19,803 39,710 39,554 - -------------------------------------------------------------------------------------------- -------------------------------- Obligations of states and political subdivisions 1,568 1,757 3,173 3,558 - -------------------------------------------------------------------------------------------- -------------------------------- Other interest income 362 33 442 163 - -------------------------------------------------------------------------------------------- -------------------------------- TOTAL INTEREST INCOME 67,971 73,099 136,834 147,973 - -------------------------------------------------------------------------------------------- -------------------------------- Interest expense: Interest on deposits: Demand and savings deposits 2,288 3,193 4,640 6,453 - -------------------------------------------------------------------------------------------- -------------------------------- Time deposits 10,541 14,375 21,741 29,534 - -------------------------------------------------------------------------------------------- -------------------------------- Interest on borrowings 3,546 3,632 6,652 7,840 - -------------------------------------------------------------------------------------------- -------------------------------- TOTAL INTEREST EXPENSE 16,375 21,200 33,033 43,827 - -------------------------------------------------------------------------------------------- -------------------------------- NET INTEREST INCOME 51,596 51,899 103,801 104,146 - -------------------------------------------------------------------------------------------- -------------------------------- Provision for loan losses 2,836 3,644 6,269 8,163 - -------------------------------------------------------------------------------------------- -------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 48,760 48,255 97,532 95,983 - -------------------------------------------------------------------------------------------- -------------------------------- Other income 17,400 11,174 32,855 22,969 - -------------------------------------------------------------------------------------------- -------------------------------- Gain (loss) on sale of securities 321 - (913) (210) - -------------------------------------------------------------------------------------------- -------------------------------- Other expense: Salaries and employee benefits 16,517 15,692 34,053 31,943 - -------------------------------------------------------------------------------------------- -------------------------------- Occupancy expense 1,671 1,489 3,403 3,028 - -------------------------------------------------------------------------------------------- -------------------------------- Furniture and equipment expense 1,600 1,477 3,227 3,006 - -------------------------------------------------------------------------------------------- -------------------------------- Other expense 10,702 9,682 19,876 19,579 - -------------------------------------------------------------------------------------------- -------------------------------- TOTAL OTHER EXPENSE 30,490 28,340 60,559 57,556 - -------------------------------------------------------------------------------------------- -------------------------------- INCOME BEFORE FEDERAL INCOME TAXES 35,991 31,089 68,915 61,186 - -------------------------------------------------------------------------------------------- -------------------------------- Federal income taxes 10,868 9,117 20,626 17,766 - -------------------------------------------------------------------------------------------- -------------------------------- NET INCOME $25,123 $21,972 $48,289 $43,420 ============================================================================================ ================================ PER SHARE: NET INCOME - BASIC $1.83 $1.58 $3.51 $3.12 - -------------------------------------------------------------------------------------------- -------------------------------- NET INCOME - DILUTED $1.81 $1.57 $3.49 $3.11 - -------------------------------------------------------------------------------------------- -------------------------------- WEIGHTED AVERAGE SHARES - BASIC 13,761,117 13,920,111 13,770,973 13,928,226 - -------------------------------------------------------------------------------------------- -------------------------------- WEIGHTED AVERAGE SHARES - DILUTED 13,842,161 13,958,268 13,833,412 13,965,659 - -------------------------------------------------------------------------------------------- --------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
JUNE 30, ------------------------------- 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Cash and due from banks $ 222,467 $ 158,977 - ------------------------------------------------------------------------------------------------------------------------------------ Federal funds sold 70,600 - - ------------------------------------------------------------------------------------------------------------------------------------ Securities purchased under resale agreements 175,000 - - ------------------------------------------------------------------------------------------------------------------------------------ Interest bearing deposits 50 50 - ------------------------------------------------------------------------------------------------------------------------------------ Investment securities 1,720,819 1,486,720 - ------------------------------------------------------------------------------------------------------------------------------------ Loans (net of unearned interest) 2,690,329 2,704,893 - ------------------------------------------------------------------------------------------------------------------------------------ Allowance for possible loan losses 65,525 63,030 - ------------------------------------------------------------------------------------------------------------------------------------ LOANS, NET 2,624,804 2,641,863 - ------------------------------------------------------------------------------------------------------------------------------------ Bank premises and equipment, net 38,029 39,098 - ------------------------------------------------------------------------------------------------------------------------------------ Other assets 150,711 167,734 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $5,002,480 $4,494,442 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $577,819 $525,885 - ------------------------------------------------------------------------------------------------------------------------------------ Interest-bearing 2,957,351 2,937,629 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL DEPOSITS 3,535,170 3,463,514 - ------------------------------------------------------------------------------------------------------------------------------------ Borrowings 865,676 480,444 - ------------------------------------------------------------------------------------------------------------------------------------ Other liabilities 63,412 52,188 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 4,464,258 3,996,146 - ------------------------------------------------------------------------------------------------------------------------------------ STOCKHOLDERS' EQUITY: Common stock (No par value; 20,000,000 shares authorized in 2003 and 2002; 14,542,373 shares issued in 2003 and 14,540,480 in 2002) 105,898 105,770 - ------------------------------------------------------------------------------------------------------------------------------------ Accumulated other comprehensive income, net of taxes 29,524 21,882 - ------------------------------------------------------------------------------------------------------------------------------------ Retained earnings 471,743 426,129 - ------------------------------------------------------------------------------------------------------------------------------------ Treasury stock (781,813 shares in 2003 and 642,972 shares in 2002) (68,943) (55,485) - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY 538,222 498,296 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,002,480 $4,494,442 - ------------------------------------------------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEETS (dollars in thousands)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ---------------------------- ------------------------------- 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------ ------------------------------- ASSETS Cash and due from banks $ 139,225 $ 125,970 $ 137,194 $ 126,897 - ------------------------------------------------------------------------------------------ ------------------------------- Federal funds sold 41,301 4,731 31,524 17,090 - ------------------------------------------------------------------------------------------ ------------------------------- Securities purchased under resale agreements 82,692 - 41,575 - - ------------------------------------------------------------------------------------------ ------------------------------- Interest bearing deposits 50 50 50 50 - ------------------------------------------------------------------------------------------ ------------------------------- Investment securities 1,922,229 1,458,934 1,863,527 1,436,464 - ------------------------------------------------------------------------------------------ ------------------------------- Loans (net of unearned interest) 2,684,883 2,702,648 2,680,318 2,724,710 - ------------------------------------------------------------------------------------------ ------------------------------- Allowance for possible loan losses 65,127 61,938 64,046 61,295 - ------------------------------------------------------------------------------------------ ------------------------------- LOANS, NET 2,619,756 2,640,710 2,616,272 2,663,415 - ------------------------------------------------------------------------------------------ ------------------------------- Bank premises and equipment, net 38,404 39,482 38,569 39,708 - ------------------------------------------------------------------------------------------ ------------------------------- Other assets 179,268 162,414 177,832 162,933 - ------------------------------------------------------------------------------------------ ------------------------------- TOTAL ASSETS $5,022,925 $4,432,291 $4,906,543 $4,446,557 - ------------------------------------------------------------------------------------------ ------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing $513,593 $488,585 $512,857 $486,417 - ------------------------------------------------------------------------------------------ ------------------------------- Interest-bearing 2,915,687 2,907,553 2,905,771 2,868,453 - ------------------------------------------------------------------------------------------ ------------------------------- TOTAL DEPOSITS 3,429,280 3,396,138 3,418,628 3,354,870 - ------------------------------------------------------------------------------------------ ------------------------------- Borrowings 1,010,672 493,403 915,488 552,747 - ------------------------------------------------------------------------------------------ ------------------------------- Other liabilities 62,773 61,609 59,139 63,047 - ------------------------------------------------------------------------------------------ ------------------------------- TOTAL LIABILITIES 4,502,725 3,951,150 4,393,255 3,970,664 - ------------------------------------------------------------------------------------------ ------------------------------- STOCKHOLDERS' EQUITY: Common stock 105,870 105,770 105,820 105,770 - ------------------------------------------------------------------------------------------ ------------------------------- Accumulated other comprehensive income, net of taxes 25,249 13,535 23,475 12,826 - ------------------------------------------------------------------------------------------ ------------------------------- Retained earnings 457,812 415,031 451,571 409,296 - ------------------------------------------------------------------------------------------ ------------------------------- Treasury stock (68,731) (53,195) (67,578) (51,999) - ------------------------------------------------------------------------------------------ ------------------------------- TOTAL STOCKHOLDERS' EQUITY 520,200 481,141 513,288 475,893 - ------------------------------------------------------------------------------------------ ------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,022,925 $4,432,291 $4,906,543 $4,446,557 - ------------------------------------------------------------------------------------------ -------------------------------
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