-----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, PYJ8ZTeipqgcJcUuMPqHfPcok7zMeAG2yTTGJ/4NNUUnfxEs98gU2kSaO139ys0j BkMevzxQV4QrpOuQkfGmlw== 0000950152-97-003857.txt : 19970515 0000950152-97-003857.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950152-97-003857 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13006 FILM NUMBER: 97603700 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 10-Q 1 PARK NATIONAL CORPORATION 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number 1-13006 --------------------------------------- Park National Corporation - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 31-1179518 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 50 North Third Street, Newark, Ohio 43055 - ------------------------------------------------------------------------------- (Address of principal executive offices) Zip Code (614) 349-8451 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) N/A - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No _____ 7,097,434 common shares, no par value per share, outstanding at May 2, 1997. Page 1 of 18 Exhibit Index Page 16 2 PARK NATIONAL CORPORATION CONTENTS
Page ---- PART I. FINANCIAL INFORMATION 3-8 Item 1. Financial Statements 3-8 Consolidated Balance Sheet as of March 31, 1997 and and December 31, 1996 (unaudited) 3 Consolidated Condensed Statement of Income for the Three Months Ended March 31, 1997 and 1996 (unaudited) 4,5 Consolidated Statement of Cash Flows for the Three Months ended March 31, 1997 and 1996 (unaudited) 6,7 Notes to Consolidated Financial Statements 8,9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10-14 PART II. OTHER INFORMATION 15-16 Item 1. Legal Proceedings 15 Item 2. Changes in Securities 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Submission of Matters to a Vote of Security Holders 15-16 Item 5. Other Information 16 Item 6. Exhibits and Reports on Form 8-K 16 SIGNATURES 17 EXHIBIT 27 18
2 3 PARK NATIONAL CORPORATION Consolidated Balance Sheet (Unaudited) (Dollars in thousands, except per share data)
March 31 , December 31, 1997 1996 ----------- ----------- Assets: Cash and due from banks $ 59,878 $ 61,454 Money market investments 30,700 0 Securities available-for-sale, at fair value (amortized cost of $365,876 and $381,117 at March 31, 1997 and December 31, 1996) 365,710 386,187 Securities held-to-maturity, at amortized cost (fair value approximates $11,078 and $11,217 at March 31, 1997 and December 31, 1996) 10,723 10,780 Loans (net of unearned interest) 1,130,058 1,112,603 Allowance for possible loan losses 28,948 27,802 Net loans 1,101,110 1,084,801 Bank premises and equipment, net 16,780 16,812 Other assets 58,972 54,733 ----------- ----------- Total assets $ 1,643,873 $ 1,614,767 Liabilities and Stockholders' Equity Deposits: Noninterest-bearing $ 173,058 $ 174,158 Interest-bearing 1,173,222 1,162,459 Total deposits 1,346,280 1,336,617 Short-term borrowings 130,796 109,230 Other liabilities 18,426 19,934 Total liabilities 1,495,502 1,465,781 Stockholders' Equity: Common stock (No par value; 20,000,000 shares authorized; 7,222,610 shares issued in 1997 and 1996) 26,857 26,857 Unrealized holding (loss)/gain on available-for-sale securities, net (108) 3,296 Retained earnings 126,261 121,818 Treasury stock (120,776 shares in 1997 and 89,426 shares in 1996) (4,639) (2,985) Total stockholders' equity 148,371 148,986 ----------- ----------- Total liabilities and stockholders' equity $ 1,643,873 $ 1,614,767
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3 4 PARK NATIONAL CORPORATION Consolidated Condensed Statement of Income (Unaudited) (Dollars in thousands, except per share data)
Three Months Ended March 31, 1997 1996 --------- --------- Interest Income: Interest & fees on loans $ 25,950 $ 24,116 Interest on: Obligations of U.S. Govt., its agencies & other securities 6,227 5,220 Obligations of states & political subdivisions 150 143 Other interest income 264 424 Total interest income 32,591 29,903 Interest expense: Interest on deposits: Demand & savings deposits 3,278 3,069 Time deposits 8,814 7,838 Non-deposit interest 1,226 1,412 Total interest expense 13,318 12,319 Net interest income 19,273 17,584 Provision for loan losses 1,035 1,005 Net interest income after provision 18,238 16,579
4 5 PARK NATIONAL CORPORATION Consolidated Condensed Statement of Income (Unaudited) - (Continued) (Dollars in thousands, except per share data)
Three Months Ended March 31, 1997 1996 -------- -------- Other income $ 4,075 $ 3,681 Loss on sale of securities 0 (294) Other expense: Salaries & employee benefits 5,718 5,471 Occupancy 595 595 Furniture & equipment 563 560 Other expenses 4,686 4,358 Total other expense 11,562 10,984 Income before federal income taxes 10,751 8,982 Federal income taxes 3,455 2,887 Net income $ 7,296 $ 6,095 ======== ======== Per Share: Net income $ 1.02 $ 0.85 Weighted average common shares outstanding 7,121,676 7,136,037 Cash dividends declared $ 0.40 $ 0.35
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5 6 PARK NATIONAL CORPORATION Consolidated Statement of Cash Flows (Unaudited) (Dollars in thousands)
Three Months Ended March 31, 1997 1996 -------- -------- Operating activities: Net income $ 7,296 $ 6,095 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization & accretion (313) 63 Provision for loan losses 1,035 1,005 Amortization of the excess of cost over net assets of banks purchased 428 65 Realized investment security losses 0 294 Changes in assets & liabilities: Increase in other assets (2,836) (1,594) Increase in other liabilities 1,345 1,022 Net cash provided from operating activities 6,955 6,950 Investing activities: Proceeds from sales of: Available-for-sale securities 24,923 15,061 Proceeds from maturities of: Available-for-sale securities 65,571 32,645 Held-to-maturity securities 59 474 Purchases of: Available-for-sale securities (74,757) (45,976) Net (increase)/decrease in loans (17,043) 4,858 Purchases of premises & equipment, net (453) (372) Net cash (used by)/provided from investing activities (1,700) 6,690
6 7 PARK NATIONAL CORPORATION Consolidated Statement of Cash Flows (Unaudited) - (Continued) (Dollars in thousands)
Three Months Ended March 31, 1997 1996 --------- --------- Financing activities: Net increase in deposits $ 9,663 $ 8,493 Net increase in short-term borrowings 21,566 5,263 (Purchase)/reissue of treasury stock (1,654) 153 Cash dividends paid (5,706) (5,000) Net cash provided from financing activities 23,869 8,909 Increase in cash and cash equivalents 29,124 22,549 Cash & cash equivalents at beginning of year 61,454 92,752 Cash & cash equivalents at end of period $ 90,578 $ 115,301 ========= ========= Supplemental disclosures of cash flow information: Cash paid for: Interest $ 13,554 $ 12,675 Income taxes 0 1,200
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS 7 8 PARK NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Three Month Periods Ended March 31, 1997 and 1996. Note 1 - Basis of Presentation The consolidated financial statements included in this report have been prepared by Park National Corporation (the "Registrant", "Corporation", or "Park") without audit. In the opinion of management, all adjustments (consisting solely of normal recurring accruals) necessary for a fair presentation of results of operations for the interim periods included herein have been made. The results of operations for the period ended March 31, 1997 are not necessarily indicative of the operating results to be anticipated for the fiscal year ended December 31, 1997. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q, and therefore, do not include all information and footnotes necessary for a fair presentation of the balance sheet, condensed statement of income and statement of cash flows in conformity with generally accepted accounting principles. These financial statements should be read in conjunction with the financial statements included in the Annual Report for the year ended December 31, 1996. Certain amounts in prior periods have been reclassified to conform to the financial statement presentation used for current periods. Note 2 - Acquisition On May 5, 1997, Park merged with First-Knox Banc Corp. ("First-Knox"), a $569 million bank holding company headquartered in Mount Vernon, Ohio, in a transaction accounted for as a pooling-of-interests. Park will issue approximately 2.3 million shares of common stock to the stockholders of First-Knox based upon an exchange ratio of .5914 shares of Park common stock for each outstanding share of First-Knox common stock. The historical operating results of Park and First-Knox will be shown on a combined basis in future financial statements. Separate results of operations for Park and First-Knox follow:
Three Months Ended March 31 For Calendar Year 1997 1996 1996 1995 (unaudited) ---------------- ----------------- Net Interest Income Park $19,273 $17,584 $72,959 $66,352 First-Knox 5,443 4,990 20,968 19,589 ------- ------- ------- ------- Combined $24,716 $22,574 $93,927 $85,941 Net Income Park $7,296 $6,095 $25,664 $22,120 First-Knox 1,694 1,494 6,036 5,709 ------- ------- ------- ------- Combined $8,990 $7,589 $31,700 $27,829 Net Income Per Common Share Park $1.02 $.85 $3.60 $3.09 First-Knox .44 .39 1.59 1.50 Combined .96 .81 3.38 2.95
-8- 9 Note 3 - Allowance for Possible Loan Losses The allowance for possible loan losses is that amount believed adequate to absorb estimated credit losses in the loan portfolio based on management's evaluation of various factors including overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current and anticipated economic conditions. A provision for loan losses is charged to operations based on management's periodic evaluation of these and other pertinent factors.
1997 1996 (In Thousands) ---- ---- Balance January 1 $27,802 $25,073 Provision for loan losses 1,035 1,005 Losses charged to the reserve (793) (802) Recoveries 904 601 ------- ------- Balance March 31 $28,948 $25,877 ======= =======
-9- 10 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Comparison of Results of Operations for the Quarters Ended March 31, 1997 and 1996 Net Interest Income The Corporation's principal source of earnings is net interest income, the difference between total interest income and total interest expense. Net interest income increased by $1.7 million or 9.6% to $19.3 million for the three months ended March 31, 1997 compared to $17.6 million for the first quarter of 1996. The following table indicates that the tax equivalent net interest margin (defined as net interest income divided by average earning assets) was 5.29% for both the first quarter of 1997 and the first quarter of 1996.
Three Months Ended March 31st (In Thousands) 1997 1996 ---- ---- Tax Tax Average Equivalent Average Equivalent Balance % Balance % ----------------------- ----------------------- Loans, Net $1,090,603 9.68% $ 992,130 9.80% Taxable Investments $ 367,701 6.87% $ 312,387 6.72% Tax-Exempt Investments $ 9,782 8.96% $ 9,304 8.90% Money Markets $ 19,799 5.40% $ 32,294 5.28% ---------- ---- ---------- ---- Interest-Earning Assets $1,487,885 8.93% $1,346,115 8.98% ---------- ---- ---------- ---- Interest-Bearing Deposits $1,168,350 4.20% $1,025,735 4.28% Borrowings $ 112,553 4.42% $ 121,454 4.67% ---------- ---- ---------- ---- Interest-Bearing Liabilities $1,280,903 4.22% $1,147,189 4.32% ---------- ---- ---------- ---- Excess Interest-Earning Assets $ 206,982 4.71% $ 198,926 4.66% Net Interest Margin 5.29% 5.29%
-10- 11 Average interest-earning assets increased by 10.5% to $1,488 million for the quarter ended March 31, 1997 compared to the same quarter in 1996. Average net loans outstanding increased by $98 million or 9.9% to $1,091 million for the first quarter of 1997 compared to $992 million for the same period in 1996. Approximately $31 million of this increase was due to loans acquired as part of the purchase of branches in Richland County in December, 1996. Loan demand continues to be relatively strong, particularly for consumer loans secured by automobiles. Average investment securities including federal funds sold increased by 12.2% to $397 million in 1997 compared to $354 million in 1996. Average interest-bearing liabilities increased by 11.7% to $1,281 million for the three months ended March 31, 1997 compared to the same quarter in 1996. This increase was due to a 13.9% increase in average interest-bearing deposits to $1,168 million in the first quarter of 1997 compared to the same quarter in 1996. Average interest-bearing deposits increased by $143 million to $1,168.4 million in the first quarter of 1997 compared to $1,025.7 million for the same quarter in 1996. Approximately $98 million of this increase was due to deposits acquired as part of the purchase of branches in Richland County in December, 1996. For the three months ended March 31, 1997, the net interest spread (the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities) was 4.71% compared to 4.66% for the same period in 1996. The yield on interest-earning assets decreased by .05% to 8.93% for the quarter ended March 31, 1997 compared to 8.98% for the first quarter of 1996. The cost of interest-bearing liabilities decreased by .10% to 4.22% for the first quarter of 1997 compared to 4.32% for the same quarter in 1996. Provision for Loan Losses The provision for loan losses increased by $30,000 or 3.0% to $1.03 million for the three months ended March 31, 1997 compared to $1.0 million for the same period in 1996. Net charge-offs showed a recovery of $111,000 for the quarter ended March 31, 1997 compared to net charge-offs of $201,000 for the same period in 1996. Non-performing loans, defined as loans that are 90 days past due, renegotiated loans and non-accrual loans, were $5.1 million or .45% of loans at March 31, 1997 compared to $4.9 million or .44% of loans at December 31, 1996 and $4.0 million or .39% of loans at March 31, 1996. The reserve for loan losses as a percentage of outstanding loans was 2.56% at March 31, 1997 compared to 2.50% at December 31, 1996 and 2.54% at March 31, 1996. See Footnote 3 for a discussion of the factors considered by management in determining the provision for loan losses. Non-Interest Income Non-interest income increased by $394,000 or 10.7% to $4.1 million for the three months ended March 31, 1997 compared to $3.7 million for the same quarter in 1996. This increase was primarily due to increases in fee income from fiduciary activities and service charges on deposits. Security Losses Investment security losses were $294,000 for the three months ended March 31, 1996 compared to no losses for the same period in 1997. In 1996, taxable investment securities were sold and the proceeds reinvested into taxable investment securities with slightly longer maturities. The average life of the taxable investment portfolio was approximately 3 years at both March 31, 1997 and 1996. -11- 12 During the first quarter of 1997, longer-term taxable investment rates increased which resulted in the unrealized holding gain on available-for-sale securities of $5.1 million at December 31, 1996 decreasing to an unrealized holding loss of $166,000 at March 31, 1997. If this trend of higher interest rates were to continue, the Corporation could realize some investment security losses during the last three quarters of 1997. Other Expense Total other expense increased by $578,000 or 5.3% to $11.6 million for the three months ended March 31, 1997 compared to $11.0 million for the same period in 1996. Salaries and employee benefits expense increased by $247,000 or 4.5% to $5.7 million for the first quarter of 1997 compared to the first quarter of 1996. Full time equivalent employees were 718 at March 31, 1997 compared to 686 at March 31, 1996. The subcategory other expense which includes data processing expense, fees and service charges, marketing, telephone, postage, deposit insurance premiums, amortization of intangibles, and expenses pertaining to other real estate owned, increased by $328,000 or 7.5% to $4.7 million in 1997 compared to 1996. Increases in the amortization of intangibles and fees and service charges were partially offset by a decrease in deposit insurance premiums. Federal Income Taxes Federal income tax expense was $3.5 million for the first quarter of 1997 compared to $2.9 million for the same period in 1996. The ratio of federal income tax expense to income before taxes was approximately 32% for both 1997 and 1996. Net Income Net income increased by $1.2 million or 19.7% to $7.3 million for the three months ended March 31, 1997 compared to $6.1 million for the same period in 1996. The annualized, first quarter net income to average assets ratio (ROA) was 1.83% in 1997 compared to 1.68% for the same period in 1996. The annualized, first quarter net income to average equity ratio (ROE) was 19.99% in 1997 compared to 17.97% in 1996. -12- 13 COMPARISON OF FINANCIAL CONDITION For March 31, 1997 and December 31, 1996 Changes in Financial Condition and Liquidity Total assets increased by $29 million or 1.8% to $1,644 million at March 31, 1997 compared to $1,615 million at December 31, 1996. Loan balances increased by $17 million to $1,130 million and federal funds sold and investment securities increased by $10 million to $407 million. Total liabilities increased by $30 million or 2.0% to $1,496 million at March 31, 1997 compared to $1,466 million at December 31. 1996. This increase was due to increases in short-term borrowings and interest-bearing deposits. Short-term borrowings, which primarily consist of overnight repurchase agreements with customers, increased by $22 million to $131 million and interest-bearing deposits increased by $11 million to $1,173 million at March 31, 1997 compared to December 31, 1996. Effective liquidity management ensures that the cash flow requirements of depositors and borrowers, as well as the operating cash needs of the Corporation, are met. Funds are available from a number of sources, including the securities portfolio, the core deposit base, Federal Home Loan Bank borrowings, and the capability to securitize or package loans for sale. The Corporation's loan to asset ratio was 68.7% at March 31, 1997 compared to 68.9% at December 31, 1996 and 68.5% at March 31, 1996. Cash and cash equivalents increased by $29 million to $91 million during the three months ended March 31, 1997. The present funding sources provide more than adequate liquidity for the Corporation to meet its cash flow needs. Capital Resources Stockholders' equity at March 31, 1997 was $148.4 million or 9.03% of total assets compared to $149.0 million or 9.23% of total assets at December 31, 1996 and $136.8 million or 9.19% of total assets at March 31, 1996. Financial institution regulators have established guidelines for minimum capital ratios for banks, thrifts, and bank holding companies. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. The minimum leverage capital ratio (defined as stockholders' equity less intangible assets) is 4% and the well capitalized ratio is greater than or equal to 5%. Park's leverage ratio was 8.58% at March 31, 1997 and 8.82% at December 31, 1996. The minimum Tier I risk-based capital ratio (defined as leverage capital divided by risk-adjusted assets) is 4% and the well capitalized ratio is greater than or equal to 6%. Park's Tier I risk-based capital ratio was 12.82% at March 31, 1997 and 12.78% at December 31, 1996. The minimum total risk-based capital ratio (defined as leverage capital plus supplemental capital divided by risk-adjusted assets) is 8% and the well capitalized ratio is greater than or equal to 10%. Park's total risk-based capital ratio was 14.09% at March 31, 1997 and 14.04% at December 31, 1996. The financial institution subsidiaries of Park each met the well capitalized capital ratio guidelines at March 31, 1997. The following table indicates the capital ratios for each subsidiary and Park at March 31, 1997: -13- 14
Tier I Total Leverage Risk-Based Risk-Based -------- ---------- ---------- Park National Bank 7.32% 10.11% 11.38% Richland Trust Company 6.16% 10.62% 11.89% Mutual Federal Savings Bank 7.84% 13.46% 14.73% Park National Corporation 8.58% 12.82% 14.09% Minimum Capital Ratio 4.00% 4.00% 8.00% Well Capitalized Ratio 5.00% 6.00% 10.00%
Mutual Federal Savings Bank converted from a thrift charter to a national commercial bank charter effective April 7, 1997 and accordingly changed its name to Century National Bank. At the April 21, 1997 Park National Corporation Board of Directors' Meeting, a cash dividend of $.40 per share was declared payable on June 10, 1997 to stockholders of record on May 16, 1997. -14- 15 PARK NATIONAL CORPORATION PART II - OTHER INFORMATION Item 1. Legal Proceedings Park National Corporation is not engaged in any legal proceedings of a material nature at the present time. Item 2. Changes in Securities Not applicable Item 3. Defaults Upon Senior Securities Not applicable Item 4. Submission of Matters to a Vote of Security Holders a. On April 21, 1997, Park National Corporation held its Annual Meeting of Shareholders. At the close of business on the record date, 7,107,859 Park National Corporation common shares were outstanding and entitled to vote. At the meeting, 6,452,738 or 90.8% of the outstanding common shares entitled to vote were represented by proxy or in person. b. Directors elected at Annual Meeting for a three year term: R. William Geyer 5,189,677 For 1,263,061 Withheld -0- Abstain and Broker Non-Votes William A. Phillips 5,189,498 For 1,263,240 Withheld -0- Abstain and Broker Non-Votes William T. McConnell 5,189,601 For 1,263,137 Withheld -0- Abstain and Broker Non-Votes John L. Warner 5,189,677 For 1,263,061 Withheld -0- Abstain and Broker Non-Votes
-15- 16 Directors whose term of office continued after the Annual Meeting: C. Daniel DeLawder Dominic C. Fanello Tamala Longaberger Kaido Howard L. LeFevre Phillip T. Leitnaker John J. O'Neill J. Gilbert Reese Rick R. Taylor c. See Item 4(b) for the voting results for directors. 1. Proposal to adopt the merger agreement and approve the proposed merger of First-Knox Banc Corp. into Park. 6,166,524 For 1,392 Against 2,314 Abstain 282,508 Broker Non-Votes
2. Proposal to amend Subsection 2.02(A) of Park's Regulations to decrease the maximum allowable number of directors from twenty-five to sixteen if the merger agreement with First-Knox is adopted. 6,167,381 For 368 Against 2,481 Abstain 282,508 Broker Non-Votes
3. Proposal to amend Article SIXTH of the Articles of Incorporation of Park to eliminate pre-emptive rights in respect of the offering or sale of Park Common Shares held as treasury shares. 6,144,176 For 9,416 Against 16,598 Abstain 282,548 Broker Non-Votes
d. Not Applicable Item 5. Other Information Not Applicable Item 6. Exhibits and Reports on Form 8-K a. Exhibits See Exhibit 27, Financial Data Schedule on Page 18 b. Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended March 31, 1997. -16- 17 SIGNATURES 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 thereunto duly authorized. PARK NATIONAL CORPORATION DATE: May 12, 1997 BY: /s/ C. Daniel DeLawder ------------ ---------------------- C. Daniel DeLawder President DATE: May 12, 1997 BY: /s/ David C. Bowers ------------ ---------------------- David C. Bowers Chief Financial Officer and Secretary -17- EX-27 2 EXHIBIT 27
9 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 59,878 0 30,700 0 365,710 10,723 11,078 1,130,058 28,948 1,643,873 1,346,280 130,796 18,426 0 0 0 26,857 121,514 1,643,873 25,950 6,377 264 32,591 12,092 13,318 19,273 1,035 0 11,562 10,751 7,296 0 0 7,296 1.02 1.02 5.29 1,795 1,374 1,911 0 27,802 793 904 28,948 28,948 0 0
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