-----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, Hg+zsh7Zy+9qNxUIbY2Px7zNa1ASJ+CD2atysshe1v52ZehRdg52DP9Og5Wo23au QqDuPPZ/+wpq3/Sppghnhw== 0000950152-04-000340.txt : 20040120 0000950152-04-000340.hdr.sgml : 20040119 20040120164242 ACCESSION NUMBER: 0000950152-04-000340 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040120 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040120 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: 04532957 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 l05163ae8vk.txt PARK NATIONAL CORPORATION 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 20, 2004 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 January 20, 2004 Item 12. Results of Operations and Financial Condition: On January 20, 2004, Park National Corporation issued a news release announcing earnings for the three and twelve months ended December 31, 2003. A copy of this news release is included as Exhibit 99 and incorporated by reference. The information in this Current Report on Form 8-K, including Exhibit 99 included herewith, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing. [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: January 20, 2004 By: /s/John W. Kozak -------------------------- John W. Kozak Chief Financial Officer -3- INDEX TO EXHIBITS Current Report on Form 8-K Dated January 20, 2004 Park National Corporation
Exhibit No. Description - ----------- ----------- 99 News Release issued by Park National Corporation on January 20, 2004
-4- EX-99 3 l05163aexv99.txt EXHIBIT 99 NEWS RELEASE EXHIBIT 99 For Release: January 20, 2004 Contact: John W. Kozak, CFO (740) 349-3792 or Jerry Nethers, Vice President/Director of Marketing (740) 349-3710 PARK NATIONAL CORPORATION REPORTS FOURTH QUARTER AND YEAR-END 2003 EARNINGS AND DECLARES DIVIDEND NEWARK, OHIO - Park National Corporation (Park) (AMEX/PRK) today announced earnings for 2003. Net income for the year totaled $86.878 million, which is a 1.5% increase compared to net income of $85.579 million in 2002. Earnings per share increased by 2.0% to $6.27 compared to $6.15 in 2002. Net income for the fourth quarter of 2003 totaled $18.389 million or $1.32 per share, compared to net income of $20.086 million or $1.45 per share for the fourth quarter of 2002, decreases of 8.5% and 9.0%, respectively. Net losses from the sale of investment securities totaled $6.1 million for the year 2003 and $673,000 for the quarter ended December 31, 2003. There were $182,000 in net losses from the sale of investment securities for the year 2002 and $28,000 in net gains for the fourth quarter of 2002. In conjunction with announcing the year-end financial results, the Board of Directors of Park National Corporation approved a cash dividend of $.88 per share, payable on March 10, 2004 to shareholders of record on February 23, 2004. Park is an Ohio-based bank holding company headquartered in Newark, Ohio, whose 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 Security National Bank and Trust Co., Unity National Division, The Citizens National Bank of Urbana, 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 fifteen 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) DECEMBER 31, 2003
INCOME STATEMENT PERCENT THREE MONTHS ENDED DECEMBER 31, 2003 2002 CHANGE ---------- ---------- ------- NET INTEREST INCOME $ 49,486 $ 49,256 0.47% ---------- ---------- ------- PROVISION FOR LOAN LOSSES 3,170 3,686 -14.00% ---------- ---------- ------- OTHER INCOME 12,588 15,834 -20.50% ---------- ---------- ------- GAIN (LOSS) ON SALE OF SECURITIES (673) 28 ---------- ---------- ------- OTHER EXPENSE 32,459 33,101 -1.94% ---------- ---------- ------- INCOME BEFORE TAXES 25,772 28,331 -9.03% ---------- ---------- ------- NET INCOME 18,389 20,086 -8.45% ---------- ---------- ------- NET INCOME PER SHARE-BASIC 1.33 1.45 -8.28% ---------- ---------- ------- NET INCOME PER SHARE-DILUTED 1.32 1.45 -8.97% ---------- ---------- ------- CASH DIVIDENDS PER SHARE 0.88 0.83 6.02% ---------- ---------- ------- RATIOS RETURN ON AVERAGE ASSETS 1.54% 1.82% ---------- ---------- ------- RETURN ON AVERAGE EQUITY 13.68% 15.83% ---------- ---------- ------- NET INTEREST MARGIN 4.49% 4.89% ---------- ---------- ------- EFFICIENCY RATIO 51.56% 50.03% ---------- ---------- ------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.66% 0.78% ---------- ---------- ------- INCOME STATEMENT TWELVE MONTHS ENDED DECEMBER 31, NET INTEREST INCOME $ 202,637 $ 205,332 -1.31% ---------- ---------- ------- PROVISION FOR LOAN LOSSES 12,595 15,043 -16.27% ---------- ---------- ------- OTHER INCOME 61,583 51,032 20.68% ---------- ---------- ------- GAIN (LOSS) ON SALE OF SECURITIES (6,060) (182) ---------- ---------- ------- OTHER EXPENSE 122,376 119,964 2.01% ---------- ---------- ------- INCOME BEFORE TAXES 123,189 121,175 1.66% ---------- ---------- ------- NET INCOME 86,878 85,579 1.52% ---------- ---------- ------- NET INCOME PER SHARE-BASIC 6.31 6.17 2.27% ---------- ---------- ------- NET INCOME PER SHARE-DILUTED 6.27 6.15 1.95% ---------- ---------- ------- CASH DIVIDENDS PER SHARE 3.37 3.11 8.36% ---------- ---------- ------- RATIOS RETURN ON AVERAGE ASSETS 1.81% 1.93% ---------- ---------- ------- RETURN ON AVERAGE EQUITY 16.69% 17.56% ---------- ---------- ------- NET INTEREST MARGIN 4.60% 5.06% ---------- ---------- ------- EFFICIENCY RATIO 45.66% 46.02% ---------- ---------- ------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.43% 0.48% ---------- ---------- ------- BALANCE SHEET AT DECEMBER 31, INVESTMENTS $1,991,226 $1,383,142 43.96% ---------- ---------- ------- LOANS 2,730,803 2,692,187 1.43% ---------- ---------- ------- LOAN LOSS RESERVE 63,142 62,028 1.80% ---------- ---------- ------- GOODWILL AND OTHER INTANGIBLES 12,958 16,069 -19.36% ---------- ---------- ------- TOTAL ASSETS 5,034,956 4,446,625 13.23% ---------- ---------- ------- DEPOSITS 3,414,249 3,495,135 -2.31% ---------- ---------- ------- BORROWINGS 1,002,736 376,104 166.61% ---------- ---------- ------- EQUITY 543,041 509,292 6.63% ---------- ---------- ------- BOOK VALUE PER SHARE 39.45 36.93 6.82% ---------- ---------- ------- RATIOS LOANS/ASSETS 54.24% 60.54% ---------- ---------- ------- NONPERFORMING LOANS/LOANS 0.78% 0.75% ---------- ---------- ------- PAST DUE 90 DAY LOANS/LOANS 0.16% 0.23% ---------- ---------- ------- LOAN LOSS RESERVE/LOANS 2.31% 2.30% ---------- ---------- ------- EQUITY/ASSETS 10.79% 11.45% ---------- ---------- -------
PARK NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
DECEMBER 31, --------------------------- 2003 2002 ---------- ---------- ASSETS Cash and due from banks $ 169,782 $ 157,088 ---------- ---------- Federal funds sold 0 81,700 ---------- ---------- Interest bearing deposits 50 50 ---------- ---------- Investment securities 1,991,226 1,383,142 ---------- ---------- Loans (net of unearned interest) 2,730,803 2,692,187 ---------- ---------- Allowance for possible loan losses 63,142 62,028 ---------- ---------- LOANS, NET 2,667,661 2,630,159 ---------- ---------- Bank premises and equipment, net 36,746 38,734 ---------- ---------- Other assets 169,491 155,752 ---------- ---------- TOTAL ASSETS $5,034,956 $4,446,625 ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $ 547,793 $ 594,157 ---------- ---------- Interest bearing 2,866,456 2,900,978 ---------- ---------- TOTAL DEPOSITS 3,414,249 3,495,135 ---------- ---------- Borrowings 1,002,736 376,104 ---------- ---------- Other liabilities 74,930 66,094 ---------- ---------- TOTAL LIABILITIES 4,491,915 3,937,333 ---------- ---------- STOCKHOLDERS' EQUITY: Common stock (No par value; 20,000,000 shares authorized in 2003 and 2002; 14,542,335 shares issued in 2003 and 14,540,449 in 2002) 105,895 105,768 ---------- ---------- Accumulated other comprehensive income, net of taxes 18,954 22,418 ---------- ---------- Retained earnings 486,769 446,300 ---------- ---------- Treasury stock (775,643 shares in 2003 and 748,483 shares in 2002) (68,577) (65,194) ---------- ---------- TOTAL STOCKHOLDERS' EQUITY 543,041 509,292 ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,034,956 $4,446,625 ---------- ----------
PARK NATIONAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEETS (dollars in thousands)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, -------------------------- ------------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- ASSETS Cash and due from banks $ 123,700 $ 137,563 $ 133,157 $ 129,820 ---------- ---------- ---------- ---------- Federal funds sold 48,002 88,790 35,718 36,629 ---------- ---------- ---------- ---------- Interest bearing deposits 50 50 50 50 ---------- ---------- ---------- ---------- Investment securities 1,705,187 1,316,975 1,788,661 1,411,485 ---------- ---------- ---------- ---------- Loans (net of unearned interest) 2,721,808 2,712,901 2,695,830 2,719,805 ---------- ---------- ---------- ---------- Allowance for possible loan losses 64,632 64,332 64,735 62,703 ---------- ---------- ---------- ---------- LOANS, NET 2,657,176 2,648,569 2,631,095 2,657,102 ---------- ---------- ---------- ---------- Bank premises and equipment, net 37,282 39,075 38,077 39,416 ---------- ---------- ---------- ---------- Other assets 173,401 159,633 176,505 160,660 ---------- ---------- ---------- ---------- TOTAL ASSETS $4,744,798 $4,390,655 $4,803,263 $4,435,162 ---------- ---------- ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $ 547,391 $ 536,044 $ 522,456 $ 502,400 ---------- ---------- ---------- ---------- Interest bearing 2,884,186 2,916,529 2,901,834 2,901,456 ---------- ---------- ---------- ---------- TOTAL DEPOSITS 3,431,577 3,452,573 3,424,290 3,403,856 ---------- ---------- ---------- ---------- Borrowings 723,727 368,450 796,927 479,072 ---------- ---------- ---------- ---------- Other liabilities 56,090 66,119 61,655 64,918 ---------- ---------- ---------- ---------- TOTAL LIABILITIES 4,211,394 3,887,142 4,282,872 3,947,846 ---------- ---------- ---------- ---------- STOCKHOLDERS' EQUITY: Common stock 105,897 105,768 105,860 105,769 ---------- ---------- ---------- ---------- Accumulated other comprehensive income, net of taxes 14,878 21,438 18,862 17,397 ---------- ---------- ---------- ---------- Retained earnings 480,385 439,738 463,556 421,042 ---------- ---------- ---------- ---------- Treasury stock (67,756) (63,431) (67,887) (56,892) ---------- ---------- ---------- ---------- TOTAL STOCKHOLDERS' EQUITY 533,404 503,513 520,391 487,316 ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,744,798 $4,390,655 $4,803,263 $4,435,162 ---------- ---------- ---------- ----------
PARK NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, --------------------------- ------------------------ 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Interest income: Interest and fees on loans $44,724 $50,405 $183,929 $206,699 ---------- ---------- ---------- ---------- Interest on: Obligations of U.S. Government, its agencies and other securities 17,428 15,095 73,753 73,625 ---------- ---------- ---------- ---------- Obligations of states and political subdivisions 1,462 1,698 6,168 6,975 ---------- ---------- ---------- ---------- Other interest income 130 347 779 621 ---------- ---------- ---------- ---------- TOTAL INTEREST INCOME 63,744 67,545 264,629 287,920 ---------- ---------- ---------- ---------- Interest expense: Interest on deposits: Demand and savings deposits 1,623 2,793 8,026 12,521 ---------- ---------- ---------- ---------- Time deposits 9,090 12,543 40,574 55,906 ---------- ---------- ---------- ---------- Interest on borrowings 3,545 2,953 13,392 14,161 ---------- ---------- ---------- ---------- TOTAL INTEREST EXPENSE 14,258 18,289 61,992 82,588 ---------- ---------- ---------- ---------- NET INTEREST INCOME 49,486 49,256 202,637 205,332 ---------- ---------- ---------- ---------- Provision for loan losses 3,170 3,686 12,595 15,043 ---------- ---------- ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 46,316 45,570 190,042 190,289 ---------- ---------- ---------- ---------- Other income 12,588 15,834 61,583 51,032 ---------- ---------- ---------- ---------- Gain (loss) on sale of securities (673) 28 (6,060) (182) ---------- ---------- ---------- ---------- Other expense: Salaries and employee benefits 17,474 17,482 68,093 65,464 ---------- ---------- ---------- ---------- Occupancy expense 1,739 1,731 6,917 6,262 ---------- ---------- ---------- ---------- Furniture and equipment expense 1,597 1,678 6,434 6,177 ---------- ---------- ---------- ---------- Other expense 11,649 12,210 40,932 42,061 ---------- ---------- ---------- ---------- TOTAL OTHER EXPENSE 32,459 33,101 122,376 119,964 ---------- ---------- ---------- ---------- INCOME BEFORE FEDERAL INCOME TAXES 25,772 28,331 123,189 121,175 ---------- ---------- ---------- ---------- Federal income taxes 7,383 8,245 36,311 35,596 ---------- ---------- ---------- ---------- NET INCOME $18,389 $20,086 $ 86,878 $ 85,579 ========== ========== ========== ========== PER SHARE: NET INCOME - BASIC $ 1.33 $ 1.45 $ 6.31 $ 6.17 ---------- ---------- ---------- ---------- NET INCOME - DILUTED $ 1.32 $ 1.45 $ 6.27 $ 6.15 ---------- ---------- ---------- ---------- WEIGHTED AVERAGE SHARES - BASIC 13,775,194 13,810,087 13,770,380 13,878,530 ---------- ---------- ---------- ---------- WEIGHTED AVERAGE SHARES - DILUTED 13,886,743 13,835,833 13,858,497 13,909,674 ---------- ---------- ---------- ----------
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