EX-99 3 l07059aexv99.txt EXHIBIT 99 Exhibit 99 NEWS RELEASE For Release: April 19, 2004 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, 2004 AND DECLARES DIVIDEND NEWARK, OHIO - Park National Corporation (Park) (AMEX: PRK) today announced earnings for the first quarter of 2004. Net income for the quarter totaled $22.978 million or $1.66 per diluted share, compared to net income of $23.166 million or $1.68 per diluted share for the first quarter of 2003. First quarter of 2004 net income and diluted earnings per share decreased by .8% and 1.2%, respectively, from the first quarter of last year. The Board of Directors of Park declared a second quarter dividend of $.88 per share, payable June 10, 2004 to shareholders of record on May 24, 2004. 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 Security National Bank and Trust Co., Unity National Division, The Citizens National Bank of Urbana, Scope Leasing, Inc., and Guardian Finance. Operating in twenty-six 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 fifteen automatic teller machines. PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) MARCH 31, 2004
INCOME STATEMENT PERCENT THREE MONTHS ENDED MARCH 31, 2004 2003 CHANGE ---------- -------- -------- NET INTEREST INCOME $ 52,616 $ 52,205 0.79% PROVISION FOR LOAN LOSSES 1,465 3,433 -57.33% OTHER INCOME 12,872 15,455 -16.71% GAIN (LOSS) ON SALE OF SECURITIES 106 (1,234) OTHER EXPENSE 31,525 30,069 4.84% INCOME BEFORE TAXES 32,604 32,924 -0.97% NET INCOME 22,978 23,166 -0.81% NET INCOME PER SHARE-BASIC 1.67 1.68 -0.60% NET INCOME PER SHARE-DILUTED 1.66 1.68 -1.19% CASH DIVIDENDS PER SHARE 0.88 0.83 6.02% RATIOS RETURN ON AVERAGE ASSETS 1.86% 1.96% RETURN ON AVERAGE EQUITY 16.99% 18.56% NET INTEREST MARGIN 4.61% 4.83% EFFICIENCY RATIO 47.55% 43.80% NET CHARGE-OFFS AS A PERCENT OF LOANS 0.10% 0.21%
BALANCE SHEET PERCENT AT MARCH 31, 2004 2003 CHANGE ---- ---- ------- INVESTMENTS $1,921,506 $2,099,483 -8.48% LOANS 2,775,146 2,683,023 3.43% LOAN LOSS RESERVE 63,934 64,062 -0.20% GOODWILL AND OTHER INTANGIBLES 12,589 15,486 -18.71% MORTGAGE SERVICING RIGHTS 9,188 6,529 40.73% TOTAL ASSETS 4,995,957 5,113,487 -2.30% DEPOSITS 3,523,163 3,486,077 1.06% BORROWINGS 865,027 1,054,500 -17.97% EQUITY 558,377 521,227 7.13% BOOK VALUE PER SHARE 40.71 37.84 7.58% RATIOS LOANS/ASSETS 55.55% 52.47% NONPERFORMING LOANS/LOANS 0.68% 0.81% PAST DUE 90 DAY LOANS/LOANS 0.18% 0.34% LOAN LOSS RESERVE/LOANS 2.30% 2.39% EQUITY/ASSETS 11.18% 10.19%
PARK NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
THREE MONTHS ENDED MARCH 31, ----------------------------- 2004 2003 ---- ---- Interest income: Interest and fees on loans $ 43,613 $ 46,918 Interest on: Obligations of U.S. Government, its agencies and other securities 21,810 20,260 Obligations of states and political subdivisions 1,347 1,605 Other interest income 17 80 ------------ ------------ TOTAL INTEREST INCOME 66,787 68,863 ------------ ------------ Interest expense: Interest on deposits: Demand and savings deposits 1,523 2,352 Time deposits 8,510 11,200 Interest on borrowings 4,138 3,106 ------------ ------------ TOTAL INTEREST EXPENSE 14,171 16,658 ------------ ------------ NET INTEREST INCOME 52,616 52,205 ------------ ------------ Provision for loan losses 1,465 3,433 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 51,151 48,772 Other income 12,872 15,455 Gain (loss) on sale of securities 106 (1,234) Other expense: Salaries and employee benefits 18,148 17,536 Occupancy expense 1,729 1,732 Furniture and equipment expense 1,581 1,627 Other expense 10,067 9,174 ------------ ------------ TOTAL OTHER EXPENSE 31,525 30,069 ------------ ------------ INCOME BEFORE FEDERAL INCOME TAXES 32,604 32,924 Federal income taxes 9,626 9,758 ------------ ------------ NET INCOME $ 22,978 $ 23,166 ============ ============ PER SHARE: NET INCOME - BASIC $ 1.67 $ 1.68 NET INCOME - DILUTED $ 1.66 $ 1.68 WEIGHTED AVERAGE SHARES - BASIC 13,756,093 13,780,828 WEIGHTED AVERAGE SHARES - DILUTED 13,860,018 13,824,663
PARK NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
MARCH 31, ---------------------------- 2004 2003 ---- ---- ASSETS Cash and due from banks $ 146,398 $ 165,047 Federal funds sold 11,800 38,200 Interest bearing deposits 50 50 Investment securities 1,921,506 2,099,483 Loans (net of unearned interest) 2,775,146 2,683,023 Allowance for possible loan losses 63,934 64,062 LOANS, NET 2,711,212 2,618,961 Bank premises and equipment, net 36,033 38,190 Other assets 168,958 153,556 ----------- ----------- TOTAL ASSETS $ 4,995,957 $ 5,113,487 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $ 575,541 $ 528,509 Interest bearing 2,947,622 2,957,568 TOTAL DEPOSITS 3,523,163 3,486,077 Borrowings 865,027 1,054,500 Other liabilities 49,390 51,683 ----------- ----------- TOTAL LIABILITIES 4,437,580 4,592,260 =========== =========== STOCKHOLDERS' EQUITY: Common stock (No par value; 20,000,000 shares authorized in 2004 and 2003; 14,542,335 shares issued in 2004 and 14,541,752 in 2003) 105,895 105,841 Accumulated other comprehensive income, net of taxes 29,572 24,512 Retained earnings 497,633 458,032 Treasury stock (826,807 shares in 2004 and 766,121 shares in 2003) (74,723) (67,158) TOTAL STOCKHOLDERS' EQUITY 558,377 521,227 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,995,957 $ 5,113,487 =========== ===========
PARK NATIONAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEETS (dollars in thousands)
THREE MONTHS ENDED MARCH 31, ---------------------------- 2004 2003 ---- ---- ASSETS Cash and due from banks $ 138,473 $ 135,140 Federal funds sold 4,793 21,638 Interest bearing deposits 50 50 Investment securities 1,943,873 1,804,175 Loans (net of unearned interest) 2,744,130 2,675,702 Allowance for possible loan losses 64,008 62,953 LOANS, NET 2,680,122 2,612,749 Bank premises and equipment, net 36,547 38,736 Other assets 178,178 176,384 ----------- ----------- TOTAL ASSETS $ 4,982,036 $ 4,788,872 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $ 553,206 $ 512,112 Interest bearing 2,927,157 2,895,747 TOTAL DEPOSITS 3,480,363 3,407,859 Borrowings 890,590 819,246 Other liabilities 67,236 55,466 ----------- ----------- TOTAL LIABILITIES 4,438,189 4,282,571 ----------- ----------- STOCKHOLDERS' EQUITY: Common stock 105,895 105,772 Accumulated other comprehensive income, net of taxes 23,030 21,681 Retained earnings 484,865 445,261 Treasury stock (69,943) (66,413) ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 543,847 506,301 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,982,036 $ 4,788,872 =========== ===========