For the transition period from
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to
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Commission File Number
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1-13006
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Park National Corporation
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(Exact name of registrant as specified in its charter)
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Ohio
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31-1179518
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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50 North Third Street, Newark, Ohio 43055
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(Address of principal executive offices) (Zip Code)
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(740) 349-8451
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(Registrant’s telephone number, including area code)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Yes
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x
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No
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¨
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Yes
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x
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No
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¨
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Large accelerated filer
|
x
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Accelerated filer
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¨
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Non-accelerated filer
|
¨
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Smaller reporting company
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¨
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(Do not check if smaller reporting company)
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Yes
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¨
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No
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x
|
ITEM 6.
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EXHIBITS
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3.1(a)
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Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on March 24, 1992 (Incorporated herein by reference to Exhibit 3(a) to Park National Corporation’s Form 8-B, filed on May 20, 1992 (File No. 0-18772) (“Park’s Form 8-B”))
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3.1(b)
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Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on May 6, 1993 (Incorporated herein by reference to Exhibit 3(b) to Park National Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (File No. 0-18772))
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3.1(c)
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Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 16, 1996 (Incorporated herein by reference to Exhibit 3(a) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1996 (File No. 1-13006))
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3.1(d)
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Certificate of Amendment by Shareholders to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 22, 1997 (Incorporated herein by reference to Exhibit 3(a)(1) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1997 (File No. 1-13006) (“Park’s June 30, 1997 Form 10-Q”))
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3.1(e)
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Certificate of Amendment by Shareholders or Members as filed with the Secretary of State of the State of Ohio on December 18, 2008 in order to evidence the adoption by the shareholders of Park National Corporation on December 18, 2008 of an amendment to Article FOURTH of Park National Corporation’s Articles of Incorporation to authorize Park National Corporation to issue up to 200,000 preferred shares, without par value (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed December 19, 2008 (File No. 1-13006))
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3.1(f)
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Certificate of Amendment by Directors or Incorporators to Articles as filed with the Secretary of State of the State of Ohio on December 19, 2008, evidencing adoption of amendment by Board of Directors of Park National Corporation to Article FOURTH of Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Park National Corporation (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed December 23, 2008 (File No. 1-13006))
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3.1(g)
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Certificate of Amendment by Shareholders or Members filed with the Secretary of State of the State of Ohio on April 18, 2011 in order to evidence the adoption by Park National Corporation’s shareholders of an amendment to Article SIXTH of Park National Corporation’s Articles of Incorporation in order to provide that shareholders do not have preemptive rights (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed April 19, 2011 (File No. 1-13006))
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3.1 (h)
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Articles of Incorporation of Park National Corporation (reflecting amendments through April 18, 2011) [for SEC reporting compliance purposes only – not filed with Ohio Secretary of State] (Incorporated herein by reference to Exhibit 3.1(h) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011 (File No. 1-13006))
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3.2(a)
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Regulations of Park National Corporation (Incorporated herein by reference to Exhibit 3(b) to Park’s Form 8-B)
|
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3.2(b)
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Certified Resolution regarding Adoption of Amendment to Subsection 2.02(A) of the Regulations of Park National Corporation by Shareholders on April 21, 1997 (Incorporated herein by reference to Exhibit 3(b)(1) to Park’s June 30, 1997 Form 10-Q)
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3.2(c)
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Certificate Regarding Adoption of Amendments to Sections 1.04 and 1.11 of Park National Corporation’s Regulations by the Shareholders on April 17, 2006 (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed on April 18, 2006 (File No. 1-13006))
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3.2(d)
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Certificate Regarding Adoption by the Shareholders of Park National Corporation on April 21, 2008 of Amendment to Regulations to Add New Section 5.10 to Article Five (Incorporated herein by reference to Exhibit 3.2(d) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 (File No. 1-13006) (“Park’s March 31, 2008 Form 10-Q”))
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3.2(e)
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Regulations of Park National Corporation (reflecting amendments through April 21, 2008) [For purposes of SEC reporting compliance only] (Incorporated herein by reference to Exhibit 3.2(e) to Park’s March 31, 2008 Form 10-Q)
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12
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Computation of Ratios of Earnings to Fixed Charges and of Earnings to Fixed Charges and Preferred Share Dividends (Previously included as Exhibit 12 to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 (File No. 1-13006), filed on August 15, 2011 (Park’s June 30, 2011 Form 10-Q))
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31.1
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Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Executive Officer) (Previously included as Exhibit 31.1 to Park’s June 30, 2011 Form 10-Q)
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31.2
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Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Financial Officer) (Previously included as Exhibit 31.2 to Park’s June 30, 2011 Form 10-Q)
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32.1
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Section 1350 Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Executive Officer) (Previously included as Exhibit 32.1 to Park’s June 30, 2011 Form 10-Q)
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32.2
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Section 1350 Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Financial Officer) (Previously included as Exhibit 32.2 to Park’s June 30, 2011 Form 10-Q)
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101
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The following information from Park’s June 30, 2011 Form 10-Q formatted in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Condensed Balance Sheets as of June 30, 2011 (unaudited) and December 31, 2010; (ii) the Consolidated Condenses Statements of Income for the three and six months ended June 30, 2011 and 2010 (unaudited); (iii) the Consolidated Condensed Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2011 and 2010 (unaudited); (iv) the Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2011 and 2010 (unaudited); and (v) the Notes to Unaudited Consolidated Condensed Financial Statements.
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Pursuant to Rule 406T of Regulation S-T, the interactive data files included as Exhibit 101 are furnished and not deemed filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those Sections.
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PARK NATIONAL CORPORATION
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||
Date: September 2, 2011
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By:
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/s/ John W. Kozak
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John W. Kozak,
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||
Chief Financial Officer
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||
(Principal Financial Officer)
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Allowance For Loan Losses (Activity In The Allowance For Loan Losses) (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Allowance For Loan Losses | ||||
Beginning balance | $ 126,859 | $ 119,674 | $ 121,397 | $ 116,717 |
Charge-offs | 42,005 | 13,273 | 52,404 | 28,851 |
Recoveries | 1,433 | 1,025 | 3,794 | 3,010 |
Net Charge-offs | 40,572 | 12,248 | 48,610 | 25,841 |
Provision | 23,900 | 13,250 | 37,400 | 29,800 |
Ending balance | $ 110,187 | $ 120,676 | $ 110,187 | $ 120,676 |
Consolidated Condensed Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Consolidated Condensed Balance Sheets | ||
Amortized cost of securities available-for-sale | $ 1,107,211 | $ 1,274,258 |
Fair value of securities held-to-maturity | 786,222 | 686,114 |
Preferred stock shares authorized | 200,000 | 200,000 |
Preferred stock shares issued | 100,000 | 100,000 |
Preferred stock per share liquidation preference | $ 1,000 | $ 1,000 |
Common stock no par value | ||
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock shares issued | 16,151,042 | 16,151,062 |
Treasury stock shares | 752,129 | 752,128 |
Consolidated Condensed Statements Of Income (USD $)
In Thousands, except Share data |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Interest and dividend income: | ||||
Interest and fees on loans | $ 65,862 | $ 66,723 | $ 131,316 | $ 133,164 |
Interest and dividends on: | ||||
Obligations of U.S. Government, its agencies and other securities | 18,960 | 20,263 | 38,013 | 40,738 |
Obligations of states and political subdivisions | 92 | 204 | 241 | 421 |
Other interest income | 8 | 52 | 14 | 121 |
Total interest and dividend income | 84,922 | 87,242 | 169,584 | 174,444 |
Interest on deposits: | ||||
Demand and savings deposits | 951 | 1,582 | 1,942 | 3,357 |
Time deposits | 6,200 | 9,518 | 12,934 | 20,168 |
Interest on borrowings: | ||||
Short-term borrowings | 193 | 302 | 460 | 646 |
Long-term debt | 7,556 | 7,119 | 14,913 | 14,172 |
Total interest expense | 14,900 | 18,521 | 30,249 | 38,343 |
Net interest income | 70,022 | 68,721 | 139,335 | 136,101 |
Provision for loan losses | 23,900 | 13,250 | 37,400 | 29,800 |
Net interest income after provision for loan losses | 46,122 | 55,471 | 101,935 | 106,301 |
Other income: | ||||
Income from fiduciary activities | 3,929 | 3,528 | 7,651 | 6,950 |
Service charges on deposit accounts | 4,525 | 5,092 | 8,770 | 9,838 |
Other service income | 2,734 | 3,476 | 5,035 | 6,458 |
Checkcard fee income | 3,251 | 2,765 | 6,227 | 5,209 |
Bank owned life insurance income | 1,228 | 1,254 | 2,457 | 2,470 |
ATM fees | 682 | 832 | 1,336 | 1,597 |
OREO devaluations | (5,257) | (1,919) | (9,651) | (3,064) |
Other | 2,144 | 1,619 | 4,582 | 3,899 |
Total other income | 13,236 | 16,647 | 26,407 | 33,357 |
Gain on sale of securities | 15,362 | 3,515 | 21,997 | 11,819 |
Other expense: | ||||
Salaries and employee benefits | 25,253 | 24,013 | 50,317 | 49,184 |
Occupancy expense | 2,764 | 2,793 | 5,764 | 5,910 |
Furniture and equipment expense | 2,785 | 2,564 | 5,442 | 5,196 |
Data processing fees | 1,135 | 1,394 | 2,388 | 2,987 |
Professional fees and services | 5,320 | 5,299 | 10,194 | 10,155 |
Amortization of intangibles | 669 | 842 | 1,338 | 1,778 |
Marketing | 728 | 946 | 1,351 | 1,848 |
Insurance | 2,345 | 2,333 | 4,614 | 4,531 |
Communication | 1,485 | 1,647 | 3,041 | 3,416 |
State taxes | 488 | 838 | 945 | 1,683 |
Other expense | 4,035 | 4,332 | 7,959 | 8,203 |
Total other expense | 47,007 | 47,001 | 93,353 | 94,891 |
Income before income taxes | 27,713 | 28,632 | 56,986 | 56,586 |
Income taxes | 7,396 | 7,466 | 15,291 | 14,641 |
Net income | 20,317 | 21,166 | 41,695 | 41,945 |
Preferred stock dividends and accretion | 1,464 | 1,451 | 2,928 | 2,903 |
Net income available to common shareholders | $ 18,853 | $ 19,715 | $ 38,767 | $ 39,042 |
Net income available to common shareholders | ||||
Basic | $ 1.22 | $ 1.30 | $ 2.52 | $ 2.60 |
Diluted | $ 1.22 | $ 1.30 | $ 2.52 | $ 2.60 |
Weighted average common shares outstanding | ||||
Basic | 15,398,919 | 15,114,846 | 15,398,925 | 14,998,810 |
Diluted | 15,399,593 | 15,114,846 | 15,401,506 | 14,998,810 |
Cash dividends declared | $ 0.94 | $ 0.94 | $ 1.88 | $ 1.88 |
Earnings Per Common Share (Summary Of Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $)
In Thousands, except Share data |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Earnings Per Common Share | ||||
Income available to common shareholders | $ 18,853 | $ 19,715 | $ 38,767 | $ 39,042 |
Denominator for basic earnings per share (weighted average common shares outstanding) | 15,398,919 | 15,114,846 | 15,398,925 | 14,998,810 |
Effect of dilutive options and warrants | 674 | 2,581 | ||
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 15,399,593 | 15,114,846 | 15,401,506 | 14,998,810 |
Basic earnings per common share | $ 1.22 | $ 1.30 | $ 2.52 | $ 2.60 |
Diluted earnings per common share | $ 1.22 | $ 1.30 | $ 2.52 | $ 2.60 |
Participation In The U.S. Treasury Capital Purchase Program (CPP)
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Participation In The U.S. Treasury Capital Purchase Program (CPP) | |
Participation In The U.S. Treasury Capital Purchase Program (CPP) | Note 16 –Participation in the U.S. Treasury Capital Purchase Program (CPP)
On December 23, 2008, Park issued $100 million of cumulative perpetual preferred shares, with a liquidation preference of $1,000 per share (the "Senior Preferred Shares"). The Senior Preferred Shares constitute Tier 1 capital and rank senior to Park's common shares. The Senior Preferred Shares pay cumulative dividends at a rate of 5% per annum through February 14, 2014 and will reset to a rate of 9% per annum thereafter. For the three and six month periods ended June 30, 2011, Park recognized a charge to retained earnings of $1.5 million and $2.9 million, respectively, representing the preferred stock dividend and accretion of the discount on the preferred stock, associated with Park's participation in the CPP. As part of its participation in the CPP, Park also issued a warrant to the U.S. Treasury to purchase 227,376 common shares, which is equal to 15% of the aggregate amount of the Senior Preferred Shares purchased by the U.S. Treasury, having an exercise price of $65.97. The initial exercise price for the warrant and the market price for determining the number of common shares subject to the warrant were determined by reference to the market price of the common shares on the date the Company's application for participation in the CPP was approved by the U.S. Department of the Treasury (calculated on a 20-day trailing average). The warrant has a term of 10 years.
A company that participates in the CPP must adopt certain standards for compensation and corporate governance, established under the American Recovery and Reinvestment Act of 2009 (the "ARRA"), which amended and replaced the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 ("EESA") in their entirety, and the Interim Final Rule promulgated by the Secretary of the U.S. Treasury under 31 C.F.R. Part 30 (collectively, the "Troubled Asset Relief Program (TARP) Compensation Standards"). In addition, Park's ability to declare or pay dividends on or repurchase its common shares is partially restricted as a result of its participation in the CPP. |
Document And Entity Information
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Aug. 12, 2011
|
|
Document And Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2011 | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PARK NATIONAL CORP /OH/ | |
Entity Central Index Key | 0000805676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,398,909 |
Loans (Recorded Investment By Loan Grade) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Commercial, Financial, and Agricultural [Member] | 5 Rated [Member]
|
||
Commercial Loans | $ 18,067 | $ 26,322 |
Commercial, Financial, and Agricultural [Member] | 6 Rated [Member]
|
||
Commercial Loans | 12,540 | 11,447 |
Commercial, Financial, and Agricultural [Member] | Nonaccrual [Member]
|
||
Commercial Loans | 24,008 | 19,276 |
Commercial, Financial, and Agricultural [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 758,419 | 740,788 |
Commercial, Financial, and Agricultural [Member] | Pass Rated [Member]
|
||
Commercial Loans | 703,804 | 683,743 |
Commercial Real Estate [Member] | 5 Rated [Member]
|
||
Commercial Loans | 57,223 | 57,394 |
Commercial Real Estate [Member] | 6 Rated [Member]
|
||
Commercial Loans | 26,431 | 26,992 |
Commercial Real Estate [Member] | Nonaccrual [Member]
|
||
Commercial Loans | 47,243 | 57,941 |
Commercial Real Estate [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 1,262,067 | 1,231,420 |
Commercial Real Estate [Member] | Pass Rated [Member]
|
||
Commercial Loans | 1,131,170 | 1,089,093 |
Construction Real Estate [Member] | Vision Commercial Land And Development [Member] | 5 Rated [Member]
|
||
Commercial Loans | 9,943 | 10,220 |
Construction Real Estate [Member] | Vision Commercial Land And Development [Member] | 6 Rated [Member]
|
||
Commercial Loans | 4,803 | 7,941 |
Construction Real Estate [Member] | Vision Commercial Land And Development [Member] | Nonaccrual [Member]
|
||
Commercial Loans | 47,761 | 87,424 |
Construction Real Estate [Member] | Vision Commercial Land And Development [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 111,289 | 171,616 |
Construction Real Estate [Member] | Vision Commercial Land And Development [Member] | Pass Rated [Member]
|
||
Commercial Loans | 48,782 | 66,031 |
Construction Real Estate [Member] | Remaining Commercial [Member] | 5 Rated [Member]
|
||
Commercial Loans | 8,495 | 14,021 |
Construction Real Estate [Member] | Remaining Commercial [Member] | 6 Rated [Member]
|
||
Commercial Loans | 22,340 | 39,062 |
Construction Real Estate [Member] | Remaining Commercial [Member] | Nonaccrual [Member]
|
||
Commercial Loans | 33,685 | 27,080 |
Construction Real Estate [Member] | Remaining Commercial [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 181,875 | 196,315 |
Construction Real Estate [Member] | Remaining Commercial [Member] | Pass Rated [Member]
|
||
Commercial Loans | 117,355 | 116,152 |
Leases [Member] | 5 Rated [Member]
|
||
Commercial Loans | ||
Leases [Member] | 6 Rated [Member]
|
||
Commercial Loans | ||
Leases [Member] | Nonaccrual [Member]
|
||
Commercial Loans | ||
Leases [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 2,312 | 2,663 |
Leases [Member] | Pass Rated [Member]
|
||
Commercial Loans | 2,312 | 2,663 |
Residential Real Estate - Commercial [Member] | 5 Rated [Member]
|
||
Commercial Loans | 22,779 | 29,206 |
Residential Real Estate - Commercial [Member] | 6 Rated [Member]
|
||
Commercial Loans | 17,398 | 18,117 |
Residential Real Estate - Commercial [Member] | Nonaccrual [Member]
|
||
Commercial Loans | 48,594 | 60,227 |
Residential Real Estate - Commercial [Member] | Recorded Investment [Member]
|
||
Commercial Loans | 456,217 | 466,306 |
Residential Real Estate - Commercial [Member] | Pass Rated [Member]
|
||
Commercial Loans | 367,446 | 358,756 |
5 Rated [Member]
|
||
Commercial Loans | 116,507 | 137,163 |
6 Rated [Member]
|
||
Commercial Loans | 83,512 | 103,559 |
Nonaccrual [Member]
|
||
Commercial Loans | 201,291 | 251,948 |
Recorded Investment [Member]
|
||
Commercial Loans | 2,772,179 | 2,809,108 |
Pass Rated [Member]
|
||
Commercial Loans | $ 2,370,869 | $ 2,316,438 |
Regulatory Update
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Regulatory Update | |
Regulatory Update | Note 19 – Regulatory Update
In a Current Report on Form 8-K filed on June 30, 2011, management reported that the Federal Deposit Insurance Corporation ("FDIC") and the Office of Financial Regulation ("OFR") had communicated their preliminary on-site examination findings to the management of Vision Bank. As reported in the June 30, 2011 Form 8-K, the FDIC and the OFR have taken exception to approximately $18 million in guarantor support underlying certain impaired commercial loans, which had been incorporated into our analysis of the allowance for loan losses at Vision Bank. On August 1, 2011, management of Vision Bank received the final report of examination from the OFR, which was consistent with the preliminary findings communicated to management at the on-site exit meeting. Management still has the intention to appeal the findings from the FDIC and OFR when the report of examination is received from the FDIC. It remains possible that management could be required to re-file the December 31, 2010 call report for Vision Bank if we are unsuccessful upon appeal. The amount of underlying guarantor support specific to the $18 million noted by the FDIC and the OFR has been reduced to $12.7 million at June 30, 2011.
The $18 million in guarantor support noted by the FDIC and the OFR constitutes the majority of the guarantor support that management had incorporated into the analysis of allowance for loan losses at December 31, 2010, which totaled $21.6 million. The $21.6 million in total guarantor support at December 31, 2010, related to 25 individual credit relationships, has declined to $13.1 million at June 30, 2011. The decline in guarantor support of $8.5 million during 2011 consists of the following: (1) cash payments received of approximately $2.1 million; (2) new appraisal information received in 2011 that resulted in increases in collateral values of approximately $1.0 million; and (3) charge-offs or additional specific reserves of approximately $5.4 million. |
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Allowance For Loan Losses
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Allowance For Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Loan Losses | Note 5 – Allowance for Loan Losses
The allowance for loan losses is that amount management believes is adequate to absorb probable incurred 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 economic conditions. A provision for loan losses is charged to operations based on management's periodic evaluation of these and other pertinent factors as discussed within Note 1 of Park's 2010 Annual Report.
The activity in the allowance for loan losses for the three and six months ended June 30, 2011 and June 30, 2010 is summarized. As noted below, management included a reallocation of the beginning allowance for credit losses balance, which primarily impacted the commercial loan segments of the loan portfolio. At December 31, 2010, management's allowance calculation was performed in the aggregate for all commercial loans and then allocated across each segment of the commercial loan portfolio on a pro rata basis. During the first quarter of 2011, management determined that it would be more appropriate to perform the allowance calculation at the segment level and has provided an adjusted beginning balance for the allowance for credit losses in the six months ended June 30, 2011 table below.
The activity in the allowance for loan losses for the three and six months ended June 30, 2010 is summarized as follows:
The composition of the allowance for loan losses at June 30, 2011 and December 31, 2010 was as follows:
Loans collectively evaluated for impairment above include all performing loans at June 30, 2011 and December 31, 2010, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at June 30, 2011 and December 31, 2010, which are evaluated for impairment in accordance with GAAP (see Note 1 of Park's 2010 Annual Report). |
Goodwill And Intangible Assets (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Goodwill And Intangible Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Activity In Goodwill And Core Deposit Intangibles |
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Schedule Of Core Deposit Intangibles Amortization Expense |
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Loans (Recorded Investment In Nonaccrual Restructured And Loans Past Due 90 Days Or More And Accruing) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Nonaccrual loans | $ 238,690 | $ 289,268 |
Restructured loans | 34 | |
Loans past due 90 days or more and accruing | 3,192 | 3,693 |
Total nonperforming loans | 241,916 | 292,961 |
Commercial Real Estate [Member]
|
||
Nonaccrual loans | 47,243 | 57,941 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 20 | |
Total nonperforming loans | 47,243 | 57,961 |
Consumer [Member]
|
||
Nonaccrual loans | 1,926 | 1,911 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 629 | 1,059 |
Total nonperforming loans | 2,555 | 2,970 |
Leases [Member]
|
||
Restructured loans | ||
Commercial, Financial And Agricultural [Member]
|
||
Nonaccrual loans | 24,008 | 19,276 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 25 | |
Total nonperforming loans | 24,033 | 19,276 |
Construction Real Estate - Vision Commercial Land And Development [Member]
|
||
Nonaccrual loans | 47,761 | 87,424 |
Restructured loans | ||
Total nonperforming loans | 47,761 | 87,424 |
Construction Real Estate - Remaining Commercial [Member]
|
||
Nonaccrual loans | 33,685 | 27,080 |
Restructured loans | ||
Total nonperforming loans | 33,685 | 27,080 |
Construction Real Estate - Mortgage [Member]
|
||
Nonaccrual loans | 354 | |
Restructured loans | ||
Total nonperforming loans | 354 | |
Construction Real Estate - Installment [Member]
|
||
Nonaccrual loans | 427 | 417 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 13 | |
Total nonperforming loans | 427 | 430 |
Residential Real Estate - Commercial [Member]
|
||
Nonaccrual loans | 48,594 | 60,227 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 861 | |
Total nonperforming loans | 49,455 | 60,227 |
Residential Real Estate - Mortgage [Member]
|
||
Nonaccrual loans | 32,459 | 32,479 |
Restructured loans | 34 | |
Loans past due 90 days or more and accruing | 1,676 | 2,175 |
Total nonperforming loans | 34,169 | 34,654 |
Residential Real Estate - HELOC [Member]
|
||
Nonaccrual loans | 1,418 | 964 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 149 | |
Total nonperforming loans | 1,418 | 1,113 |
Residential Real Estate - Installment [Member]
|
||
Nonaccrual loans | 1,169 | 1,195 |
Restructured loans | ||
Loans past due 90 days or more and accruing | 1 | 277 |
Total nonperforming loans | $ 1,170 | $ 1,472 |
Other Comprehensive Income (Loss) (Tables)
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Jun. 30, 2011
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Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) Components and Related Taxes |
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Component of Accumulated Other Comprehensive Income (Loss) |
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Sale Of Common Shares And Issuance Of Common Stock Warrants
|
6 Months Ended |
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Jun. 30, 2011
|
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Sale Of Common Shares And Issuance Of Common Stock Warrants | |
Sale Of Common Shares And Issuance Of Common Stock Warrants | Note 18 — Sale of Common Shares and Issuance of Common Stock Warrants
No additional shares of common stock were issued during the three and six months ended June 30, 2011. Outstanding as of June 30, 2011 were 35,992 Series B Common Share Warrants which were issued as part of the registered direct public offering completed on December 10, 2010. The Series B Common Share Warrants have an exercise price of $76.41 and an expiration date of December 10, 2011. The 35,992 Series A Common Share Warrants issued in December 2010 were not exercised and expired on June 10, 2011. |
Investment Securities
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Note 10 – Investment Securities
The amortized cost and fair values of investment securities are shown in the following table. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three and six months ended June 30, 2011 and June 30, 2010, there were no investment securities deemed to be other-than-temporarily impaired.
Investment securities at June 30, 2011, were as follows:
Management does not believe any of the unrealized losses at June 30, 2011 or December 31, 2010, represents an other-than-temporary impairment. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized within net income in the period the other-than-temporary impairment is identified. Securities with unrealized losses at June 30, 2011, were as follows:
Investment securities at December 31, 2010, were as follows:
Securities with unrealized losses at December 31, 2010, were as follows:
Park's U.S. Government sponsored entities asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations.
The amortized cost and estimated fair value of investments in debt securities at June 30, 2011, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.
Approximately $278 million of Park's securities shown in the above table as U.S. Treasury and sponsored entities notes are callable notes. These callable securities have a final maturity in 7 to 11 years, but are shown in the table at their expected call date. The remaining $30 million of securities in this category are U.S. sponsored entities discount notes that mature within two months. |
Basis Of Presentation
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Jun. 30, 2011
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Basis Of Presentation | |
Basis Of Presentation | Note 1 – Basis of Presentation
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park National Corporation (the "Registrant", "Corporation", "Company", or "Park") and its subsidiaries. In the opinion of management, all adjustments (consisting 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 three and six month periods ended June 30, 2011 are not necessarily indicative of the operating results to be anticipated for the fiscal year ending December 31, 2011.
The accompanying unaudited consolidated condensed 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 condensed balance sheets, condensed statements of income, condensed statements of changes in stockholders' equity and condensed statements of cash flows in conformity with U.S. generally accepted accounting principles ("GAAP"). These financial statements should be read in conjunction with the consolidated financial statements incorporated by reference in the Annual Report on Form 10-K of Park for the fiscal year ended December 31, 2010 from Park's 2010 Annual Report to Shareholders ("2010 Annual Report").
Park's significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in Park's 2010 Annual Report. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period. Management has evaluated events occurring subsequent to the balance sheet date, determining no events require additional disclosure in these consolidated condensed financial statements. |
Pension Plan (Tables)
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Components Of Net Periodic Benefit Expense |
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Segment Information
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Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 7 – Segment Information
The Corporation is a multi-bank holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its two chartered bank subsidiaries, The Park National Bank (headquartered in Newark, Ohio) ("PNB") and Vision Bank (headquartered in Panama City, Florida) ("VB"). Management is required to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company's performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park has two operating segments, as: (i) there are two separate and distinct geographic markets in which Park operates, (ii) discrete financial information is available for each operating segment and (iii) the segments are aligned with internal reporting to Park's Chief Executive Officer, who is the chief operating decision maker.
The operating results of the Parent Company and Guardian Financial Services Company (GFC) in the "All Other" column are used to reconcile the segment totals to the consolidated condensed statements of income for the three and six month periods ended June 30, 2011 and 2010. The reconciling amounts for consolidated total assets for the periods ended June 30, 2011 and 2010, consist of the elimination of intersegment borrowings and the assets of the Parent Company and GFC which are not eliminated. |
Pension Plan
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Jun. 30, 2011
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Pension Plan | Note 12 – Pension Plan
Park has a noncontributory defined benefit pension plan covering substantially all of its employees. The plan provides benefits based on an employee's years of service and compensation.
Park's funding policy is to contribute annually an amount that can be deducted for federal income tax purposes using a different actuarial cost method and different assumptions from those used for financial reporting purposes. Pension plan contributions were $14 million and zero for the six month periods ended June 30, 2011 and 2010, respectively.
The following table shows the components of net periodic benefit expense:
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Other Comprehensive Income (Loss) (Other Comprehensive Income (Loss) Components And Related Taxes) (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Other Comprehensive Income (Loss) | ||||
Unrealized gains (losses) on available-for-sale securities, Before-tax amount | $ 12,085 | $ 6,934 | $ 8,919 | $ 12,479 |
Unrealized gains (losses) on available-for-sale securities, Tax expense (benefit) | 4,229 | 2,428 | 3,121 | 4,368 |
Unrealized gains (losses) on available-for-sale securities, Net-of-tax amount | 7,856 | 4,506 | 5,798 | 8,111 |
Reclassification adjustment for gains realized in net income, Before-tax amount | (15,362) | (3,515) | (21,997) | (11,819) |
Reclassification adjustment for gains realized in net income, Tax expense (benefit) | (5,377) | (1,231) | (7,699) | (4,137) |
Reclassification adjustment for gains realized in net income, Net-of-tax amount | (9,985) | (2,284) | (14,298) | (7,682) |
Unrealized net holding gain (loss) on cash flow hedge, Before-tax amount | 93 | (153) | 297 | (324) |
Unrealized net holding gain (loss) on cash flow hedge, Tax expense (benefit) | 33 | (53) | 104 | (113) |
Unrealized net holding gain (loss) on cash flow hedge, Net-of-tax amount | 60 | (100) | 193 | (211) |
Other comprehensive loss, Before-tax amount | (3,184) | 3,266 | (12,781) | 336 |
Other comprehensive loss, Tax expense (benefit) | (1,115) | 1,144 | (4,474) | 118 |
Other comprehensive loss, Net-of-tax amount | $ (2,069) | $ 2,122 | $ (8,307) | $ 218 |
Stock Option Plan
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Stock Option Plan | Note 8 – Stock Option Plan
Park did not grant any stock options during the six month periods ended June 30, 2011 and 2010. Additionally, no stock options vested during the first six months of 2011 or 2010.
The following table summarizes stock option activity during the first six months of 2011.
All of the stock options outstanding at June 30, 2011 were exercisable. The aggregate intrinsic value of the outstanding stock options at June 30, 2011 was $0. In addition, no stock options were exercised during the first six months of 2011 or 2010. The weighted average contractual remaining term was 1.44 years for the stock options outstanding at June 30, 2011. All of the common shares delivered upon exercise of incentive stock options granted under the Park National Corporation 2005 Incentive Stock Option Plan (the "2005 Plan") are to be treasury shares. At June 30, 2011, incentive stock options granted under the 2005 Plan covering 75,545 common shares were outstanding. At June 30, 2011, Park held 488,761 treasury shares that are available for the 2005 Plan. |
Stock Option Plan (Tables)
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Schedule Of Summary Of Stock Option Activity |
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Earnings Per Common Share
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Earnings Per Common Share | Note 6 – Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2011 and 2010.
As of June 30, 2011 and 2010, options to purchase 75,545 and 82,700 common shares, respectively, were outstanding under the Park National Corporation 2005 Incentive Stock Option Plan (the "2005 Plan"). A warrant to purchase 227,376 common shares was outstanding at both June 30, 2011 and 2010 as a result of Park's participation in the U.S. Treasury's Capital Purchase Program (the "CPP"). Additionally, warrants to purchase an aggregate of 35,992 common shares (the "December 2010 Warrants") were outstanding at June 30, 2011 as a result of the issuance of common stock and warrants on December 10, 2010. Warrants to purchase an aggregate of 175,900 common shares (the "October 2009 Warrants") were outstanding at June 30, 2010 as a result of the issuance of common stock and warrants on October 30, 2009. All October 2009 Warrants were exercised or expired as of October 30, 2010 and thus had no impact on the periods ended June 30, 2011.
The common shares represented by the options and the December 2010 Warrants for the three and six months ended June 30, 2011, totaling a weighted average of 139,492 and 144,514, respectively, and the common shares represented by the options, the CPP warrant and the October 2009 warrants for the three and six months ended June 30, 2010, totaling a weighted average of 718,482 and 849,526, respectively, were not included in the computation of diluted earnings per common share because the respective exercise prices exceeded the market value of the underlying common shares such that their inclusion would have had an anti-dilutive effect. The warrant to purchase 227,376 common shares issued under the CPP was not included in the three month and six month weighted average of 139,492 and 144,514 at June 30, 2011, as the dilutive effect of this warrant was 674 and 2,581 shares of common stock for the three and six month periods ended June 30, 2011. The exercise price of the CPP warrant to purchase 227,376 common shares is $65.97. |
Earnings Per Common Share (Narrative) (Details) (USD $)
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3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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Dec. 31, 2010
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Shares outstanding under the Incentive Stock Option Plan | 75,545 | 82,700 | 75,545 | 82,700 | 78,075 |
Warrants to purchase common shares outstanding related to common stock issuances | 227,376 | 227,376 | 227,376 | 227,376 | |
Options and warrants not included in computation of diluted earnings per common shares | 139,492 | 718,482 | 144,514 | 849,526 | |
Dilutive effect of Capital Purchase Plan warrants | 674 | 2,581 | |||
Exercise price of Capital Purchase Plan warrants to purchase common shares | $ 65.97 | ||||
Park National [Member]
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Warrants to purchase common shares outstanding related to common stock issuances | 35,992 | 175,900 | 35,992 | 175,900 |
Consolidated Condensed Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)
In Thousands, except Per Share data |
6 Months Ended | |
---|---|---|
Jun. 30, 2011
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Jun. 30, 2010
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Consolidated Condensed Statements Of Changes In Stockholders' Equity | ||
Unrealized net holding gain (loss) on cash flow hedge, tax | $ 104 | $ (113) |
Unrealized net holding gain (loss) on securities available-for-sale, tax | $ (4,578) | $ 231 |
Cash dividends on common stock per share | $ 1.88 | $ 1.88 |
Recent Accounting Pronouncements
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6 Months Ended |
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Jun. 30, 2011
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Recent Accounting Pronouncements | |
Recent Accounting Pronouncements |
Note 2 – Recent Accounting Pronouncements Adoption of New Accounting Pronouncements: Improving Disclosures About Fair Value Measurements: In January 2010, the FASB issued an amendment to Fair Value Measurements and Disclosures, Topic 820, Improving Disclosures About Fair Value Measurements. This amendment requires new disclosures regarding significant transfers in and out of Level 1 and 2 fair value measurements and the reasons for the transfers. This amendment also requires that a reporting entity present separately information about purchases, sales, issuances and settlements, on a gross basis rather than a net basis for activity in Level 3 fair value measurements using significant unobservable inputs. This amendment also clarifies existing disclosures on the level of disaggregation, in that the reporting entity needs to use judgment in determining the appropriate classes of assets and liabilities, and that a reporting entity should provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements for Level 2 and 3. The new disclosures and clarifications of existing disclosures for ASC 820 are effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASC 820 did not have a material effect on the Company's consolidated financial statements.
Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses: In July 2010, FASB issued Accounting Standards Update 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (ASU 2010-20), to address concerns about the sufficiency, transparency, and robustness of credit risk disclosures for finance receivables and the related allowance for credit losses. This ASU requires new and enhanced disclosures at disaggregated levels, specifically defined as "portfolio segments" and "classes". Among other things, the expanded disclosures include roll-forward schedules of the allowance for credit losses and information regarding the credit quality of receivables as of the end of a reporting period. New and enhanced disclosures are required for interim and annual periods ending after December 15, 2010, although the disclosures of reporting period activity are required for interim and annual periods beginning after December 15, 2010. The adoption of the new guidance impacted interim and annual disclosures included in the Company's consolidated financial statements.
No. 2011-01 - Receivables (Topic 310) Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20: In January 2011, FASB issued Accounting Standards Update 2011-01, Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20 (ASU 2011-01). ASU 2011-01 was issued as a result of concerns raised from stakeholders that the introduction of new disclosure requirements (paragraphs 310-10-50-31 through 50-34 of the FASB Accounting Standards Codification) about troubled debt restructurings in one reporting period followed by a change in what constitutes a troubled debt restructuring shortly thereafter would be burdensome for preparers and may not provide financial statement users with useful information.
No. 2011-02 – Receivables (Topic 310) A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring: In April 2011, FASB issued Accounting Standards Update 2011-02, A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring (ASU 2011-02). The ASU provides additional guidance to creditors for evaluating whether a modification or restructuring of a receivable is a troubled debt restructuring ("TDR"). The new guidance requires creditors to evaluate modifications and restructurings of receivables using a more principles-based approach, which may result in more modifications and restructurings being considered TDRs. Additionally, creditors will be required to provide additional disclosures about their TDR activities in accordance with the requirements of ASU 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, which was deferred by ASU 2011-01 Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20 (ASU 2011-01). The new guidance will be effective for the first interim or annual period beginning on or after June 15, 2011, with retrospective application required to the beginning of the annual period of adoption. Disclosures requirements will be effective for the first interim and annual period beginning on or after June 15, 2011. Management is currently working through the guidance to determine the impact, if any, to the consolidated financial statements.
No. 2011-04 – Fair Value Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirement in U.S. GAAP and IFRSs: In May 2011, FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirement in U.S. GAAP and IFRSs (ASU 2011-04). The new guidance in this ASU results in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. Certain amendments clarify the FASBs intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. These amendments also enhance disclosure requirements surrounding fair value measurement. Most significantly, an entity will be required to disclose additional information regarding Level 3 fair value measurements including quantitative information about unobservable inputs used, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements. The new guidance is effective for interim and annual periods beginning on or after December 15, 2011. Management is currently working through the guidance to determine the impact, if any, to the consolidated financial statements.
No 2011-05 – Presentation of Comprehensive Income: In June 2011, FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income (ASU 2011-05). The ASU eliminates the option to report other comprehensive income and its components in the statement of changes in equity. An entity can elect to present the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income, when an item of other comprehensive income must be reclassified to net income, or how earnings per share is calculated or presented. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 and must be applied retrospectively. The adoption of the new guidance will impact the presentation of the consolidated financial statements.
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Goodwill And Intangible Assets (Schedule Of Core Deposit Intangibles Amortization Expense) (Details) (USD $)
In Thousands |
6 Months Ended |
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Jun. 30, 2011
|
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Goodwill And Intangible Assets | |
Remainder of 2011 | $ 1,338 |
2012 | 2,677 |
2013 | 690 |
Total | $ 4,705 |
Segment Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Operating Results By Segment |
|
Investment Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2011
years
|
|
Residential mortgage-backed securities and collateralized mortgage obligations, term (years) | 15 |
U.S. Treasury And Sponsored Entities Callable Notes [Member]
|
|
Available-for-sale securities | $ 278 |
U.S. Treasury And Sponsored Entities Discount Notes [Member]
|
|
Maturity period of U.S. treasury and sponsored entities callable notes | two |
Available-for-sale securities | $ 30 |
Minimum [Member]
|
|
Maturity period of U.S. treasury and sponsored entities callable notes | 7 |
Maximum [Member]
|
|
Maturity period of U.S. treasury and sponsored entities callable notes | 11 |
Investment Securities (Schedule Of Unrealized Loss On Securities) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Securities Available-for-Sale, Less than 12 months, Fair value | $ 482,971 | $ 494,068 |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 4,856 | 11,462 |
Securities Available-for-Sale, 12 months or longer, Fair value | 215 | 221 |
Securities Available-for-Sale, 12 months or longer, Unrealized losses | 13 | 14 |
Securities Available-for-Sale, Fair value, Total | 483,186 | 494,289 |
Securities Available-for-Sale, Unrealized losses, Total | 4,869 | 11,476 |
Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member]
|
||
Securities Available-for-Sale, Less than 12 months, Fair value | 74,936 | 74,379 |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 1,399 | 1,956 |
Securities Available-for-Sale, Fair value, Total | 74,936 | 74,379 |
Securities Available-for-Sale, Unrealized losses, Total | 1,399 | 1,956 |
Obligations Of States And Political Subdivisions [Member]
|
||
Securities Available-for-Sale, Less than 12 months, Fair value | 1,459 | |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 52 | |
Securities Available-for-Sale, Fair value, Total | 1,459 | |
Securities Available-for-Sale, Unrealized losses, Total | 52 | |
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
|
||
Securities Available-for-Sale, Less than 12 months, Fair value | 407,954 | 418,156 |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 3,427 | 9,425 |
Securities Available-for-Sale, Fair value, Total | 407,954 | 418,156 |
Securities Available-for-Sale, Unrealized losses, Total | 3,427 | 9,425 |
Securities Held-to-Maturity, Less than 12 months, Fair value | 312,382 | 297,584 |
Securities Held-to-Maturity, Less than 12 months, Unrealized losses | 5,177 | 4,620 |
Securities Held-to-Maturity, Fair value, Total | 312,382 | 297,584 |
Securities Held-to-Maturity, Unrealized losses, Total | 5,177 | 4,620 |
Other Equity Securities [Member]
|
||
Securities Available-for-Sale, Less than 12 months, Fair value | 81 | 74 |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 30 | 29 |
Securities Available-for-Sale, 12 months or longer, Fair value | 215 | 221 |
Securities Available-for-Sale, 12 months or longer, Unrealized losses | 13 | 14 |
Securities Available-for-Sale, Fair value, Total | 296 | 295 |
Securities Available-for-Sale, Unrealized losses, Total | $ 43 | $ 43 |
Allowance For Loan Losses (Composition Of The Allowance For Loan Losses) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2009
|
||||
---|---|---|---|---|---|---|---|---|---|---|
Allowance for loan losses, Ending allowance balance attributed to loans | $ 110,187 | $ 126,859 | $ 121,397 | $ 120,676 | $ 119,674 | $ 116,717 | ||||
Reallocated allowance for loan losses | 121,397 | |||||||||
Loans | 4,710,513 | 4,732,685 | ||||||||
Allowance for loan losses as a percentage of loan balance | 2.34% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 2.57% | |||||||||
Recorded investment | 4,726,027 | 4,750,190 | ||||||||
Commercial, Financial And Agricultural [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 12,607 | 11,791 | 13,584 | |||||||
Reallocated allowance for loan losses | 11,696 | |||||||||
Loans | 755,793 | 737,902 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.67% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.59% | |||||||||
Recorded investment | 758,419 | 740,788 | ||||||||
Commercial, Financial And Agricultural [Member] | Individually Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 3,265 | 3,028 | ||||||||
Reallocated allowance for loan losses | 3,028 | |||||||||
Commercial, Financial And Agricultural [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 9,342 | 10,556 | ||||||||
Reallocated allowance for loan losses | 8,668 | |||||||||
Commercial, Financial And Agricultural [Member] | Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 24,008 | 19,205 | ||||||||
Allowance for loan losses as a percentage of loan balance | 13.60% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 15.77% | |||||||||
Recorded investment | 24,008 | 19,205 | ||||||||
Commercial, Financial And Agricultural [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 731,785 | 718,697 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.28% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.21% | |||||||||
Recorded investment | 734,411 | 721,583 | ||||||||
Commercial Real Estate [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 22,470 | 22,574 | 28,515 | |||||||
Reallocated allowance for loan losses | 21,911 | |||||||||
Loans | 1,257,292 | [1] | 1,226,616 | [1] | ||||||
Allowance for loan losses as a percentage of loan balance | 1.79% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.79% | |||||||||
Recorded investment | 1,262,067 | [1] | 1,231,420 | [1] | ||||||
Commercial Real Estate [Member] | Individually Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 9,213 | 10,001 | ||||||||
Reallocated allowance for loan losses | 10,001 | |||||||||
Commercial Real Estate [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 13,257 | 18,514 | ||||||||
Reallocated allowance for loan losses | 11,910 | |||||||||
Commercial Real Estate [Member] | Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 47,243 | 57,930 | ||||||||
Allowance for loan losses as a percentage of loan balance | 19.50% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 17.26% | |||||||||
Recorded investment | 47,243 | 57,930 | ||||||||
Commercial Real Estate [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 1,210,049 | 1,168,686 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.10% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.02% | |||||||||
Recorded investment | 1,214,824 | 1,173,490 | ||||||||
Construction Real Estate [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 35,280 | 53,672 | 46,194 | |||||||
Reallocated allowance for loan losses | 51,953 | |||||||||
Loans | 330,332 | 406,480 | ||||||||
Allowance for loan losses as a percentage of loan balance | 10.68% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 12.78% | |||||||||
Recorded investment | 331,163 | 407,533 | ||||||||
Construction Real Estate [Member] | Individually Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 15,372 | 26,387 | ||||||||
Reallocated allowance for loan losses | 26,387 | |||||||||
Construction Real Estate [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 19,908 | 19,807 | ||||||||
Reallocated allowance for loan losses | 25,566 | |||||||||
Construction Real Estate [Member] | Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 80,532 | 113,571 | ||||||||
Allowance for loan losses as a percentage of loan balance | 19.09% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 23.23% | |||||||||
Recorded investment | 80,532 | 113,571 | ||||||||
Construction Real Estate [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 249,800 | 292,909 | ||||||||
Allowance for loan losses as a percentage of loan balance | 7.97% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 8.73% | |||||||||
Recorded investment | 250,631 | 293,962 | ||||||||
Residential Real Estate [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 32,105 | 31,553 | 25,845 | |||||||
Reallocated allowance for loan losses | 28,793 | |||||||||
Loans | 1,713,568 | 1,692,209 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.87% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.70% | |||||||||
Recorded investment | 1,717,878 | 1,697,670 | ||||||||
Residential Real Estate [Member] | Individually Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 4,960 | 4,043 | ||||||||
Reallocated allowance for loan losses | 4,043 | |||||||||
Residential Real Estate [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 27,145 | 21,802 | ||||||||
Reallocated allowance for loan losses | 24,750 | |||||||||
Residential Real Estate [Member] | Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 48,594 | 60,227 | ||||||||
Allowance for loan losses as a percentage of loan balance | 10.21% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 6.71% | |||||||||
Recorded investment | 48,594 | 60,227 | ||||||||
Residential Real Estate [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 1,664,974 | 1,631,982 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.63% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.52% | |||||||||
Recorded investment | 1,669,284 | 1,637,443 | ||||||||
Consumer [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 7,721 | 7,265 | 7,228 | |||||||
Reallocated allowance for loan losses | 7,039 | |||||||||
Loans | 651,250 | 666,871 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.19% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.06% | |||||||||
Recorded investment | 654,188 | 670,116 | ||||||||
Consumer [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 7,721 | 7,228 | ||||||||
Reallocated allowance for loan losses | 7,039 | |||||||||
Consumer [Member] | Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 23 | |||||||||
Recorded investment | 23 | |||||||||
Consumer [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 651,227 | 666,871 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.19% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.06% | |||||||||
Recorded investment | 654,165 | 670,116 | ||||||||
Leases [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 4 | 4 | 31 | |||||||
Reallocated allowance for loan losses | 5 | |||||||||
Loans | 2,278 | 2,607 | ||||||||
Allowance for loan losses as a percentage of loan balance | 0.18% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 0.19% | |||||||||
Recorded investment | 2,312 | 2,663 | ||||||||
Leases [Member] | Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 4 | 31 | ||||||||
Reallocated allowance for loan losses | 5 | |||||||||
Leases [Member] | Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 2,278 | 2,607 | ||||||||
Allowance for loan losses as a percentage of loan balance | 0.18% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 0.19% | |||||||||
Recorded investment | 2,312 | 2,663 | ||||||||
Individually Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 32,810 | 43,459 | ||||||||
Reallocated allowance for loan losses | 43,459 | |||||||||
Collectively Evaluated For Impairment [Member]
|
||||||||||
Allowance for loan losses, Ending allowance balance attributed to loans | 77,377 | 77,938 | ||||||||
Reallocated allowance for loan losses | 77,938 | |||||||||
Loans Individually Evaluated For Impairment [Member]
|
||||||||||
Loans | 200,400 | 250,933 | ||||||||
Allowance for loan losses as a percentage of loan balance | 16.37% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 17.32% | |||||||||
Recorded investment | 200,400 | 250,933 | ||||||||
Loans Collectively Evaluated For Impairment [Member]
|
||||||||||
Loans | 4,510,113 | 4,481,752 | ||||||||
Allowance for loan losses as a percentage of loan balance | 1.72% | |||||||||
Reallocated allowance for loan losses as a percentage of loan balance | 1.74% | |||||||||
Recorded investment | $ 4,525,627 | $ 4,499,257 | ||||||||
|
Derivative Instruments (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Derivative Instruments | ||||
Floating-rate subordinated note | $ 25,000,000 | $ 25,000,000 | ||
Interest rate swap's fair value included in other liabilities | (1,300,000) | (1,300,000) | ||
Hedge ineffectiveness on the cash flow hedge | 0 | |||
Variable rate on subordinated note | 2.25% | |||
Basis for determining variable rate on subordinated note | 3-month LIBOR plus 200 basis points | |||
Fixed rate on interest rate swap paid by Park | 6.01% | 6.01% | ||
Fixed rate on the interest rate swap | 4.01% | 4.01% | ||
Basis for determining variable rate on interest rate swap | 4.01% fixed rate on the interest rate swap plus 200 basis points | |||
Change in fair value of interest rate swap, Net-of-tax amount | 60,000 | (100,000) | 193,000 | (211,000) |
Change in fair value of interest rate swap, Tax expense (benefit) | 33,000 | (53,000) | 104,000 | (113,000) |
Mortgage loan interest rate lock commitments outstanding | 18,000,000 | 18,000,000 | ||
Fair value of the derivative instruments | 242,000 | 242,000 | ||
Fair value of the swap liability | $ 200,000 | $ 200,000 |
Goodwill And Intangible Assets
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets | Note 3 – Goodwill and Intangible Assets
The following table shows the activity in goodwill and core deposit intangibles for the first six months of 2011.
The core deposit intangibles are being amortized to expense principally on the straight-line method, over periods ranging from six to ten years. Management expects that the core deposit intangibles amortization expense will be approximately $669,000 per quarter for the third and fourth quarters of 2011.
Core deposit intangibles amortization expense is projected to be as follows for the remainder of 2011 and for each of the following years:
|
Regulatory Update (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Dec. 31, 2010
|
|
Regulatory Update | ||
Guarantor support, total | $ 13.1 | $ 21.6 |
Guarantor support, exception taken | 12.7 | 18.0 |
Number of individual credit relationships incorporated into guarantor support analysis | 25 | 25 |
Guarantor support, offset by cash payments received | 2.1 | |
Guarantor support, offset by increases in collateral values | 1.0 | |
Guarantor support, offset by charge-offs or additional reserves | 5.4 | |
Guarantor support, decline in value during the period | $ 8.5 |
Loans (Composition Of Loan Portfolio By Class Of Loan) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
||||
---|---|---|---|---|---|---|
Loan balance | $ 4,710,513 | $ 4,732,685 | ||||
Accrued interest receivable | 15,514 | 17,505 | ||||
Total recorded investment | 4,726,027 | 4,750,190 | ||||
Commercial Real Estate [Member]
|
||||||
Loan balance | 1,257,292 | [1] | 1,226,616 | [1] | ||
Accrued interest receivable | 4,775 | [1] | 4,804 | [1] | ||
Total recorded investment | 1,262,067 | [1] | 1,231,420 | [1] | ||
Consumer [Member]
|
||||||
Loan balance | 651,250 | 666,871 | ||||
Accrued interest receivable | 2,938 | 3,245 | ||||
Total recorded investment | 654,188 | 670,116 | ||||
Leases [Member]
|
||||||
Loan balance | 2,278 | 2,607 | ||||
Accrued interest receivable | 34 | 56 | ||||
Total recorded investment | 2,312 | 2,663 | ||||
Commercial, Financial And Agricultural [Member]
|
||||||
Loan balance | 755,793 | [1] | 737,902 | [1] | ||
Accrued interest receivable | 2,626 | [1] | 2,886 | [1] | ||
Total recorded investment | 758,419 | [1] | 740,788 | [1] | ||
Construction Real Estate - Vision Commercial Land And Development [Member]
|
||||||
Loan balance | 111,054 | [1] | 171,334 | [1] | ||
Accrued interest receivable | 235 | [1] | 282 | [1] | ||
Total recorded investment | 111,289 | [1] | 171,616 | [1] | ||
Construction Real Estate - Remaining Commercial [Member]
|
||||||
Loan balance | 181,422 | 195,693 | ||||
Accrued interest receivable | 453 | 622 | ||||
Total recorded investment | 181,875 | 196,315 | ||||
Construction Real Estate - Mortgage [Member]
|
||||||
Loan balance | 21,367 | 26,326 | ||||
Accrued interest receivable | 69 | 95 | ||||
Total recorded investment | 21,436 | 26,421 | ||||
Construction Real Estate - Installment [Member]
|
||||||
Loan balance | 16,489 | 13,127 | ||||
Accrued interest receivable | 74 | 54 | ||||
Total recorded investment | 16,563 | 13,181 | ||||
Residential Real Estate - Commercial [Member]
|
||||||
Loan balance | 454,864 | 464,903 | ||||
Accrued interest receivable | 1,353 | 1,403 | ||||
Total recorded investment | 456,217 | 466,306 | ||||
Residential Real Estate - Mortgage [Member]
|
||||||
Loan balance | 950,782 | 906,648 | ||||
Accrued interest receivable | 1,771 | 2,789 | ||||
Total recorded investment | 952,553 | 909,437 | ||||
Residential Real Estate - HELOC [Member]
|
||||||
Loan balance | 254,860 | 260,463 | ||||
Accrued interest receivable | 967 | 1,014 | ||||
Total recorded investment | 255,827 | 261,477 | ||||
Residential Real Estate - Installment [Member]
|
||||||
Loan balance | 53,062 | 60,195 | ||||
Accrued interest receivable | 219 | 255 | ||||
Total recorded investment | $ 53,281 | $ 60,450 | ||||
|
Loans (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment In Nonaccrual Restructured And Loans Past Due 90 Days Or More And Accruing |
|
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Nonaccrual Loans Individually And Collectively Evaluated For Impairment |
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Loans Individually Evaluated For Impairment By Class Of Loans |
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Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment |
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Aging Of Recorded Investment In Past Due Loans |
* Includes $3.2 million of loans past due 90 days or more and accruing.
* Includes $3.6 million of loans past due 90 days or more and accruing. |
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Recorded Investment By Loan Grade |
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Loan Servicing (Activity For MSRs And Related Valuation Allowance) (Details) (USD $)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2011
|
|
Loan Servicing | ||
Carrying amount, net, beginning of period | $ 10,365,000 | $ 10,488,000 |
Additions | 309,000 | 638,000 |
Amortization | (415,000) | (935,000) |
Change in valuation inputs and assumptions | 68,000 | |
Carrying amount, net, end of period | 10,259,000 | 10,259,000 |
Valuation allowance, beginning of period | 680,000 | 748,000 |
Change due to fair value adjustments | (68,000) | |
Valuation allowance, end of period | $ 680,000 | $ 680,000 |
Other Investment Securities (Schedule Of Other Investment Securities) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Other Investment Securities | ||
Federal Home Loan Bank stock | $ 61,282 | $ 61,823 |
Federal Reserve Bank stock | 6,876 | 6,876 |
Total | $ 68,158 | $ 68,699 |
Investment Securities (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Investment Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Investment Securities |
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Schedule Of Unrealized Loss On Securities |
|
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Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity |
|
Loans (Narrative) (Details) (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2011
|
Dec. 31, 2010
|
|
Partial charge-offs on impaired loans | $ 88,700,000 | $ 53,600,000 |
Recorded investment, related to loans | 87,100,000 | 140,500,000 |
Recorded investment | 200,400,000 | 250,933,000 |
Troubled debt restructurings | 72,600,000 | 80,700,000 |
TDR's considered current | 47,900,000 | 50,300,000 |
Commitments to lend additional funds to borrowers | 502,000 | 434,000 |
Allowance For Loans And Leases Receivable [Member]
|
||
Allowance for loans individually evaluated for impairment | 32,800,000 | 43,500,000 |
With No Related Allowance Recorded [Member]
|
||
Partial charge-offs on impaired loans | 44,400,000 | 12,500,000 |
With An Allowance Recorded [Member]
|
||
Partial charge-offs on impaired loans | $ 44,300,000 | $ 41,100,000 |
Earnings Per Common Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Earnings Per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Computation Of Basic And Diluted Earnings Per Common Share |
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Other Investment Securities
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Other Investment Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investment Securities | Note 11 – Other Investment Securities
Other investment securities consist of stock investments in the Federal Home Loan Bank and the Federal Reserve Bank. These restricted stock investments are carried at their redemption value.
|
Stock Option Plan (Schedule Of Summary Of Stock Option Activity) (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Stock Option Plan | ||
Stock Option Outstanding, Beginning Balance | 78,075 | |
Stock Option, Granted | ||
Stock Option, Exercised | 0 | |
Stock Option, Forfeited/Expired | 2,530 | |
Stock Option Outstanding, Closing Balance | 75,545 | 82,700 |
Weighted Average Exercise Price Per Share Outstanding, Beginning Balance | $ 74.96 | |
Weighted Average Exercise Price Per Share, Granted | ||
Weighted Average Exercise Price Per Share, Exercised | ||
Weighted Average Exercise Price Per Share, Forfeited/Expired | $ 74.96 | |
Weighted Average Exercise Price Per Share Outstanding, Closing Balance | $ 74.96 |
Other Comprehensive Income (Loss) (Component Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
Jun. 30, 2010
|
---|---|---|---|
Other Comprehensive Income (Loss) | |||
Changes in pension plan assets and benefit obligations, Before-tax amount | $ (24,503) | $ (24,503) | $ (20,769) |
Changes in pension plan assets and benefit obligations, Tax expense (benefit) | (8,576) | (8,576) | (7,269) |
Changes in pension plan assets and benefit obligations, Net-of-tax amount | (15,927) | (15,927) | (13,500) |
Unrealized gains on available-for-sale securities, Before-tax amount | 10,186 | 23,264 | 47,006 |
Unrealized gains on available-for-sale securities, Tax expense (benefit) | 3,565 | 8,143 | 16,452 |
Unrealized gains on available-for-sale securities, Net-of-tax amount | 6,621 | 15,121 | 30,554 |
Unrealized net holding loss on cash flow hedge, Before-tax amount | (1,337) | (1,634) | (1,807) |
Unrealized net holding loss on cash flow hedge, Tax expense (benefit) | (468) | (572) | (632) |
Unrealized net holding loss on cash flow hedge, Net-of-tax amount | (869) | (1,062) | (1,175) |
Total accumulated other comprehensive income (loss), Before-tax amount | (15,654) | (2,873) | 24,430 |
Total accumulated other comprehensive income (loss), Tax expense (benefit) | (5,479) | (1,005) | 8,551 |
Total accumulated other comprehensive income (loss), Net-of-tax amount | $ (10,175) | $ (1,868) | $ 15,879 |
Investment Securities (Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity) (Details) (USD $)
In Thousands |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Securities available-for-sale, at fair value | $ 1,117,397 | $ 1,297,522 |
Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member]
|
||
Securities Available-for-Sale, Due within one year, Amortized cost | 211,965 | |
Securities Available-for-Sale, Due within one year, Fair value | 213,429 | |
Securities Available-for-Sale, Due one through five years, Amortized cost | ||
Securities Available-for-Sale, Due one through five years, Fair value | ||
Securities Available-for-Sale, Due five through ten years, Amortized cost | 96,335 | |
Securities Available-for-Sale, Due five through ten years, Fair value | 95,226 | |
Securities Available-for-Sale, Total, Amortized cost | 308,300 | |
Securities available-for-sale, at fair value | 308,655 | 273,313 |
Obligations Of States And Political Subdivisions [Member]
|
||
Securities Available-for-Sale, Due within one year, Amortized cost | 3,695 | |
Securities Available-for-Sale, Due within one year, Fair value | 3,712 | |
Securities Available-for-Sale, Due one through five years, Amortized cost | 1,301 | |
Securities Available-for-Sale, Due one through five years, Fair value | 1,397 | |
Securities Available-for-Sale, Total, Amortized cost | 4,996 | |
Securities available-for-sale, at fair value | 5,109 | 11,044 |
Securities Held-to-Maturity, Due within one year, Amortized cost | 2,077 | |
Securities Held-to-Maturity, Due within one year, Fair value | 2,082 | |
Securities Held-to-Maturity, Total, Amortized cost | 2,077 | |
Securities Held-to-Maturity, Total, Fair value | 2,082 | |
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
|
||
Securities Available-for-Sale, Total, Amortized cost | 792,977 | |
Securities available-for-sale, at fair value | 801,924 | 1,011,412 |
Securities Held-to-Maturity, Total, Amortized cost | 773,234 | |
Securities Held-to-Maturity, Total, Fair value | $ 784,140 |
Loans
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Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Note 4 – Loans
The composition of the loan portfolio, by class of loan, as of June 30, 2011 and December 31, 2010 was as follows:
* Included within commercial, financial and agricultural loans, commercial real estate loans, and Vision commercial land and development loans are an immaterial amount of consumer loans that are not broken out by class.
The following tables present the recorded investment in nonaccrual, restructured, and loans past due 90 days or more and still accruing by class of loans as of June 30, 2011 and December 31, 2010:
The following table provides additional information regarding those nonaccrual loans that are individually evaluated for impairment and those collectively evaluated for impairment as of June 30, 2011 and December 31, 2010.
All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or present value of expected future cash flows as the measurement method. The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2011 and December 31, 2010.
Management's general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. At June 30, 2011 and December 31, 2010, there were $44.4 million and $12.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $44.3 million and $41.1 million, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated.
The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at June 30, 2011 and December 31, 2010, of $32.8 million and $43.5 million, respectively, related to loans with a recorded investment of $87.1 million and $140.5 million.
The following table presents the average recorded investment and interest income recognized on loans individually evaluated for impairment for the three and six months ended June 30, 2011:
The following tables present the aging of the recorded investment in past due loans as of June 30, 2011 and December 31, 2010 by class of loans.
* Includes $3.2 million of loans past due 90 days or more and accruing.
* Includes $3.6 million of loans past due 90 days or more and accruing. Management utilizes past due information as a credit quality indicator across the loan portfolio. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) throughout the consumer loan segment. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans from 1 to 8. Credit grades are continuously monitored by the respective loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans with grades of 1 to 4 (pass-rated) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of the institution's credit position at some future date. Commercial loans graded 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard loans are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Commercial loans that are graded a 7 (doubtful) are shown as nonperforming and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Any commercial loan graded an 8 (loss) is completely charged-off. The tables below present the recorded investment by loan grade at June 30, 2011 and December 31, 2010 for all commercial loans.
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Loan Servicing
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Jun. 30, 2011
|
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Loan Servicing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Servicing | Note 14 – Loan Servicing
Park serviced sold mortgage loans of $1.42 billion at June 30, 2011, compared to $1.53 billion at June 30, 2010. At June 30, 2011, $32.2 million of the sold mortgage loans were sold with recourse compared to $48.3 million at June 30, 2010. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At June 30, 2011, management determined that no liability was deemed necessary for these loans.
When Park sells mortgage loans with servicing rights retained, servicing rights are initially recorded at fair value. Park selected the "amortization method" as permissible within GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income of the underlying loan. At the end of each reporting period, the carrying value of mortgage servicing rights ("MSRs") is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value.
Activity for MSRs and the related valuation allowance follows:
Servicing fees included in other service income were $1.4 million and $2.8 million for the three and six months ended June 30, 2011, respectively. For the three and six months ended June 30, 2010, servicing fees included in other service income were $1.4 million and $2.7 million, respectively. |
Loan Servicing (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Loan Servicing | ||||
Serviced sold mortgage loans | $ 1,420,000,000 | $ 1,530,000,000 | $ 1,420,000,000 | $ 1,530,000,000 |
Servicing fees included in other service income | 1,400,000 | 1,400,000 | 2,800,000 | 2,700,000 |
Serviced sold mortgage loans with recourse | $ 32,200,000 | $ 48,300,000 | $ 32,200,000 | $ 48,300,000 |
Pension Plan (Components Of Net Periodic Benefit Expense) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Pension Plan | ||||
Service cost | $ 1,139,000 | $ 918,000 | $ 2,278,000 | $ 1,836,000 |
Interest cost | 992,000 | 896,000 | 1,984,000 | 1,792,000 |
Expected return on plan assets | (1,886,000) | (1,457,000) | (3,772,000) | (2,914,000) |
Amortization of prior service cost | 5,000 | 5,000 | 10,000 | 10,000 |
Recognized net actuarial loss | 352,000 | 270,000 | 705,000 | 540,000 |
Benefit expense | 602,000 | 632,000 | 1,205,000 | 1,264,000 |
Pension plan contributions | $ 14,000,000 | $ 0 |
Goodwill And Intangible Assets (Schedule Of Activity In Goodwill And Core Deposit Intangibles) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Goodwill And Intangible Assets | ||||||
Goodwill, Beginning Balance | $ 72,334,000 | $ 72,334,000 | ||||
Goodwill, Amortization | ||||||
Goodwill, Ending Balance | 72,334,000 | 72,334,000 | ||||
Core Deposit Intangibles, Beginning Balance | 4,705,000 | 6,043,000 | ||||
Core Deposit Intangibles, Amortization | 669,000 | 669,000 | 1,338,000 | |||
Core Deposit Intangibles, Ending Balance | 4,705,000 | 4,705,000 | ||||
Total Goodwill and Core Deposit Intangibles, Beginning Balance | 77,039,000 | 78,377,000 | ||||
Amortization of intangibles | 669,000 | 842,000 | 1,338,000 | 1,778,000 | ||
Total Goodwill and Core Deposit Intangibles, Ending Balance | $ 77,039,000 | $ 77,039,000 | ||||
Core deposit intangibles, useful life, minimum | 6 | |||||
Core deposit intangibles, useful life, maximum | 10 |
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