-----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, MEWgoNGT7kideX/xhRXBcGFoRrFSoBLly1u2IC03HxPmaiA04+qjY7o9rrHPjUId Q2bm0dSCfQycyXPXVTzvLA== 0000950152-05-000318.txt : 20050119 0000950152-05-000318.hdr.sgml : 20050119 20050119160521 ACCESSION NUMBER: 0000950152-05-000318 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050118 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050119 DATE AS OF CHANGE: 20050119 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: 05536437 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 l11478ae8vk.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) January 19,2005 (January 18, 2005) ------------------------------------------------ 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 (see General Instruction A.2. below): [ ] 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)) Section 1 - Registrant's Business and Operations Item 1.01 - Entry into a Material Definitive Agreement The Park National Corporation ("Park") Board of Directors, upon recommendation of the Compensation Committee, on January 18, 2005, approved the incentive compensation to be paid under Park's incentive compensation plan in fiscal 2005 of $11.2 million. This amount is based on Park's performance in 2004 compared to Park's peer group of all U.S. bank holding companies of similar asset size ($3 billion to $10 billion). A formula determines the amount, if any, by which Park's return on equity ratio exceeds the median return on equity ratio of these peer bank holding companies. Twenty percent of that amount on a before-tax equivalent basis is available for incentive compensation. The incentive compensation pool of $11.2 million will be paid during the first quarter of fiscal 2005 to the officers that are employed by the affiliate banks and other subsidiaries of Park. This payment is spread among the officers, including the three executive officers, based on their respective contributions to Park's meeting its short-term and long-term financial goals during the 2004 fiscal year. Park's Board of Directors, upon recommendation of the Compensation Committee, on January 18, 2005, approved the fiscal 2005 base salaries and the fiscal 2004 incentive compensation for the three executive officers of Park. The base salaries for fiscal 2005 will be $464,240 for C. Daniel DeLawder, $307,108 for David L. Trautman and $200,500 for John W. Kozak. The fiscal 2004 incentive compensation was approved at $464,240 for C. Daniel DeLawder, $307,108 for David L. Trautman and $200,500 for John W. Kozak. The Compensation Committee recommended to the Board of Directors that the compensation paid to the three executives during fiscal 2005 be split at 50% base salary and 50% incentive compensation. C. Daniel DeLawder is the Chairman and Chief Executive Officer of Park National Corporation and its subsidiary bank The Park National Bank ("PNB"). David L. Trautman is the President of Park National Corporation and PNB. John W. Kozak is the Chief Financial Officer of Park National Corporation and PNB. Section 2 - Financial Information Item 2.02 - Results of Operations and Financial Condition On January 18, 2005, Park National Corporation ("Park") issued a news release (the "News Release") announcing earnings for the three and twelve months ended December 31, 2004. Included in the News Release, was the announcement that Park's Board of Directors declared a regular cash dividend of $.90 per share on January 18, 2005, payable on March 10, 2005 to shareholders of record as of February 22, 2005. A copy of the News Release is included as Exhibit 99.1 and incorporated herein by reference. Section 5 - Corporate Governance and Management Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers On November 15, 2004, Park issued a news release announcing changes to Park's Board of Directors and executive officers that would become effective, December 31, 2004 and January 1, 2005. A copy of the November 15, 2004 Management Changes Release was included as Exhibit 99.1 in Park's Form 8-K filed on November 16, 2004. As reported in the November 15, 2004 Management Changes Release, the following previously reported changes to Park's Board of Directors and executive officers took place. Howard E. LeFevre resigned from the Park Board of Directors effective December 31, 2004. Effective January 1, 2005, F. William Englefield IV and Michael J. Menzer joined Park's Board of Directors. Mr. Englefield serves in the class of Park directors whose term expires in 2005 and was appointed to serve as a member of the Audit Committee of the Park Board of Directors on January 18, 2005. Mr. Englefield has served as a member of the Board of Directors of The Park National Bank ("PNB"), a subsidiary of Park, since 1994 and is President of Englefield Oil Co., a retailer and wholesaler of petroleum products. Mr. Menzer serves in the class of Park directors whose term expires in 2006 and was appointed to serve as a member of the Audit and Investment Committees of the Park Board of Directors on January 18, 2005. Mr. Menzer has served as a member of the PNB Board of Directors since 1999 and is President of Northstreet Partners, Inc., a private equity investment company. Effective January 1, 2005, David L. Trautman became President of each of Park and PNB as well as a director of Park. Mr. Trautman serves in the class of Park directors whose term expires in 2007 and was appointed to serve as a member of the Investment Committee of the Park Board of Directors on January 18, 2005. Mr. Trautman, age 43, has served as Secretary of Park since July 2002, as Executive Vice President and a director of PNB since February 2002; as Chairman of the Board of The First-Knox National Bank of Mount Vernon, a subsidiary of Park ("FKNB"), since March 2001 and a director of FKNB since May 1997; and as a director of United Bank, N.A., a subsidiary of Park, since 2000. Mr. Trautman served as President and Chief Executive Officer of FKNB from May 1997 to February 2002 and as a Vice President of PNB from 1993 to May 1997. 2 Effective January 1, 2005, C. Daniel DeLawder became Chairman of the Board of each of Park and PNB. Mr. DeLawder continues as Chief Executive Officer and a director of both Park and PNB. Mr. DeLawder, age 55, has served as Chief Executive Officer since 1999, and a director since 1994, of Park; as Chief Executive Officer since January 1999, and a director since 1992 of PNB; as director of the Advisory Board since 1989 of the Fairfield National Division of PNB; as director of The Richland Trust Company, a subsidiary of Park, since 1997; and as a director of Second National Bank, a subsidiary of Park, since 2000. Mr. DeLawder served as President of each of Park and PNB from 1994 to December 31, 2004; as Executive Vice President of PNB from 1992 to 1993; and as President of the Fairfield National Division of PNB from 1985 to 1992. Effective January 1, 2005, William T. McConnell is no longer the Chairman of the Board of each of Park and PNB, but continues to serve as a director and Chairman of the Executive Committee of the Board of Directors of each of Park and PNB. During each of Park's fiscal years ended December 31, 2003 and December 31, 2004, each of Messrs. Englefield, Menzer, Trautman and DeLawder, members of their immediate families and, in the case of Messrs. Englefield and Menzer, corporations with which they are associated, were involved in banking transactions with the banking subsidiaries of Park in the ordinary course of their respective businesses and in compliance with applicable federal and state laws and regulations. It is expected that similar banking transactions will be entered into in the future. Loans to these persons have been made on substantially the same terms, including the interest rate charged and collateral required, as those prevailing at the time for comparable transactions with persons not affiliated with Park or its subsidiaries. These loans have been subject to and are presently subject to no more than a normal risk of uncollectibility and present no other unfavorable features. Section 8 - Other Events Item 8.01 - Other Events As announced in the News Release, on January 18, 2005, the Park Board of Directors declared a regular cash dividend of $.90 per share, payable on March 10, 2005 to shareholders of record as of February 22, 2005. A copy of the News Release is included as Exhibit 99.1 and incorporated herein by reference. On January 18, 2005, the Park Board of Directors called the 2005 Annual Meeting of shareholders of Park National Corporation to be held on Monday, April 18, 2005, at 2:00 p.m., Eastern Time, at the offices of The Park National Bank, 50 North Third Street, Newark, Ohio. The Park Board of Directors established February 22, 2005 as the record date for the determination of the shareholders of Park entitled to receive notice of, and to vote at, the 2005 Annual Meeting of Shareholders. 3 Section 9 - Financial Statements and Exhibits. Item 9.01 - Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits. The following exhibit is being filed with this Current Report on Form 8-K: Exhibit No. Description ----------- ----------- 99.1 News Release issued by Park National Corporation on January 18, 2005. [Remainder of page intentionally left blank; signature on following page.] 4 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 19, 2005 By: /s/ John W. Kozak ------------------------------ John W. Kozak Chief Financial Officer 5 INDEX TO EXHIBITS Current Report on Form 8-K Dated January 19, 2005 Park National Corporation Exhibit No. Description - ----------- ----------- 99.1 News Release issued by Park National Corporation on January 18, 2005. 6 EX-99.1 2 l11478aexv99w1.txt EXHIBIT 99.1 Exhibit 99.1 PARK NATIONAL CORPORATION N E W S R E L E A S E Media contacts: Bethany White, Comm. Specialist 740.349.3754 John Kozak, Chief Financial Officer, 740.349.3792 January 18, 2005 For Immediate Release PARK NATIONAL CORPORATION ANNOUNCES 2004 EARNINGS AND DIVIDEND FOR FIRST QUARTER 2005 NEWARK, OHIO -- Park National Corporation (Park) (AMEX:PRK) today announced earnings for 2004. Net income for the year totaled $91.507 million, or $6.32 per diluted share, compared to net income of $86.878 million, or $5.97 per diluted share in 2003, representing increases of 5.3 percent in net income and 5.9 percent in net income per diluted share. Park also announced a regular cash dividend of $.90 per share, payable on March 10, 2005 to shareholders on record as of February 22, 2005. For the fourth quarter of 2004, Park reported net income of $20.897 million, or $1.44 per diluted share, compared to the same period's net income in 2003 of $18.389 million, or $1.26 per diluted share. The fourth quarter showed an increase of 13.6 percent in net income and 14.3 percent in net income per diluted share. "We are generally pleased with the results in 2004. Hard work and diligence of our associates brought a successful conclusion to a year of improving economic conditions coupled with opportunities to extend our presence in new markets," said Park Chairman C. Daniel DeLawder. "Our focus remains constant - we will help individuals and businesses take advantage of low loan interest rates, offer flexible and innovative deposit services, and help trust and investment clients benefit from a stronger economic environment." "We are well prepared for 2005 and eagerly anticipate the future. We are confident in our associates' ability to successfully meet the challenges before us and continue to fulfill our promises to customers in the communities we serve," he added. On December 31, 2004, Park closed its plan and agreement of merger with First Federal Bancorp, Inc. and merged its subsidiary, First Federal Savings Bank of Eastern Ohio, with Park affiliate Century National Bank, headquartered in Zanesville, Ohio. Park closed the year with approximately $5.4 billion in assets, compared to about $5 billion at year-end 2003. With the January 3rd closing of Park's acquisition of First Clermont Bank (near Cincinnati), Park's 12 community banks operate 124 full-service banking offices and 132 ATMs in 28 Ohio counties. Park also offers 8 offices of Guardian Finance Company in 7 Ohio counties. Park National Corporation is an Ohio-based bank holding company headquartered in Newark, Ohio. Its 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, First Clermont Division, Scope Aircraft Finance, and Guardian Finance. For more information, visit www.parknationalcorp.com. PARK NATIONAL CORPORATION 50 N. THIRD STREET, NEWARK, OHIO 43055 WWW.PARKNATIONALCORP.COM PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) DECEMBER 31, 2004
INCOME STATEMENT THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, PERCENT PERCENT 2004 2003 CHANGE 2004 2003 CHANGE ---- ---- ------ ---- ---- ------ NET INTEREST INCOME $53,343 $49,486 7.79% $212,291 $202,637 4.76% - -------------------------------------------------------------------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 2,485 3,170 -21.61% 8,600 12,595 -31.72% - -------------------------------------------------------------------------------------------------------------------------------- OTHER INCOME 12,714 12,588 1.00% 52,641 61,583 -14.52% - -------------------------------------------------------------------------------------------------------------------------------- GAIN (LOSS) ON SALE OF SECURITIES (899) (673) (793) (6,060) - -------------------------------------------------------------------------------------------------------------------------------- OTHER EXPENSE 33,378 32,459 2.83% 126,290 122,376 3.20% - -------------------------------------------------------------------------------------------------------------------------------- INCOME BEFORE TAXES 29,295 25,772 13.67% 129,249 123,189 4.92% - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME 20,897 18,389 13.64% 91,507 86,878 5.33% - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME PER SHARE-BASIC 1.46 1.27 14.96% 6.38 6.01 6.16% - -------------------------------------------------------------------------------------------------------------------------------- NET INCOME PER SHARE-DILUTED 1.44 1.26 14.29% 6.32 5.97 5.86% - -------------------------------------------------------------------------------------------------------------------------------- CASH DIVIDENDS PER SHARE 0.90 0.838 7.40% 3.414 3.209 6.39% - -------------------------------------------------------------------------------------------------------------------------------- RATIOS AND OTHER INFORMATION RETURN ON AVERAGE ASSETS 1.64% 1.54% 1.81% 1.81% - -------------------------------------------------------------------------------------------------------------------------------- RETURN ON AVERAGE EQUITY 14.99% 13.68% 17.00% 16.69% - -------------------------------------------------------------------------------------------------------------------------------- YIELD ON EARNING ASSETS 5.88% 5.77% 5.80% 5.98% - -------------------------------------------------------------------------------------------------------------------------------- COST OF PAYING LIABILITIES 1.65% 1.57% 1.52% 1.68% - -------------------------------------------------------------------------------------------------------------------------------- NET INTEREST MARGIN 4.55% 4.50% 4.56% 4.60% - -------------------------------------------------------------------------------------------------------------------------------- EFFICIENCY RATIO 49.95% 51.56% 47.11% 45.66% - ------------------------------------------------------------------------------------------------------------------------------- NET LOAN CHARGE-OFFS $3,346 $4,504 $7,864 $11,481 - ------------------------------------------------------------------------------------------------------------------------------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.46% 0.66% 0.28% 0.43% - --------------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET AT DECEMBER 31, PERCENT 2004 2003 CHANGE ---- ---- ------ INVESTMENTS $1,926,782 $1,991,226 -3.24% - -------------------------------------------------------------------------------------------- LOANS 3,120,608 2,730,803 14.27% - -------------------------------------------------------------------------------------------- LOAN LOSS RESERVE 68,328 63,142 8.21% - -------------------------------------------------------------------------------------------- GOODWILL AND OTHER INTANGIBLES 40,887 12,958 215.53% - -------------------------------------------------------------------------------------------- TOTAL ASSETS 5,412,584 5,034,956 7.50% - -------------------------------------------------------------------------------------------- DEPOSITS 3,689,861 3,414,249 8.07% - -------------------------------------------------------------------------------------------- BORROWINGS 1,074,024 1,002,736 7.11% - -------------------------------------------------------------------------------------------- EQUITY 562,561 543,041 3.59% - -------------------------------------------------------------------------------------------- BOOK VALUE PER SHARE 39.28 37.57 4.55% - -------------------------------------------------------------------------------------------- NONPERFORMING LOANS 19,867 21,373 -7.05% - -------------------------------------------------------------------------------------------- NONPERFORMING ASSETS 22,547 23,692 -4.83% - -------------------------------------------------------------------------------------------- PAST DUE 90 DAY LOANS 5,439 4,367 24.55% - -------------------------------------------------------------------------------------------- RATIOS LOANS/ASSETS 57.65% 54.24% - --------------------------------------------------------------------------- NONPERFORMING LOANS/LOANS 0.63% 0.78% - --------------------------------------------------------------------------- PAST DUE 90 DAY LOANS/LOANS 0.17% 0.16% - --------------------------------------------------------------------------- LOAN LOSS RESERVE/LOANS 2.19% 2.31% - --------------------------------------------------------------------------- EQUITY/ASSETS 10.39% 10.79% - ---------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data)
DECEMBER 31, -------------------------------- 2004 2003 - ---------------------------------------------------------------------------------------------------------------- ASSETS Cash and due from banks $ 155,529 $ 169,782 - ---------------------------------------------------------------------------------------------------------------- Federal funds sold 6,300 0 - ---------------------------------------------------------------------------------------------------------------- Interest bearing deposits 2,096 50 - ---------------------------------------------------------------------------------------------------------------- Investment securities 1,926,782 1,991,226 - ---------------------------------------------------------------------------------------------------------------- Loans (net of unearned interest) 3,120,608 2,730,803 - ---------------------------------------------------------------------------------------------------------------- Allowance for possible loan losses 68,328 63,142 - ---------------------------------------------------------------------------------------------------------------- LOANS, NET 3,052,280 2,667,661 - ---------------------------------------------------------------------------------------------------------------- Bank premises and equipment, net 43,179 36,746 - ---------------------------------------------------------------------------------------------------------------- Other assets 226,418 169,491 - ---------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $5,412,584 $5,034,956 - ---------------------------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $630,882 $547,793 - ---------------------------------------------------------------------------------------------------------------- Interest bearing 3,058,979 2,866,456 - ---------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS 3,689,861 3,414,249 - ---------------------------------------------------------------------------------------------------------------- Borrowings 1,074,024 1,002,736 - ---------------------------------------------------------------------------------------------------------------- Other liabilities 86,138 74,930 - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 4,850,023 4,491,915 - ---------------------------------------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY: Common stock (No par value; 20,000,000 shares authorized in 2004 and 2003; 15,269,707 shares issued in 2004 and 15,269,452 in 2003) 208,251 105,895 - ---------------------------------------------------------------------------------------------------------------- Accumulated other comprehensive income, net of taxes 12,442 18,954 - ---------------------------------------------------------------------------------------------------------------- Retained earnings 433,260 486,769 - ---------------------------------------------------------------------------------------------------------------- Treasury stock (949,480 shares in 2004 and 814,425 shares in 2003) (91,392) (68,577) - ---------------------------------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 562,561 543,041 - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,412,584 $5,034,956 - ----------------------------------------------------------------------------------------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------------------- --------------------------------- 2004 2003 2004 2003 - ---------------------------------------------------------------------------------------- --------------------------------- Interest income: Interest and fees on loans $46,791 $44,724 $178,853 $183,929 - ---------------------------------------------------------------------------------------- --------------------------------- Interest on: Obligations of U.S. Government, its agencies and other securities 21,092 17,428 86,806 73,753 - ---------------------------------------------------------------------------------------- --------------------------------- Obligations of states and political subdivision 1,211 1,462 5,115 6,168 - ---------------------------------------------------------------------------------------- --------------------------------- Other interest income 136 130 219 779 - ---------------------------------------------------------------------------------------- --------------------------------- TOTAL INTEREST INCOME 69,230 63,744 270,993 264,629 - ---------------------------------------------------------------------------------------- --------------------------------- Interest expense: Interest on deposits: Demand and savings deposits 2,061 1,623 6,895 8,026 - ---------------------------------------------------------------------------------------- --------------------------------- Time deposits 8,344 9,090 33,103 40,574 - ---------------------------------------------------------------------------------------- --------------------------------- Interest on borrowings 5,482 3,545 18,704 13,392 - ---------------------------------------------------------------------------------------- --------------------------------- TOTAL INTEREST EXPENSE 15,887 14,258 58,702 61,992 - ---------------------------------------------------------------------------------------- --------------------------------- NET INTEREST INCOME 53,343 49,486 212,291 202,637 - ---------------------------------------------------------------------------------------- --------------------------------- Provision for loan losses 2,485 3,170 8,600 12,595 - ---------------------------------------------------------------------------------------- --------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 50,858 46,316 203,691 190,042 - ---------------------------------------------------------------------------------------- --------------------------------- Other income 12,714 12,588 52,641 61,583 - ---------------------------------------------------------------------------------------- --------------------------------- Gain (loss) on sale of securities (899) (673) (793) (6,060) - ---------------------------------------------------------------------------------------- --------------------------------- Other expense: Salaries and employee benefits 18,382 17,474 71,464 68,093 - ---------------------------------------------------------------------------------------- --------------------------------- Occupancy expense 1,757 1,739 7,024 6,917 - ---------------------------------------------------------------------------------------- --------------------------------- Furniture and equipment expense 1,351 1,597 5,749 6,434 - ---------------------------------------------------------------------------------------- --------------------------------- Other expense 11,888 11,649 42,053 40,932 - ---------------------------------------------------------------------------------------- --------------------------------- TOTAL OTHER EXPENSE 33,378 32,459 126,290 122,376 - ---------------------------------------------------------------------------------------- --------------------------------- INCOME BEFORE FEDERAL INCOME TAXES 29,295 25,772 129,249 123,189 - ---------------------------------------------------------------------------------------- --------------------------------- Federal income taxes 8,398 7,383 37,742 36,311 - ---------------------------------------------------------------------------------------- --------------------------------- NET INCOME $20,897 $18,389 $91,507 $86,878 ======================================================================================== ================================= PER SHARE: NET INCOME - BASIC $1.46 $1.27 $6.38 $6.01 - ---------------------------------------------------------------------------------------- --------------------------------- NET INCOME - DILUTED $1.44 $1.26 $6.32 $5.97 - ---------------------------------------------------------------------------------------- --------------------------------- WEIGHTED AVERAGE SHARES - BASIC 14,305,004 14,463,954 14,344,771 14,458,899 - ---------------------------------------------------------------------------------------- --------------------------------- WEIGHTED AVERAGE SHARES - DILUTED 14,499,782 14,581,080 14,486,327 14,550,874 - ---------------------------------------------------------------------------------------- ---------------------------------
PARK NATIONAL CORPORATION CONSOLIDATED AVERAGE BALANCE SHEETS (dollars in thousands)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, ------------------------------- --------------------------------- 2004 2003 2004 2003 - ---------------------------------------------------------------------------------------- --------------------------------- ASSETS Cash and due from banks $142,385 $123,700 $142,102 $133,157 - ---------------------------------------------------------------------------------------- ------------------------------- Federal funds sold 15,003 48,002 9,328 35,718 - ---------------------------------------------------------------------------------------- ------------------------------- Interest bearing deposits 23 50 38 50 - ---------------------------------------------------------------------------------------- ------------------------------- Investment securities 1,859,889 1,705,187 1,918,444 1,788,661 - ---------------------------------------------------------------------------------------- ------------------------------- Loans (net of unearned interest) 2,878,862 2,721,808 2,813,069 2,695,830 - ---------------------------------------------------------------------------------------- ------------------------------- Allowance for possible loan losses 65,220 64,632 64,676 64,735 - ---------------------------------------------------------------------------------------- ------------------------------- LOANS, NET 2,813,642 2,657,176 2,748,393 2,631,095 - ---------------------------------------------------------------------------------------- ------------------------------- Bank premises and equipment, net 37,436 37,282 36,540 38,077 - ---------------------------------------------------------------------------------------- ------------------------------- Other assets 207,089 173,401 194,236 176,505 - ---------------------------------------------------------------------------------------- ------------------------------- TOTAL ASSETS $5,075,467 $4,744,798 $5,049,081 $4,803,263 - ---------------------------------------------------------------------------------------- ------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest bearing $605,863 $547,391 $574,561 $522,456 - ---------------------------------------------------------------------------------------- ------------------------------- Interest bearing 2,944,791 2,884,186 2,946,360 2,901,834 - ---------------------------------------------------------------------------------------- ------------------------------- TOTAL DEPOSITS 3,550,654 3,431,577 3,520,921 3,424,290 - ---------------------------------------------------------------------------------------- ------------------------------- Borrowings 896,193 723,727 921,278 796,927 - ---------------------------------------------------------------------------------------- ------------------------------- Other liabilities 73,934 56,090 68,607 61,655 - ---------------------------------------------------------------------------------------- ------------------------------- TOTAL LIABILITIES 4,520,781 4,211,394 4,510,806 4,282,872 - ---------------------------------------------------------------------------------------- ------------------------------- STOCKHOLDERS' EQUITY: Common stock 124,922 105,897 110,711 105,860 - ---------------------------------------------------------------------------------------- ------------------------------- Accumulated other comprehensive income, net of taxes 13,511 14,878 11,293 18,862 - ---------------------------------------------------------------------------------------- ------------------------------- Retained earnings 503,987 480,385 498,192 463,556 - ---------------------------------------------------------------------------------------- ------------------------------- Treasury stock (87,734) (67,756) (81,921) (67,887) - ---------------------------------------------------------------------------------------- ------------------------------- TOTAL STOCKHOLDERS' EQUITY 554,686 533,404 538,275 520,391 - ---------------------------------------------------------------------------------------- ------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $5,075,467 $4,744,798 $5,049,081 $4,803,263 - ---------------------------------------------------------------------------------------- -------------------------------
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