Date of Report (Date of earliest event reported)
|
October 24, 2011
|
Park National Corporation
|
(Exact name of registrant as specified in its charter)
|
Ohio
|
1-13006
|
31-1179518
|
(State or other jurisdiction
|
(Commission
|
(IRS Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
50 North Third Street, P.O. Box 3500, Newark, Ohio
|
43058-3500
|
(Address of principal executive offices)
|
(Zip Code)
|
(740) 349-8451
|
(Registrant’s telephone number, including area code)
|
Not Applicable
|
(Former name or former address, if changed since last report)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(dollars in thousands)
|
9/30/2011
|
6/30/2011
|
3/31/2011
|
12/31/2010
|
12/31/2009
|
|||||||||||||||
Vision Specific Reserve
|
$ | 18,383 | $ | 18,678 | $ | 33,544 | $ | 30,483 | $ | 29,225 | ||||||||||
Ohio Specific Reserve
|
||||||||||||||||||||
Ohio impaired loans
|
7,496 | 4,117 | 4,710 | 5,475 | 5,392 | |||||||||||||||
Vision Bank participations | 7,396 | 10,015 | 9,033 | 7,501 | 2,104 | |||||||||||||||
Total Specific Reserve
|
$ | 33,275 | $ | 32,810 | $ | 47,287 | $ | 43,459 | $ | 36,721 | ||||||||||
General Reserve
|
66,973 | 77,377 | 79,572 | 77,938 | 79,996 | |||||||||||||||
Total ALLL
|
$ | 100,248 | $ | 110,187 | $ | 126,859 | $ | 121,397 | $ | 116,717 | ||||||||||
General Reserve as a % of non-impaired loans
|
1.49 | % | 1.72 | % | 1.76 | % | 1.74 | % | 1.80 | % |
New nonaccrual loan information (in thousands):
|
September
30, 2011
|
June 30,
2011
|
March
31, 2011
|
2010
|
2009
|
|||||||||||||||
Nonaccrual loans, beginning of period
|
$ | 238,690 | $ | 278,819 | $ | 289,268 | $ | 233,544 | $ | 159,512 | ||||||||||
New nonaccrual loans - Ohio-based operations
|
19,354 | 22,439 | 8,674 | 85,081 | 57,641 | |||||||||||||||
New nonaccrual loans - Vision Bank
|
5,543 | 2,980 | 5,994 | 90,094 | 126,540 | |||||||||||||||
Resolved nonaccrual loans
|
49,221 | 65,548 | 25,117 | 119,451 | 110,149 | |||||||||||||||
Nonaccrual loans, end of period
|
$ | 214,366 | $ | 238,690 | $ | 278,819 | $ | 289,268 | $ | 233,544 |
Forecast
|
||||||||||||||||
(in thousands)
|
Actual
September 2011
|
Fourth
Quarter 2011
|
Total
2011
|
Total
2012
|
||||||||||||
Vision Bank
|
$ | 35,400 | $ | 6,000 | $ | 41,400 | $ | 13,000 | ||||||||
Park Ohio
|
20,525 | 6,000 | 26,525 | 20,000 | ||||||||||||
Total
|
$ | 55,925 | $ | 12,000 | $ | 67,925 | $ | 33,000 |
|
·
|
The level of new nonaccrual loans is expected to continue to be very low in 2012.
|
|
·
|
Provision expense pertaining to the write-down or reserving for nonaccrual loans is expected to dramatically decrease as most of the real estate collateral has been re-appraised in 2011. Management does not believe that new appraisals in 2012 will indicate that collateral values have continued to significantly decline.
|
|
·
|
Management expects to see an increase in recoveries of previously charged-off loans as our third party collection efforts continue.
|
(in thousands)
|
Amortized Cost
|
Book Yield
|
Sales Proceeds
|
Yield to Buyer
|
Gain
|
|||||||||||||||
Third Quarter
|
$ | 212,799 | 2.60 | % | $ | 216,264 | 2.03 | % | $ | 3,465 | ||||||||||
Second Quarter
|
191,037 | 5.25 | % | 206,399 | 1.92 | % | 15,362 | |||||||||||||
First Quarter
|
105,444 | 5.02 | % | 112,079 | 2.10 | % | 6,635 | |||||||||||||
Total
|
$ | 509,280 | 4.10 | % | $ | 534,742 | 2.00 | % | $ | 25,462 |
|
(a)
|
Not applicable
|
|
(b)
|
Not applicable
|
|
(c)
|
Not applicable
|
|
(d)
|
Exhibits. The following exhibit is included with this Current Report on Form 8-K:
|
Exhibit No.
|
Description
|
|
99.1
|
News Release issued by Park National Corporation on October 24, 2011 addressing operating results for the three and nine months ended September 30, 2011.
|
PARK NATIONAL CORPORATION
|
||
Dated: October 24, 2011
|
By:
|
/s/ John W. Kozak
|
John W. Kozak
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
|
99.1
|
News Release issued by Park National Corporation on October 24, 2011 addressing operating results for the three and nine months ended September 30, 2011.
|
October 24, 2011
|
Exhibit 99.1
|
PARK NATIONAL CORPORATION
|
Financial Highlights
|
Three months ended September 30, 2011, June 30, 2011, and September 30, 2010
|
2011
|
2011
|
2010
|
Percent change vs.
|
|||||||||||||||||
(in thousands, except share and per share data)
|
3rd QTR
|
2nd QTR
|
3rd QTR
|
2Q '11
|
3Q '10
|
|||||||||||||||
INCOME STATEMENT:
|
||||||||||||||||||||
Net interest income
|
$ | 67,620 | $ | 70,022 | $ | 69,445 | -3.4 | % | -2.6 | % | ||||||||||
Provision for loan losses
|
18,525 | 23,900 | 14,654 | -22.5 | % | 26.4 | % | |||||||||||||
Other income
|
16,927 | 13,236 | 17,530 | 27.9 | % | -3.4 | % | |||||||||||||
Gain on sale of securities
|
3,465 | 15,362 | - | -77.4 | % |
N.M.
|
||||||||||||||
Total other expense
|
45,599 | 47,007 | 45,696 | -3.0 | % | -0.2 | % | |||||||||||||
Income before income taxes
|
$ | 23,888 | $ | 27,713 | $ | 26,625 | -13.8 | % | -10.3 | % | ||||||||||
Income taxes
|
5,579 | 7,396 | 7,048 | -24.6 | % | -20.8 | % | |||||||||||||
Net income
|
$ | 18,309 | $ | 20,317 | $ | 19,577 | -9.9 | % | -6.5 | % | ||||||||||
Preferred stock dividends and accretion
|
1,464 | 1,464 | 1,452 | 0.0 | % | 0.8 | % | |||||||||||||
Net income available to common shareholders
|
$ | 16,845 | $ | 18,853 | $ | 18,125 | -10.7 | % | -7.1 | % | ||||||||||
MARKET DATA:
|
||||||||||||||||||||
Earnings per common share - basic (b)
|
$ | 1.09 | $ | 1.22 | $ | 1.19 | -10.7 | % | -8.4 | % | ||||||||||
Earnings per common share - diluted (b)
|
1.09 | 1.22 | 1.19 | -10.7 | % | -8.4 | % | |||||||||||||
Cash dividends per common share
|
0.94 | 0.94 | 0.94 | 0.0 | % | 0.0 | % | |||||||||||||
Common book value per common share at period end (h)
|
42.97 | 42.21 | 43.10 | 1.8 | % | -0.3 | % | |||||||||||||
Stock price per common share at period end
|
52.88 | 65.86 | 64.04 | -19.7 | % | -17.4 | % | |||||||||||||
Market capitalization at period end
|
814,294 | 1,014,172 | 979,956 | -19.7 | % | -16.9 | % | |||||||||||||
Weighted average common shares - basic (a)
|
15,398,909 | 15,398,919 | 15,272,720 | 0.0 | % | 0.8 | % | |||||||||||||
Weighted average common shares - diluted (a)
|
15,398,909 | 15,399,593 | 15,272,720 | 0.0 | % | 0.8 | % | |||||||||||||
Common shares outstanding at period end
|
15,398,904 | 15,398,913 | 15,302,244 | 0.0 | % | 0.6 | % | |||||||||||||
PERFORMANCE RATIOS:
|
||||||||||||||||||||
Annualized return on average assets (a)(b)
|
0.93 | % | 1.04 | % | 1.02 | % | -10.6 | % | -8.8 | % | ||||||||||
Annualized return on average common equity (a)(b)
|
10.15 | % | 11.51 | % | 10.90 | % | -11.8 | % | -6.9 | % | ||||||||||
Yield on loans
|
5.59 | % | 5.61 | % | 5.76 | % | -0.4 | % | -3.0 | % | ||||||||||
Yield on investments
|
3.40 | % | 3.83 | % | 4.26 | % | -11.2 | % | -20.2 | % | ||||||||||
Yield on earning assets
|
4.95 | % | 5.08 | % | 5.34 | % | -2.6 | % | -7.3 | % | ||||||||||
Cost of interest bearing deposits
|
0.63 | % | 0.67 | % | 0.91 | % | -6.0 | % | -30.8 | % | ||||||||||
Cost of borrowings
|
2.69 | % | 2.65 | % | 2.91 | % | 1.5 | % | -7.6 | % | ||||||||||
Cost of paying liabilities
|
1.07 | % | 1.09 | % | 1.29 | % | -1.8 | % | -17.1 | % | ||||||||||
Net interest margin (annualized) (g)
|
4.09 | % | 4.19 | % | 4.28 | % | -2.4 | % | -4.4 | % | ||||||||||
Efficiency ratio (g)
|
53.63 | % | 56.13 | % | 52.21 | % | -4.5 | % | 2.7 | % | ||||||||||
OTHER RATIOS (NON GAAP):
|
||||||||||||||||||||
Annualized return on average tangible assets (a)(b)(e)
|
0.94 | % | 1.05 | % | 1.03 | % | -10.5 | % | -8.7 | % | ||||||||||
Annualized return on average tangible common equity (a)(b)(c)
|
11.49 | % | 13.04 | % | 12.39 | % | -11.9 | % | -7.3 | % | ||||||||||
Tangible common book value per common share (d)
|
$ | 38.01 | $ | 37.21 | $ | 37.93 | 2.1 | % | 0.2 | % |
PARK NATIONAL CORPORATION
|
Financial Highlights (continued)
|
Three months ended September 30, 2011, June 30, 2011, and September 30, 2010
|
Percent change vs.
|
||||||||||||||||||||
|
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
2Q '11
|
3Q '10
|
|||||||||||||||
BALANCE SHEET:
|
||||||||||||||||||||
Investment securities
|
$ | 1,708,631 | $ | 1,960,866 | $ | 1,896,969 | -12.9 | % | -9.9 | % | ||||||||||
Loans
|
4,680,575 | 4,710,513 | 4,656,902 | -0.6 | % | 0.5 | % | |||||||||||||
Allowance for loan losses
|
100,248 | 110,187 | 117,405 | -9.0 | % | -14.6 | % | |||||||||||||
Goodwill and other intangibles
|
76,370 | 77,039 | 79,199 | -0.9 | % | -3.6 | % | |||||||||||||
Other real estate owned
|
46,911 | 47,997 | 52,837 | -2.3 | % | -11.2 | % | |||||||||||||
Total assets
|
7,099,688 | 7,328,686 | 7,090,456 | -3.1 | % | 0.1 | % | |||||||||||||
Total deposits
|
5,089,187 | 5,257,517 | 5,100,030 | -3.2 | % | -0.2 | % | |||||||||||||
Borrowings
|
1,142,043 | 1,130,564 | 1,003,624 | 1.0 | % | 13.8 | % | |||||||||||||
Stockholders' equity
|
759,643 | 747,760 | 756,627 | 1.6 | % | 0.4 | % | |||||||||||||
Common equity (h)
|
661,711 | 650,042 | 659,539 | 1.8 | % | 0.3 | % | |||||||||||||
Tangible common equity (d)
|
585,341 | 573,003 | 580,340 | 2.2 | % | 0.9 | % | |||||||||||||
Nonperforming loans
|
229,814 | 238,723 | 237,194 | -3.7 | % | -3.1 | % | |||||||||||||
Nonperforming assets
|
276,725 | 286,720 | 290,031 | -3.5 | % | -4.6 | % | |||||||||||||
Past due 90 day loans and still accruing
|
2,162 | 3,142 | 10,700 | -31.2 | % | -79.8 | % | |||||||||||||
ASSET QUALITY RATIOS:
|
||||||||||||||||||||
Loans as a % of period end assets
|
65.93 | % | 64.28 | % | 65.68 | % | 2.6 | % | 0.4 | % | ||||||||||
Nonperforming loans as a % of period end loans
|
4.91 | % | 5.07 | % | 5.09 | % | -3.2 | % | -3.5 | % | ||||||||||
Past due 90 day loans as a % of period end loans
|
0.05 | % | 0.07 | % | 0.23 | % | -28.6 | % | -78.3 | % | ||||||||||
Nonperforming assets / Period end loans + OREO
|
5.85 | % | 6.03 | % | 6.16 | % | -3.0 | % | -5.0 | % | ||||||||||
Allowance for loan losses as a % of period end loans
|
2.14 | % | 2.34 | % | 2.52 | % | -8.5 | % | -15.1 | % | ||||||||||
Net loan charge-offs
|
$ | 28,464 | $ | 40,572 | $ | 17,925 | -29.8 | % | 58.8 | % | ||||||||||
Annualized net loan charge-offs as a % of average loans (a)
|
2.41 | % | 3.43 | % | 1.53 | % | -29.7 | % | 57.5 | % | ||||||||||
CAPITAL & LIQUIDITY:
|
||||||||||||||||||||
Total equity / Period end assets
|
10.70 | % | 10.20 | % | 10.67 | % | 4.9 | % | 0.3 | % | ||||||||||
Common equity / Period end assets
|
9.32 | % | 8.87 | % | 9.30 | % | 5.1 | % | 0.2 | % | ||||||||||
Tangible common equity (d) / Tangible assets (f)
|
8.33 | % | 7.90 | % | 8.28 | % | 5.4 | % | 0.6 | % | ||||||||||
Average equity / Average assets (a)
|
10.51 | % | 10.34 | % | 10.73 | % | 1.6 | % | -2.1 | % | ||||||||||
Average equity / Average loans (a)
|
16.12 | % | 15.91 | % | 16.27 | % | 1.3 | % | -0.9 | % | ||||||||||
Average loans / Average deposits (a)
|
90.32 | % | 89.67 | % | 89.64 | % | 0.7 | % | 0.8 | % |
PARK NATIONAL CORPORATION
|
Financial Highlights
|
Nine months ended September 30, 2011 and 2010
|
September 30,
|
September 30,
|
|
||||||||||
(in thousands, except share and per share data)
|
2011
|
2010
|
Percent change
|
|||||||||
INCOME STATEMENT:
|
||||||||||||
Net interest income
|
$ | 206,955 | $ | 205,546 | 0.7 | % | ||||||
Provision for loan losses
|
55,925 | 44,454 | 25.8 | % | ||||||||
Other income
|
43,334 | 50,887 | -14.8 | % | ||||||||
Gain on sale of securities
|
25,462 | 11,819 | 115.4 | % | ||||||||
Total other expense
|
138,952 | 140,587 | -1.2 | % | ||||||||
Income before income taxes
|
$ | 80,874 | $ | 83,211 | -2.8 | % | ||||||
Income taxes
|
20,870 | 21,689 | -3.8 | % | ||||||||
Net income
|
$ | 60,004 | $ | 61,522 | -2.5 | % | ||||||
Preferred stock dividends and accretion
|
4,392 | 4,355 | 0.8 | % | ||||||||
Net income available to common shareholders
|
$ | 55,612 | $ | 57,167 | -2.7 | % | ||||||
MARKET DATA:
|
||||||||||||
Earnings per common share - basic (b)
|
$ | 3.61 | $ | 3.79 | -4.7 | % | ||||||
Earnings per common share - diluted (b)
|
3.61 | 3.79 | -4.7 | % | ||||||||
Cash dividends per common share
|
2.82 | 2.82 | 0.0 | % | ||||||||
Weighted average common shares - basic (a)
|
15,398,919 | 15,090,113 | 2.0 | % | ||||||||
Weighted average common shares - diluted (a)
|
15,400,641 | 15,090,113 | 2.1 | % | ||||||||
PERFORMANCE RATIOS:
|
||||||||||||
Annualized return on average assets (a)(b)
|
1.02 | % | 1.08 | % | -5.6 | % | ||||||
Annualized return on average common equity (a)(b)
|
11.34 | % | 11.85 | % | -4.3 | % | ||||||
Yield on loans
|
5.61 | % | 5.82 | % | -3.6 | % | ||||||
Yield on investments
|
3.73 | % | 4.38 | % | -14.8 | % | ||||||
Yield on earning assets
|
5.06 | % | 5.41 | % | -6.5 | % | ||||||
Cost of interest bearing deposits
|
0.68 | % | 1.03 | % | -34.0 | % | ||||||
Cost of borrowings
|
2.61 | % | 2.92 | % | -10.6 | % | ||||||
Cost of paying liabilities
|
1.10 | % | 1.39 | % | -20.9 | % | ||||||
Net interest margin (annualized) (g)
|
4.16 | % | 4.26 | % | -2.3 | % | ||||||
Efficiency ratio (g)
|
55.19 | % | 54.50 | % | 1.3 | % | ||||||
ASSET QUALITY RATIOS:
|
||||||||||||
Net loan charge-offs
|
$ | 77,074 | $ | 43,766 | 76.1 | % | ||||||
Annualized net loan charge-offs as a % of average loans (a)
|
2.18 | % | 1.27 | % | 71.7 | % | ||||||
CAPITAL & LIQUIDITY:
|
||||||||||||
Average equity / Average assets (a)
|
10.38 | % | 10.52 | % | -1.3 | % | ||||||
Average equity / Average loans (a)
|
15.93 | % | 16.04 | % | -0.7 | % | ||||||
Average loans / Average deposits (a)
|
90.39 | % | 88.89 | % | 1.7 | % | ||||||
OTHER RATIOS (NON GAAP):
|
||||||||||||
Annualized return on average tangible assets (a)(b)(e)
|
1.04 | % | 1.10 | % | -5.5 | % | ||||||
Annualized return on average tangible common equity (a)(b)(c)
|
12.86 | % | 13.54 | % | -5.0 | % |
PARK NATIONAL CORPORATION
|
Financial Highlights (continued)
|
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||||||
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
September 30, 2011
|
September 30, 2010
|
||||||||||||||||
AVERAGE STOCKHOLDERS' EQUITY
|
$ | 756,249 | $ | 754,788 | $ | 756,939 | $ | 753,009 | $ | 741,837 | ||||||||||
Less: Average preferred stock
|
97,808 | 97,595 | 96,972 | 97,596 | 96,771 | |||||||||||||||
Average goodwill and other intangibles
|
76,734 | 77,404 | 79,651 | 77,397 | 80,492 | |||||||||||||||
AVERAGE TANGIBLE COMMON EQUITY
|
$ | 581,707 | $ | 579,789 | $ | 580,316 | $ | 578,016 | $ | 564,574 |
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
||||||||||
STOCKHOLDERS' EQUITY
|
$ | 759,643 | $ | 747,760 | $ | 756,627 | ||||||
Less: Preferred stock
|
97,932 | 97,718 | 97,088 | |||||||||
Goodwill and other intangibles
|
76,370 | 77,039 | 79,199 | |||||||||
TANGIBLE COMMON EQUITY
|
$ | 585,341 | $ | 573,003 | $ | 580,340 |
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||||||
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
September 30, 2011
|
September 30, 2010
|
||||||||||||||||
AVERAGE ASSETS
|
$ | 7,197,482 | $ | 7,300,149 | $ | 7,052,789 | $ | 7,257,104 | $ | 7,052,488 | ||||||||||
Less: Average goodwill and other intangibles
|
76,734 | 77,404 | 79,651 | 77,397 | 80,492 | |||||||||||||||
AVERAGE TANGIBLE ASSETS
|
$ | 7,120,748 | $ | 7,222,745 | $ | 6,973,138 | $ | 7,179,707 | $ | 6,971,996 |
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
||||||||||
TOTAL ASSETS
|
$ | 7,099,688 | $ | 7,328,686 | $ | 7,090,456 | ||||||
Less: Goodwill and other intangibles
|
76,370 | 77,039 | 79,199 | |||||||||
TANGIBLE ASSETS
|
$ | 7,023,318 | $ | 7,251,647 | $ | 7,011,257 |
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||||||
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
September 30, 2011
|
September 30, 2010
|
||||||||||||||||
Interest income
|
$ | 82,065 | $ | 84,922 | $ | 86,682 | $ | 251,649 | $ | 261,126 | ||||||||||
Fully taxable equivalent adjustment
|
474 | 490 | 553 | 1,482 | 1,507 | |||||||||||||||
Fully taxable equivalent interest income
|
$ | 82,539 | $ | 85,412 | $ | 87,235 | $ | 253,131 | $ | 262,633 | ||||||||||
Interest expense
|
14,445 | 14,900 | 17,237 | 44,694 | 55,580 | |||||||||||||||
Fully taxable equivalent net interest income
|
$ | 68,094 | $ | 70,512 | $ | 69,998 | $ | 208,437 | $ | 207,053 |
September 30, 2011
|
June 30, 2011
|
September 30, 2010
|
||||||||||
STOCKHOLDERS' EQUITY
|
$ | 759,643 | $ | 747,760 | $ | 756,627 | ||||||
Less: Preferred stock
|
97,932 | 97,718 | 97,088 | |||||||||
COMMON EQUITY
|
$ | 661,711 | $ | 650,042 | $ | 659,539 |
PARK NATIONAL CORPORATION
|
Consolidated Statements of Income
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(in thousands, except share and per share data)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans
|
$ | 65,645 | $ | 67,123 | $ | 196,961 | $ | 200,287 | ||||||||
Interest on:
|
||||||||||||||||
Obligations of U.S. Government, its agencies and other securities
|
16,289 | 19,333 | 54,302 | 60,071 | ||||||||||||
Obligations of states and political subdivisions
|
69 | 192 | 310 | 613 | ||||||||||||
Other interest income
|
62 | 34 | 76 | 155 | ||||||||||||
Total interest income
|
82,065 | 86,682 | 251,649 | 261,126 | ||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits:
|
||||||||||||||||
Demand and savings deposits
|
976 | 1,263 | 2,918 | 4,620 | ||||||||||||
Time deposits
|
5,661 | 8,532 | 18,595 | 28,700 | ||||||||||||
Interest on borrowings
|
7,808 | 7,442 | 23,181 | 22,260 | ||||||||||||
Total interest expense
|
14,445 | 17,237 | 44,694 | 55,580 | ||||||||||||
Net interest income
|
67,620 | 69,445 | 206,955 | 205,546 | ||||||||||||
Provision for loan losses
|
18,525 | 14,654 | 55,925 | 44,454 | ||||||||||||
Net interest income after provision for loan losses
|
49,095 | 54,791 | 151,030 | 161,092 | ||||||||||||
Other income
|
16,927 | 17,530 | 43,334 | 50,887 | ||||||||||||
Gain on sale of securities
|
3,465 | - | 25,462 | 11,819 | ||||||||||||
Other expense:
|
||||||||||||||||
Salaries and employee benefits
|
25,799 | 24,500 | 76,116 | 73,684 | ||||||||||||
Occupancy expense
|
2,665 | 2,840 | 8,429 | 8,750 | ||||||||||||
Furniture and equipment expense
|
2,688 | 2,624 | 8,130 | 7,820 | ||||||||||||
Other expense
|
14,447 | 15,732 | 46,277 | 50,333 | ||||||||||||
Total other expense
|
45,599 | 45,696 | 138,952 | 140,587 | ||||||||||||
Income before income taxes
|
23,888 | 26,625 | 80,874 | 83,211 | ||||||||||||
Income taxes
|
5,579 | 7,048 | 20,870 | 21,689 | ||||||||||||
Net income
|
$ | 18,309 | $ | 19,577 | $ | 60,004 | $ | 61,522 | ||||||||
Preferred stock dividends and accretion
|
1,464 | 1,452 | 4,392 | 4,355 | ||||||||||||
Net income available to common shareholders
|
$ | 16,845 | $ | 18,125 | $ | 55,612 | $ | 57,167 | ||||||||
Per Common Share:
|
||||||||||||||||
Net income - basic
|
$ | 1.09 | $ | 1.19 | $ | 3.61 | $ | 3.79 | ||||||||
Net income - diluted
|
$ | 1.09 | $ | 1.19 | $ | 3.61 | $ | 3.79 | ||||||||
Weighted average shares - basic
|
15,398,909 | 15,272,720 | 15,398,919 | 15,090,113 | ||||||||||||
Weighted average shares - diluted
|
15,398,909 | 15,272,720 | 15,400,641 | 15,090,113 |
(in thousands, except share data)
|
September 30, 2011
|
December 31, 2010
|
September 30, 2010
|
|||||||||
Assets
|
||||||||||||
Cash and due from banks
|
$ | 132,988 | $ | 109,058 | $ | 115,795 | ||||||
Money market instruments
|
139,109 | 24,722 | 17,791 | |||||||||
Investment securities
|
1,708,631 | 2,039,791 | 1,896,969 | |||||||||
Loans
|
4,680,575 | 4,732,685 | 4,656,902 | |||||||||
Allowance for loan losses
|
100,248 | 121,397 | 117,405 | |||||||||
Loans, net
|
4,580,327 | 4,611,288 | 4,539,497 | |||||||||
Bank premises and equipment, net
|
68,633 | 69,567 | 70,401 | |||||||||
Goodwill and other intangibles
|
76,370 | 78,377 | 79,199 | |||||||||
Other real estate owned
|
46,911 | 44,325 | 52,837 | |||||||||
Other assets
|
346,719 | 321,249 | 317,967 | |||||||||
Total assets
|
$ | 7,099,688 | $ | 7,298,377 | $ | 7,090,456 | ||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest bearing
|
$ | 1,000,969 | $ | 937,719 | $ | 909,619 | ||||||
Interest bearing
|
4,088,218 | 4,157,701 | 4,190,411 | |||||||||
Total deposits
|
5,089,187 | 5,095,420 | 5,100,030 | |||||||||
Borrowings
|
1,142,043 | 1,375,652 | 1,003,624 | |||||||||
Other liabilities
|
108,815 | 81,481 | 230,175 | |||||||||
Total liabilities
|
$ | 6,340,045 | $ | 6,552,553 | $ | 6,333,829 | ||||||
Stockholders' Equity:
|
||||||||||||
Preferred Stock (200,000 shares authorized in 2011 and 2010; 100,000 shares issued in 2011 and 2010)
|
$ | 97,932 | $ | 97,290 | $ | 97,088 | ||||||
Common stock (No par value; 20,000,000 shares authorized in 2011 and 2010; 16,151,033 shares issued at September 30, 2011, 16,151,062 at December 31, 2010, and 16,151,076 at September 30, 2010)
|
301,203 | 301,204 | 301,206 | |||||||||
Common stock warrants
|
4,406 | 4,473 | 4,509 | |||||||||
Accumulated other comprehensive (loss) income, net of taxes
|
(876 | ) | (1,868 | ) | 12,354 | |||||||
Retained earnings
|
434,711 | 422,458 | 428,876 | |||||||||
Treasury stock (752,129 shares at September 30, 2011, 752,128 shares at December 31, 2010, and 848,832 at September 30, 2010)
|
(77,733 | ) | (77,733 | ) | (87,406 | ) | ||||||
Total stockholders' equity
|
$ | 759,643 | $ | 745,824 | $ | 756,627 | ||||||
Total liabilities and stockholders' equity
|
$ | 7,099,688 | $ | 7,298,377 | $ | 7,090,456 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||
September 30,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
(in thousands)
|
2011
|
2010
|
2010
|
2011
|
2010
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Cash and due from banks
|
$ | 129,604 | $ | 119,982 | $ | 122,405 | $ | 124,114 | $ | 115,944 | ||||||||||
Money market instruments
|
100,635 | 84,379 | 67,923 | 49,877 | 95,917 | |||||||||||||||
Investment securities
|
1,834,610 | 1,707,321 | 1,811,797 | 1,935,579 | 1,821,587 | |||||||||||||||
Loans
|
4,692,013 | 4,695,257 | 4,651,739 | 4,726,074 | 4,624,692 | |||||||||||||||
Allowance for loan losses
|
109,912 | 118,101 | 122,717 | 120,650 | 120,158 | |||||||||||||||
Loans, net
|
4,582,101 | 4,577,156 | 4,529,022 | 4,605,424 | 4,504,534 | |||||||||||||||
Bank premises and equipment, net
|
69,534 | 70,299 | 70,206 | 69,659 | 69,684 | |||||||||||||||
Goodwill and other intangibles
|
76,734 | 78,823 | 79,651 | 77,397 | 80,492 | |||||||||||||||
Other real estate owned
|
46,158 | 53,424 | 47,971 | 46,914 | 45,379 | |||||||||||||||
Other assets
|
358,106 | 322,468 | 323,814 | 348,140 | 318,951 | |||||||||||||||
Total assets
|
$ | 7,197,482 | $ | 7,013,852 | $ | 7,052,789 | $ | 7,257,104 | $ | 7,052,488 | ||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest bearing
|
$ | 1,003,706 | $ | 959,685 | $ | 906,376 | $ | 982,772 | $ | 889,933 | ||||||||||
Interest bearing
|
4,191,313 | 4,161,547 | 4,283,050 | 4,245,949 | 4,312,565 | |||||||||||||||
Total deposits
|
5,195,019 | 5,121,232 | 5,189,426 | 5,228,721 | 5,202,498 | |||||||||||||||
Borrowings
|
1,152,489 | 1,041,920 | 1,014,433 | 1,187,509 | 1,021,029 | |||||||||||||||
Other liabilities
|
93,725 | 90,144 | 91,991 | 87,865 | 87,124 | |||||||||||||||
Total liabilities
|
$ | 6,441,233 | $ | 6,253,296 | $ | 6,295,850 | $ | 6,504,095 | $ | 6,310,651 | ||||||||||
Stockholders' Equity:
|
||||||||||||||||||||
Preferred stock
|
$ | 97,808 | $ | 97,174 | $ | 96,972 | $ | 97,596 | $ | 96,771 | ||||||||||
Common stock
|
301,203 | 301,317 | 301,206 | 301,202 | 301,219 | |||||||||||||||
Common stock warrants
|
4,406 | 4,405 | 4,590 | 4,446 | 4,962 | |||||||||||||||
Accumulated other comprehensive (loss) income, net of taxes
|
(6,202 | ) | 11,169 | 15,462 | (4,563 | ) | 16,930 | |||||||||||||
Retained earnings
|
436,767 | 430,578 | 428,878 | 432,061 | 428,500 | |||||||||||||||
Treasury stock
|
(77,733 | ) | (84,087 | ) | (90,169 | ) | (77,733 | ) | (106,545 | ) | ||||||||||
Total stockholders' equity
|
$ | 756,249 | $ | 760,556 | $ | 756,939 | $ | 753,009 | $ | 741,837 | ||||||||||
Total liabilities and stockholders' equity
|
$ | 7,197,482 | $ | 7,013,852 | $ | 7,052,789 | $ | 7,257,104 | $ | 7,052,488 |
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
(in thousands, except per share data)
|
3rd QTR
|
2nd QTR
|
1st QTR
|
4th QTR
|
3rd QTR
|
|||||||||||||||
Interest income:
|
||||||||||||||||||||
Interest and fees on loans
|
$ | 65,645 | $ | 65,862 | $ | 65,454 | $ | 67,405 | $ | 67,123 | ||||||||||
Interest on:
|
||||||||||||||||||||
Obligations of U.S. Government, its agencies and other securities
|
16,289 | 18,960 | 19,053 | 16,768 | 19,333 | |||||||||||||||
Obligations of states and political subdivisions
|
69 | 92 | 149 | 173 | 192 | |||||||||||||||
Other interest income
|
62 | 8 | 6 | 45 | 34 | |||||||||||||||
Total interest income
|
82,065 | 84,922 | 84,662 | 84,391 | 86,682 | |||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Demand and savings deposits
|
976 | 951 | 991 | 1,133 | 1,263 | |||||||||||||||
Time deposits
|
5,661 | 6,200 | 6,734 | 7,512 | 8,532 | |||||||||||||||
Interest on borrowings
|
7,808 | 7,749 | 7,624 | 7,248 | 7,442 | |||||||||||||||
Total interest expense
|
14,445 | 14,900 | 15,349 | 15,893 | 17,237 | |||||||||||||||
Net interest income
|
67,620 | 70,022 | 69,313 | 68,498 | 69,445 | |||||||||||||||
Provision for loan losses
|
18,525 | 23,900 | 13,500 | 20,448 | 14,654 | |||||||||||||||
Net interest income after provision for loan losses
|
49,095 | 46,122 | 55,813 | 48,050 | 54,791 | |||||||||||||||
Other income
|
16,927 | 13,236 | 13,171 | 14,745 | 17,530 | |||||||||||||||
Gain on sale of securities
|
3,465 | 15,362 | 6,635 | 45 | - | |||||||||||||||
Other expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
25,799 | 25,253 | 25,064 | 24,631 | 24,500 | |||||||||||||||
Occupancy expense
|
2,665 | 2,764 | 3,000 | 2,760 | 2,840 | |||||||||||||||
Furniture and equipment expense
|
2,688 | 2,785 | 2,657 | 2,615 | 2,624 | |||||||||||||||
Other expense
|
14,447 | 16,205 | 15,625 | 16,514 | 15,732 | |||||||||||||||
Total other expense
|
45,599 | 47,007 | 46,346 | 46,520 | 45,696 | |||||||||||||||
Income before income taxes
|
23,888 | 27,713 | 29,273 | 16,320 | 26,625 | |||||||||||||||
Income taxes
|
5,579 | 7,396 | 7,895 | 3,625 | 7,048 | |||||||||||||||
Net income
|
$ | 18,309 | $ | 20,317 | $ | 21,378 | $ | 12,695 | $ | 19,577 | ||||||||||
Preferred stock dividends and accretion
|
1,464 | 1,464 | 1,464 | 1,452 | 1,452 | |||||||||||||||
Net income available to common shareholders
|
$ | 16,845 | $ | 18,853 | $ | 19,914 | $ | 11,243 | $ | 18,125 | ||||||||||
Per Common Share:
|
||||||||||||||||||||
Net income - basic
|
$ | 1.09 | $ | 1.22 | $ | 1.29 | $ | 0.73 | $ | 1.19 | ||||||||||
Net income - diluted
|
$ | 1.09 | $ | 1.22 | $ | 1.29 | $ | 0.73 | $ | 1.19 |
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||||||||
(in thousands)
|
3rd QTR
|
2nd QTR
|
1st QTR
|
4th QTR
|
3rd QTR
|
|||||||||||||||
Other income:
|
||||||||||||||||||||
Income from fiduciary activities
|
$ | 3,615 | $ | 3,929 | $ | 3,722 | $ | 3,609 | $ | 3,314 | ||||||||||
Service charges on deposits
|
4,894 | 4,525 | 4,245 | 4,853 | 5,026 | |||||||||||||||
Other service income
|
3,087 | 2,734 | 2,301 | 3,449 | 3,909 | |||||||||||||||
Checkcard fee income
|
3,154 | 3,251 | 2,976 | 3,068 | 2,900 | |||||||||||||||
Bank owned life insurance income
|
1,229 | 1,228 | 1,229 | 1,195 | 1,313 | |||||||||||||||
ATM fees
|
726 | 682 | 654 | 655 | 699 | |||||||||||||||
OREO devaluations
|
(1,688 | ) | (5,257 | ) | (4,394 | ) | (5,971 | ) | (1,555 | ) | ||||||||||
Other
|
1,910 | 2,144 | 2,438 | 3,887 | 1,924 | |||||||||||||||
Total other income
|
$ | 16,927 | $ | 13,236 | $ | 13,171 | $ | 14,745 | $ | 17,530 | ||||||||||
Other expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
$ | 25,799 | $ | 25,253 | $ | 25,064 | $ | 24,631 | $ | 24,500 | ||||||||||
Net occupancy expense
|
2,665 | 2,764 | 3,000 | 2,760 | 2,840 | |||||||||||||||
Furniture and equipment expense
|
2,688 | 2,785 | 2,657 | 2,615 | 2,624 | |||||||||||||||
Data processing fees
|
1,184 | 1,135 | 1,253 | 1,339 | 1,403 | |||||||||||||||
Professional fees and services
|
5,005 | 5,320 | 4,874 | 5,341 | 4,477 | |||||||||||||||
Amortization of intangibles
|
669 | 669 | 669 | 822 | 822 | |||||||||||||||
Marketing
|
764 | 728 | 623 | 968 | 840 | |||||||||||||||
Insurance
|
681 | 2,345 | 2,269 | 2,136 | 2,316 | |||||||||||||||
Communication
|
1,475 | 1,485 | 1,556 | 1,536 | 1,696 | |||||||||||||||
State taxes
|
469 | 488 | 457 | 622 | 865 | |||||||||||||||
Other
|
4,200 | 4,035 | 3,924 | 3,750 | 3,313 | |||||||||||||||
Total other expense
|
$ | 45,599 | $ | 47,007 | $ | 46,346 | $ | 46,520 | $ | 45,696 |
Quarter ended
|
Year ended December 31,
|
|||||||||||||||||||||||
(in thousands, except ratios)
|
September 30, 2011
|
June 30, 2011
|
March 31, 2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Allowance for loan losses, beginning of period
|
$ | 110,187 | $ | 126,859 | $ | 121,397 | $ | 116,717 | $ | 100,088 | $ | 87,102 | ||||||||||||
Charge-offs
|
31,021 | 42,005 | 10,399 | 66,314 | 59,022 | 62,916 | ||||||||||||||||||
Recoveries
|
2,557 | 1,433 | 2,361 | 6,092 | 6,830 | 5,415 | ||||||||||||||||||
Net charge-offs
|
28,464 | 40,572 | 8,038 | 60,222 | 52,192 | 57,501 | ||||||||||||||||||
Provision for loan losses
|
18,525 | 23,900 | 13,500 | 64,902 | 68,821 | 70,487 | ||||||||||||||||||
Allowance for loan losses, end of period
|
$ | 100,248 | $ | 110,187 | $ | 126,859 | $ | 121,397 | $ | 116,717 | $ | 100,088 | ||||||||||||
General reserve trends:
|
||||||||||||||||||||||||
Allowance for loan losses, end of period
|
$ | 100,248 | $ | 110,187 | $ | 126,859 | $ | 121,397 | $ | 116,717 | $ | 100,088 | ||||||||||||
Specific reserves
|
33,275 | 32,810 | 47,287 | 43,459 | 36,721 | 8,875 | ||||||||||||||||||
General reserves
|
$ | 66,973 | $ | 77,377 | $ | 79,572 | $ | 77,938 | $ | 79,996 | $ | 91,213 | ||||||||||||
Total loans
|
$ | 4,680,575 | $ | 4,710,513 | $ | 4,750,975 | $ | 4,732,685 | $ | 4,640,432 | $ | 4,491,337 | ||||||||||||
Impaired commercial loans
|
192,363 | 200,400 | 238,959 | 250,933 | 201,143 | 141,343 | ||||||||||||||||||
Non-impaired loans
|
$ | 4,488,212 | $ | 4,510,113 | $ | 4,512,016 | $ | 4,481,752 | $ | 4,439,289 | $ | 4,349,994 | ||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||||||
Net charge-offs as a % of average loans (annualized for quarterly periods)
|
2.41 | % | 3.43 | % | 0.69 | % | 1.30 | % | 1.14 | % | 1.32 | % | ||||||||||||
Allowance for loan losses as a % of period end loans
|
2.14 | % | 2.34 | % | 2.67 | % | 2.57 | % | 2.52 | % | 2.23 | % | ||||||||||||
General reserves as a % of non-impaired loans
|
1.49 | % | 1.72 | % | 1.76 | % | 1.74 | % | 1.80 | % | 2.10 | % | ||||||||||||
Nonperforming Assets - Park National Corporation:
|
||||||||||||||||||||||||
Nonaccrual loans
|
$ | 214,366 | $ | 238,690 | $ | 278,819 | $ | 289,268 | $ | 233,544 | $ | 159,512 | ||||||||||||
Accruing renegotiated loans
|
15,448 | 33 | 260 | - | 142 | 2,845 | ||||||||||||||||||
Loans past due 90 days or more
|
2,162 | 3,142 | 2,228 | 3,590 | 14,773 | 5,421 | ||||||||||||||||||
Total nonperforming loans
|
$ | 231,976 | $ | 241,865 | $ | 281,307 | $ | 292,858 | $ | 248,459 | $ | 167,778 | ||||||||||||
Other real estate owned - Park National Bank
|
11,815 | 10,309 | 9,788 | 8,385 | 6,037 | 6,149 | ||||||||||||||||||
Other real estate owned - Parent Company
|
34,327 | 32,638 | 13,004 | - | - | - | ||||||||||||||||||
Other real estate owned - Vision Bank
|
769 | 5,050 | 24,341 | 35,940 | 35,203 | 19,699 | ||||||||||||||||||
Total nonperforming assets
|
$ | 278,887 | $ | 289,862 | $ | 328,440 | $ | 337,183 | $ | 289,699 | $ | 193,626 | ||||||||||||
Percentage of nonperforming loans to period end loans
|
4.96 | % | 5.13 | % | 5.92 | % | 6.19 | % | 5.35 | % | 3.74 | % | ||||||||||||
Percentage of nonperforming assets to period end loans
|
5.96 | % | 6.15 | % | 6.91 | % | 7.12 | % | 6.24 | % | 4.31 | % | ||||||||||||
Percentage of nonperforming assets to period end assets
|
3.93 | % | 3.96 | % | 4.48 | % | 4.62 | % | 4.11 | % | 2.74 | % |
Quarter ended
|
Year ended December 31,
|
|||||||||||||||||||||||
(in thousands, except ratios)
|
September 30, 2011
|
June 30, 2011
|
March 31, 2011
|
2010
|
2009
|
2008
|
||||||||||||||||||
Nonperforming Assets - Ohio-based operations:
|
||||||||||||||||||||||||
Nonaccrual loans
|
$ | 108,366 | $ | 121,128 | $ | 115,476 | $ | 117,815 | $ | 85,197 | $ | 68,306 | ||||||||||||
Accruing renegotiated loans
|
13,705 | 33 | 260 | - | 142 | - | ||||||||||||||||||
Loans past due 90 days or more
|
2,162 | 2,162 | 2,228 | 3,226 | 3,496 | 4,777 | ||||||||||||||||||
Total nonperforming loans
|
$ | 124,233 | $ | 123,323 | $ | 117,964 | $ | 121,041 | $ | 88,835 | $ | 73,083 | ||||||||||||
Other real estate owned - Park National Bank
|
11,815 | 10,309 | 9,788 | 8,385 | 6,037 | 6,149 | ||||||||||||||||||
Other real estate owned - Parent Company
|
34,327 | 32,638 | 13,004 | - | - | - | ||||||||||||||||||
Total nonperforming assets
|
$ | 170,375 | $ | 166,270 | $ | 140,756 | $ | 129,426 | $ | 94,872 | $ | 79,232 | ||||||||||||
Percentage of nonperforming loans to period end loans
|
3.01 | % | 2.97 | % | 2.86 | % | 2.96 | % | 2.24 | % | 1.92 | % | ||||||||||||
Percentage of nonperforming assets to period end loans
|
4.12 | % | 4.01 | % | 3.41 | % | 3.16 | % | 2.39 | % | 2.08 | % | ||||||||||||
Percentage of nonperforming assets to period end assets
|
2.67 | % | 2.53 | % | 2.15 | % | 1.99 | % | 1.54 | % | 1.29 | % | ||||||||||||
Nonperforming Assets - Vision Bank:
|
||||||||||||||||||||||||
Nonaccrual loans
|
$ | 106,000 | $ | 117,562 | $ | 163,343 | $ | 171,453 | $ | 148,347 | $ | 91,206 | ||||||||||||
Accruing renegotiated loans
|
1,743 | - | - | - | - | 2,845 | ||||||||||||||||||
Loans past due 90 days or more
|
- | 980 | - | 364 | 11,277 | 644 | ||||||||||||||||||
Total nonperforming loans
|
$ | 107,743 | $ | 118,542 | $ | 163,343 | $ | 171,817 | $ | 159,624 | $ | 94,695 | ||||||||||||
Other real estate owned
|
769 | 5,050 | 24,341 | 35,940 | 35,203 | 19,699 | ||||||||||||||||||
Total nonperforming assets
|
$ | 108,512 | $ | 123,592 | $ | 187,684 | $ | 207,757 | $ | 194,827 | $ | 114,394 | ||||||||||||
Percentage of nonperforming loans to period end loans
|
19.61 | % | 20.97 | % | 26.06 | % | 26.82 | % | 23.58 | % | 13.71 | % | ||||||||||||
Percentage of nonperforming assets to period end loans
|
19.75 | % | 21.87 | % | 29.95 | % | 32.43 | % | 28.78 | % | 16.57 | % | ||||||||||||
Percentage of nonperforming assets to period end assets
|
15.09 | % | 16.46 | % | 23.40 | % | 25.71 | % | 21.70 | % | 12.47 | % | ||||||||||||
New nonaccrual loan information:
|
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Nonaccrual loans, beginning of period
|
$ | 238,690 | $ | 278,819 | $ | 289,268 | $ | 233,544 | $ | 159,512 | $ | 101,128 | ||||||||||||
New nonaccrual loans - Ohio-based operations
|
19,354 | 22,439 | 8,674 | 85,081 | 57,641 | 58,161 | ||||||||||||||||||
New nonaccrual loans - Vision Bank
|
5,543 | 2,980 | 5,994 | 90,094 | 126,540 | 83,588 | ||||||||||||||||||
Resolved nonaccrual loans
|
49,221 | 65,548 | 25,117 | 119,451 | 110,149 | 83,365 | ||||||||||||||||||
Nonaccrual loans, end of period
|
$ | 214,366 | $ | 238,690 | $ | 278,819 | $ | 289,268 | $ | 233,544 | $ | 159,512 | ||||||||||||
Impaired Commercial Loan Portfolio Information (period end):
|
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Unpaid principal balance
|
$ | 288,284 | $ | 289,090 | $ | 294,355 | $ | 304,534 | $ | 245,092 | $ | 171,310 | ||||||||||||
Prior charge-offs
|
95,921 | 88,690 | 55,396 | 53,601 | 43,949 | 29,967 | ||||||||||||||||||
Remaining principal balance
|
192,363 | 200,400 | 238,959 | 250,933 | 201,143 | 141,343 | ||||||||||||||||||
Specific reserves
|
32,746 | 32,810 | 47,287 | 43,459 | 36,721 | 8,875 | ||||||||||||||||||
Book value, after specific reserve
|
$ | 159,617 | $ | 167,590 | $ | 191,672 | $ | 207,474 | $ | 164,422 | $ | 132,468 | ||||||||||||
Vision Bank Commercial Land & Development (CL&D) Loan Portfolio Information:
|
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CL&D loans
|
$ | 102,271 | $ | 111,054 | $ | 161,140 | $ | 170,989 | $ | 218,263 | $ | 251,443 | ||||||||||||
Performing CL&D loans
|
60,240 | 64,207 | 79,080 | 84,498 | 132,380 | 191,712 | ||||||||||||||||||
Impaired CL&D loans
|
42,031 | 46,847 | 82,060 | 86,491 | 85,883 | 59,731 | ||||||||||||||||||
Specific reserve on impaired CL&D loans
|
12,135 | 11,763 | 25,543 | 23,585 | 21,802 | 3,134 | ||||||||||||||||||
Cumulative charge-offs on impaired CL&D loans
|
$ | 51,615 | 49,692 | 30,538 | 28,652 | 24,931 | 18,839 | |||||||||||||||||
Specific reserves plus cumulative charge-offs
|
$ | 63,750 | $ | 61,455 | $ | 56,081 | $ | 52,237 | $ | 46,733 | $ | 21,973 | ||||||||||||
Specific reserves plus cumulative charge-offs as a % of impaired CL&D loans plus cumulative charge-offs
|
68.1 | % | 63.7 | % | 49.8 | % | 45.4 | % | 42.2 | % | 28.0 | % |
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