updated 4/15/2011 4:47:22 PM ET 2011-04-15T20:47:22

NEWARK, Ohio, April 15, 2011 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today reported financial results for the three months ended March 31, 2011 (first quarter). Also, Park's board of directors approved a $0.94 per common share quarterly cash dividend, payable on June 10, 2011 to common shareholders of record as of May 25, 2011.

Net income for the first quarter of 2011 was $21.4 million, an increase from the $20.8 million in net income for the same period in 2010. Net income per diluted common share was $1.29, a 0.8 percent decline from the $1.30 net income per diluted common share reported in the first quarter of 2010.

Net income for the periods ended March 31, 2011 and 2010 included pre-tax gains of $6.6 million and $8.3 million, respectively, from the sale of investment securities. Excluding these gains, net income for the first quarter of 2011 was $17.1 million or $1.01 per diluted common share, compared to net income of $15.4 million or $0.94 per diluted common share in 2010, which represented a 7.4 percent increase in net income per diluted common share.

"With national and regional economic conditions showing modest improvement, we are very pleased with this year's first quarter results," said Park Chairman C. Daniel DeLawder. "Our Ohio-based operations continue to perform at very strong levels driven largely by the consistent delivery of superior levels of customer service."

Ohio-Based Operations

Park's Ohio-based operations reported net income of $29.0 million for the first quarter of 2011, compared to net income of $28.2 million for the same period in 2010. Park's Ohio-based operations had total assets of $6.5 billion at March 31, 2011, compared to $6.3 billion at March 31, 2010. This performance resulted in return on assets of 1.82 percent and 1.85 percent for Park's Ohio-based operations in the first quarter of 2011 and 2010, respectively.

Credit Quality

Total nonperforming loans (including loans past due 90 days and still accruing) were $281.3 million at March 31, 2011, a 4.0 percent decline from the $292.9 million in nonperforming loans at December 31, 2010. Net loan charge-offs for the first quarter of 2011 were $8.0 million, or an annualized 0.69 percent of average loans outstanding. Net loan charge-offs in the first quarter of 2010 were $13.6 million, or an annualized 1.19 percent of average loans.

Park's loan loss provision for the first quarter of 2011 was $13.5 million, compared to $16.6 million for the same period in 2010. Of the $13.5 million loan loss provision recorded in the first quarter of 2011, $8.0 million was recorded at Vision Bank, with the remaining $5.5 million recorded within Park's Ohio-based operations. Park's allowance for loan losses increased by $5.5 million during the first quarter of 2011, ending the period at $126.9 million or 2.67 percent of period-end loans.

Headquartered in Newark, Ohio, Park National Corporation has $7.3 billion in total assets (as of March 31, 2011). Park consists of 13 community bank divisions and two specialty finance companies. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers & Savings Bank Division, United Bank Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, The Park National Bank of Southwest Ohio & Northern Kentucky Division and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). Park's other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company).

Additional financial data listed below...

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation: deterioration in the asset value of Park's loan portfolio may be worse than expected due to a number of factors, such as adverse changes in economic conditions that impair the ability of borrowers to repay their loans, the underlying value of the collateral could prove less valuable than assumed and cash flows may be worse than expected; Park's ability to sell OREO properties at prices as favorable as anticipated; Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and weakening in the economy, specifically the real estate market and credit market, either nationally or in the states in which Park and its subsidiaries do business, may be worse than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; the effects of the Gulf of Mexico oil spill; changes in market rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; our liquidity requirements could be adversely affected by changes in our assets and liabilities; competitive factors among financial institutions increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services industry, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of fiscal and governmental policies of the United States federal government; demand for loans in the respective market areas served by Park and its subsidiaries, and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

PARK NATIONAL CORPORATION
Financial Highlights
Three months ended March 31, 2011, December 31, 2010, and March 31, 2010
           
  2011 2010 2010 Percent change vs.
(in thousands, except share and per share data) 1st QTR 4th QTR 1st QTR 4Q '10 1Q '10
INCOME STATEMENT:          
Net interest income  $ 69,313  $ 68,498  $ 67,380 1.2% 2.9%
Provision for loan losses  13,500 20,448 16,550 -34.0% -18.4%
Other income  13,171 14,745 16,710 -10.7% -21.2%
Gain on sale of securities  6,635  45  8,304 N.M. -20.1%
Total other expense  46,346 46,520 47,890 -0.4% -3.2%
Income before income taxes  $ 29,273  $ 16,320  $ 27,954 79.4% 4.7%
Income taxes  7,895 3,625  7,175 117.8% 10.0%
Net income  $ 21,378  $ 12,695  $ 20,779 68.4% 2.9%
Preferred stock dividends and accretion  1,464 1,452  1,452 0.8% 0.8%
Net income available to common shareholders  $ 19,914  $ 11,243  $ 19,327 77.1% 3.0%
           
MARKET DATA:          
Earnings per common share - basic (b)  $ 1.29  $ 0.73  $ 1.30 76.7% -0.8%
Earnings per common share - diluted (b)  1.29  0.73  1.30 76.7% -0.8%
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)  42.06  42.12  41.94 -0.1% 0.3%
Stock price per common share at period end  66.82  72.67  62.31 -8.1% 7.2%
Market capitalization at period end  1,028,956  1,119,040  927,345 -8.1% 11.0%
           
Weighted average common shares - basic (a)  15,398,930  15,340,427  14,882,774 0.4% 3.5%
Weighted average common shares - diluted (a)  15,403,420  15,352,600  14,882,774 0.3% 3.5%
Common shares outstanding at period end  15,398,923  15,398,934  14,882,765 0.0% 3.5%
           
PERFORMANCE RATIOS:          
Annualized return on average assets (a)(b) 1.11% 0.64% 1.11% 73.4% 0.0%
Annualized return on average common equity (a)(b) 12.42% 6.72% 12.43% 84.8% -0.1%
Yield on loans 5.63% 5.73% 5.87% -1.7% -4.1%
Yield on investments 3.95% 3.87% 4.43% 2.1% -10.8%
Yield on earning assets 5.14% 5.23% 5.45% -1.7% -5.7%
Cost of interest bearing deposits 0.74% 0.82% 1.15% -9.8% -35.7%
Cost of borrowings 2.50% 2.76% 2.90% -9.4% -13.8%
Cost of paying liabilities 1.14% 1.21% 1.49% -5.8% -23.5%
Net interest margin (annualized) 4.21% 4.25% 4.22% -0.9% -0.2%
Efficiency ratio (g) 55.84% 55.52% 56.63% 0.6% -1.4%
           
OTHER RATIOS (NON GAAP):          
Annualized return on average tangible assets (a)(b)(e) 1.12% 0.64% 1.12% 75.0% 0.0%
Annualized return on average tangible common equity (a)(b)(c) 14.11% 7.63% 14.27% 84.9% -1.1%
Tangible common book value per common share (d)   $ 37.02  $ 37.03  $ 36.51 0.0% 1.4%
           
           
PARK NATIONAL CORPORATION
Financial Highlights (continued)
Three months ended March 31, 2011, December 31, 2010, and March 31, 2010
        Percent change vs.
BALANCE SHEET: March 31, 2011 December 31, 2010 March 31, 2010 4Q '10 1Q '10
Investment securities  $ 2,045,656  $ 2,039,791  $ 1,941,465 0.3% 5.4%
Loans 4,750,975 4,732,685 4,597,304 0.4% 3.3%
Allowance for loan losses 126,859 121,397 119,674 4.5% 6.0%
Goodwill and other intangibles 77,708 78,377 80,863 -0.9% -3.9%
Other real estate owned 47,133 44,325 45,854 6.3% 2.8%
Total assets 7,338,403 7,298,377 7,176,087 0.5% 2.3%
Total deposits 5,314,678 5,095,420 5,268,858 4.3% 0.9%
Borrowings 1,178,678 1,375,652 996,686 -14.3% 18.3%
Stockholders' equity 745,238 745,824 720,898 -0.1% 3.4%
Common equity 647,734 648,534 624,213 -0.1% 3.8%
Tangible common equity (d) 570,026 570,157 543,350 0.0% 4.9%
Nonperforming loans 279,079 289,268 230,558 -3.5% 21.0%
Nonperforming assets 326,212 333,593 276,412 -2.2% 18.0%
Past due 90 day loans and still accruing 2,228 3,590 11,853 -37.9% -81.2%
           
ASSET QUALITY RATIOS:          
Loans as a % of period end assets 64.74% 64.85% 64.06% -0.2% 1.1%
Nonperforming loans as a % of period end loans 5.87% 6.11% 5.02% -3.9% 16.9%
Past due 90 day loans as a % of period end loans 0.05% 0.08% 0.26% -37.5% -80.8%
Nonperforming assets / Period end loans + OREO  6.80% 6.98% 5.95% -2.6% 14.3%
Allowance for loan losses as a % of period end loans 2.67% 2.57% 2.60% 3.9% 2.7%
Net loan charge-offs  $ 8,038  $ 16,456  $ 13,593 -51.2% -40.9%
Annualized net loan charge-offs as a % of average loans (a) 0.69% 1.39% 1.19% -50.4% -42.0%
           
CAPITAL & LIQUIDITY:          
Total equity / Period end assets 10.16% 10.22% 10.05% -0.6% 1.1%
Common equity / Period end assets 8.83% 8.89% 8.70% -0.7% 1.5%
Tangible common equity (d) / Tangible assets (f) 7.85% 7.90% 7.66% -0.6% 2.5%
Average equity / Average assets (a) 10.28% 10.84% 10.26% -5.2% 0.2%
Average equity / Average loans (a) 15.77% 16.20% 15.75% -2.7% 0.1%
Average loans / Average deposits (a) 91.19% 91.68% 88.19% -0.5% 3.4%
           
           
PARK NATIONAL CORPORATION    
Financial Highlights (continued)    
           
N.M. - Not Meaningful          
           
(a) Averages are for the quarters ended March 31, 2011, December 31, 2010, and March 31, 2010.    
           
(b) Reported measure uses net income available to common shareholders.    
           
(c) Net income available to common shareholders for each period divided by average tangible common equity during the period. Average tangible common equity equals average stockholders' equity during the applicable period less (i) average preferred stock during the applicable period and (ii) average goodwill and other intangibles during the applicable period.    
           
RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY:    
  THREE MONTHS ENDED    
  March 31, 2011 December 31, 2010 March 31, 2010    
AVERAGE STOCKHOLDERS' EQUITY  $ 747,896  $ 760,556  $ 727,237    
Less: Average preferred stock  97,380  97,174  96,568    
 Average goodwill and other intangibles  78,067  78,823 81,376    
AVERAGE TANGIBLE COMMON EQUITY  $ 572,449  $ 584,559  $ 549,293    
           
(d) Tangible common equity equals ending stockholders' equity less preferred stock and goodwill and other intangibles, in each case at the end of the period.    
           
RECONCILIATION OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:        
  March 31, 2011 December 31, 2010 March 31, 2010    
STOCKHOLDERS' EQUITY  $ 745,238  $ 745,824  $ 720,898    
Less: Preferred stock 97,504 97,290  96,685    
 Goodwill and other intangibles 77,708 78,377 80,863    
TANGIBLE COMMON EQUITY  $ 570,026  $ 570,157  $ 543,350    
           
(e) Net income available to common shareholders for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangibles.    
           
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:    
  THREE MONTHS ENDED    
  March 31, 2011 December 31, 2010 March 31, 2010    
AVERAGE ASSETS  $ 7,274,527  $ 7,013,852  $ 7,086,333    
Less: Average goodwill and other intangibles  78,067  78,823 81,376    
AVERAGE TANGIBLE ASSETS  $ 7,196,460  $ 6,935,029  $ 7,004,957    
           
(f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles.    
           
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:    
  March 31, 2011 December 31, 2010 March 31, 2010    
TOTAL ASSETS  $ 7,338,403  $ 7,298,377  $ 7,176,087    
Less: Goodwill and other intangibles 77,708 78,377 80,863    
TANGIBLE ASSETS  $ 7,260,695  $ 7,220,000  $ 7,095,224    
           
PARK NATIONAL CORPORATION    
Financial Highlights (continued)    
           
(g) Efficiency ratio is calculated by taking total other expense divided by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown below assuming a 35% tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis.    
           
RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME    
  THREE MONTHS ENDED    
  March 31, 2011 December 31, 2010 March 31, 2010    
Interest income  $ 84,662  $ 84,391  $ 87,202    
Fully taxable equivalent adjustment  518  540  481    
Fully taxable equivalent interest income  $ 85,180  $ 84,931  $ 87,683    
Interest expense  15,349  15,893  19,822    
Fully taxable equivalent net interest income  $ 69,831  $ 69,038  $ 67,861    
           
(h) Common book value at period end equals stockholders' equity less preferred stock, in each case at the end of the period.    
           
RECONCILIATION OF STOCKHOLDERS' EQUITY TO COMMON EQUITY    
  March 31, 2011 December 31, 2010 March 31, 2010    
STOCKHOLDERS' EQUITY  $ 745,238  $ 745,824  $ 720,898    
Less: Preferred stock 97,504 97,290  96,685    
COMMON EQUITY  $ 647,734  $ 648,534  $ 543,350    
 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income
     
  Three Months Ended
  March 31,
(in thousands, except share and per share data) 2011 2010
     
Interest income:    
 Interest and fees on loans   $ 65,454  $ 66,441
 Interest on:    
 Obligations of U.S. Government, its agencies    
 and other securities  19,053  20,475
 Obligations of states and political subdivisions  149  217
 Other interest income  6  69
 Total interest income  84,662 87,202
     
Interest expense:    
 Interest on deposits:    
 Demand and savings deposits  991  1,775
 Time deposits  6,734  10,650
 Interest on borrowings  7,624  7,397
 Total interest expense  15,349 19,822
   
 Net interest income  69,313 67,380
     
Provision for loan losses  13,500  16,550
   
 Net interest income after provision for loan losses  55,813 50,830
     
Other income  13,171  16,710
     
Gain on sale of securities  6,635  8,304
     
Other expense:    
 Salaries and employee benefits  25,064  25,171
 Occupancy expense  3,000  3,117
 Furniture and equipment expense  2,657  2,632
 Other expense  15,625  16,970
 Total other expense  46,346 47,890
   
 Income before income taxes  29,273 27,954
     
Income taxes  7,895  7,175
   
 Net income   $ 21,378  $ 20,779
     
Preferred stock dividends and accretion  1,464  1,452
   
 Net income available to common shareholders  $ 19,914  $ 19,327
     
Per Common Share:    
 Net income - basic  $ 1.29  $ 1.30
 Net income - diluted  $ 1.29  $ 1.30
     
 Weighted average shares - basic  15,398,930  14,882,774
 Weighted average shares - diluted  15,403,420  14,882,774
 
PARK NATIONAL CORPORATION 
Consolidated Balance Sheets
     
(in thousands, except share data) March 31, 2011 December 31, 2010 March 31, 2010
       
Assets      
       
 Cash and due from banks  $ 111,472  $ 109,058  $ 104,065
 Money market instruments 22,775 24,722 145,995
 Investment securities 2,045,656 2,039,791 1,941,465
 Loans 4,750,975 4,732,685 4,597,304
 Allowance for loan losses 126,859 121,397 119,674
 Loans, net  4,624,116 4,611,288 4,477,630
 Bank premises and equipment, net 69,673 69,567 69,231
 Goodwill and other intangibles 77,708 78,377 80,863
 Other real estate owned 47,133 44,325 45,854
 Other assets 339,870 321,249 310,984
     
 Total assets  $ 7,338,403  $ 7,298,377  $ 7,176,087
       
Liabilities and Stockholders' Equity      
       
 Deposits:      
 Noninterest bearing  $ 955,005  $ 937,719  $ 862,143
 Interest bearing 4,359,673 4,157,701 4,406,715
 Total deposits  5,314,678 5,095,420 5,268,858
 Borrowings 1,178,678 1,375,652 996,686
 Other liabilities 99,809 81,481 189,645
 Total liabilities  $ 6,593,165  $ 6,552,553  $ 6,455,189
       
 Stockholders' Equity:      
 Preferred Stock (200,000 shares authorized in 2011 and 2010;      
 100,000 shares issued in 2011 and 2010)  $ 97,504  $ 97,290  $ 96,685
 Common stock (No par value; 20,000,000 shares authorized      
 in 2011 and 2010; 16,151,052 shares issued at March 31, 2011,       
 16,151,062 at December 31, 2010, and 16,151,097 at March 31, 2010) 301,203 301,204 301,207
 Common stock warrants 4,473  4,473  5,361
 Accumulated other comprehensive income (loss), net of taxes (8,106) (1,868) 13,757
 Retained earnings 427,897 422,458 429,209
 Treasury stock (752,129 shares at March 31, 2011, 752,128 shares       
 at December 31, 2010, and 1,268,332 at March 31, 2010) (77,733) (77,733) (125,321)
 Total stockholders' equity  $ 745,238  $ 745,824  $ 720,898
     
 Total liabilities and stockholders' equity  $ 7,338,403  $ 7,298,377  $ 7,176,087
 
PARK NATIONAL CORPORATION 
Consolidated Average Balance Sheets
       
  Three Months Ended
  March 31, December 31, March 31,
(in thousands) 2011 2010 2010
       
Assets      
       
 Cash and due from banks  $ 120,339  $ 119,982  $ 114,895
 Money market instruments 26,948 84,379 125,795
 Investment securities  1,970,950 1,707,321 1,838,396
 Loans 4,743,075 4,695,257 4,617,479
 Allowance for loan losses 124,517 118,101 117,272
 Loans, net  4,618,558 4,577,156 4,500,207
 Bank premises and equipment, net 69,894 70,299 69,553
 Goodwill and other intangibles 78,067 78,823 81,376
 Other real estate owned 47,778 53,424 41,973
 Other assets 341,993 322,468 314,138
     
 Total assets  $ 7,274,527  $ 7,013,852  $ 7,086,333
       
Liabilities and Stockholders' Equity      
       
 Deposits:      
 Noninterest bearing  $ 956,059  $ 959,685  $ 869,051
 Interest bearing 4,245,255 4,161,547 4,367,017
 Total deposits  5,201,314 5,121,232 5,236,068
 Borrowings 1,239,166 1,041,920 1,035,884
 Other liabilities 86,151 90,144 87,144
 Total liabilities  $ 6,526,631  $ 6,253,296  $ 6,359,096
       
 Stockholders' Equity:      
 Preferred stock  $ 97,380  $ 97,174  $ 96,568
 Common stock  301,204 301,317 301,208
 Common stock warrants 4,473  4,405  5,361
 Accumulated other comprehensive income (loss), net of taxes (4,753) 11,169 20,162
 Retained earnings 427,325 430,578 429,259
 Treasury stock  (77,733) (84,087) (125,321)
 Total stockholders' equity  $ 747,896  $ 760,556  $ 727,237
     
 Total liabilities and stockholders' equity  $ 7,274,527  $ 7,013,852  $ 7,086,333
 
PARK NATIONAL CORPORATION 
Consolidated Statements of Income - Linked Quarters
           
  2011 2010 2010 2010 2010
(in thousands, except per share data) 1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
           
Interest income:          
 Interest and fees on loans   $ 65,454  $ 67,405  $ 67,123  $ 66,723  $ 66,441
 Interest on:          
 Obligations of U.S. Government, its agencies          
 and other securities  19,053  16,768  19,333 20,263  20,475
 Obligations of states and political subdivisions  149  173  192  204  217
 Other interest income  6  45  34  52  69
 Total interest income  84,662  84,391  86,682  87,242  87,202
           
Interest expense:          
 Interest on deposits:          
 Demand and savings deposits  991  1,133  1,263  1,582  1,775
 Time deposits  6,734  7,512  8,532  9,518  10,650
 Interest on borrowings  7,624  7,248  7,442  7,421  7,397
 Total interest expense  15,349  15,893  17,237  18,521  19,822
         
 Net interest income  69,313  68,498  69,445  68,721  67,380
           
Provision for loan losses  13,500  20,448  14,654  13,250  16,550
         
 Net interest income after provision for loan losses  55,813  48,050  54,791  55,471  50,830
           
Other income  13,171  14,745  17,530  16,647  16,710
           
Gain on sale of securities  6,635  45  --   3,515  8,304
           
Other expense:          
 Salaries and employee benefits  25,064  24,631  24,500  24,013  25,171
 Occupancy expense  3,000  2,760  2,840  2,793  3,117
 Furniture and equipment expense  2,657  2,615  2,624  2,564  2,632
 Other expense  15,625  16,514  15,732  17,631  16,970
 Total other expense  46,346  46,520  45,696  47,001  47,890
         
 Income before income taxes  29,273  16,320  26,625  28,632  27,954
           
Income taxes  7,895  3,625  7,048  7,466  7,175
         
 Net income   $ 21,378  $ 12,695  $ 19,577  $ 21,166  $ 20,779
           
Preferred stock dividends and accretion  1,464  1,452  1,452  1,451  1,452
         
 Net income available to common shareholders  $ 19,914  $ 11,243  $ 18,125  $ 19,715  $ 19,327
           
Per Common Share:          
 Net income - basic  $ 1.29  $ 0.73  $ 1.19  $ 1.30  $ 1.30
 Net income - diluted  $ 1.29  $ 0.73  $ 1.19  $ 1.30  $ 1.30
 
PARK NATIONAL CORPORATION 
Detail of other income and other expense - Linked Quarters
           
  2011 2010 2010 2010 2010
(in thousands) 1st QTR 4th QTR 3rd QTR 2nd QTR 1st QTR
           
Other income:          
 Income from fiduciary activities  $ 3,722  $ 3,609  $ 3,314  $ 3,528  $ 3,422
 Service charges on deposits  4,245  4,853  5,026  5,092  4,746
 Other service income  2,301  3,449  3,909  3,476  2,982
 Checkcard fee income  2,976  3,068  2,900  2,765  2,444
 Bank owned life insurance income  1,229  1,195  1,313  1,254  1,216
 ATM fees  654  655  699  832  765
 OREO devaluations  (4,394)  (5,971)  (1,555)  (1,919)  (1,145)
 Other  2,438  3,887  1,924  1,619  2,280
 Total other income  $ 13,171  $ 14,745  $ 17,530  $ 16,647  $ 16,710
           
Other expense:          
 Salaries and employee benefits  $ 25,064  $ 24,631  $ 24,500  $ 24,013  $ 25,171
 Net occupancy expense  3,000  2,760  2,840  2,793  3,117
 Furniture and equipment expense  2,657  2,615  2,624  2,564  2,632
 Data processing fees  1,253  1,339  1,403  1,394  1,593
 Professional fees and services  4,874  5,341  4,477  5,299  4,856
 Amortization of intangibles  669  822  822  842  936
 Marketing  623  968  840  946  902
 Insurance  2,269  2,136  2,316  2,333  2,198
 Communication  1,556  1,536  1,696  1,647  1,769
 State taxes  457  622  865  838  845
 Other  3,924  3,750  3,313  4,332  3,871
 Total other expense  $ 46,346  $ 46,520  $ 45,696  $ 47,001  $ 47,890
 
PARK NATIONAL CORPORATION 
Asset Quality Information
         
  Quarter ended Year ended December 31,
(in thousands, except ratios) March 31, 2011 2010 2009 2008
         
Allowance for loan losses:        
 Allowance for loan losses, beginning of period  $ 121,397  $ 116,717  $ 100,088  $ 87,102
 Charge-offs 10,399 66,314 59,022 62,916
 Recoveries  2,361  6,092  6,830  5,415
 Net charge-offs  8,038  60,222  52,192  57,501
 Provision for loan losses  13,500  64,902  68,821  70,487
 Allowance for loan losses, end of period  $ 126,859  $ 121,397  $ 116,717  $ 100,088
         
General reserve trends:        
 Allowance for loan losses, end of period  $ 126,859  $ 121,397  $ 116,717  $ 100,088
 Specific reserves  47,287  43,459  36,721  8,875
 General reserves  $ 79,572  $ 77,938  $ 79,996  $ 91,213
         
 Total loans  $ 4,750,975  $ 4,732,685  $ 4,640,432  $ 4,491,337
 Impaired commercial loans  238,959  250,933  201,143  141,343
 Non-impaired loans  $ 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) 0.69% 1.30% 1.14% 1.32%
 Allowance for loan losses as a % of period end loans 2.67% 2.57% 2.52% 2.23%
 General reserves as a % of non-impaired loans 1.76% 1.74% 1.80% 2.10%
         
Nonperforming Assets - Park National Corporation:        
 Nonaccrual loans  $ 278,819  $ 289,268  $ 233,544  $ 159,512
 Renegotiated loans  260  --   142  2,845
 Loans past due 90 days or more  2,228  3,590  14,773  5,421
 Total nonperforming loans  $ 281,307  $ 292,858  $ 248,459  $ 167,778
 Other real estate owned - Park National Bank  9,788  8,385  6,037  6,149
 Other real estate owned - Parent Company  13,004  --   --   -- 
 Other real estate owned - Vision Bank  24,341  35,940  35,203  19,699
 Total nonperforming assets  $ 328,440  $ 337,183  $ 289,699  $ 193,626
 Percentage of nonperforming loans to period end loans 5.92% 6.19% 5.35% 3.74%
 Percentage of nonperforming assets to period end loans 6.91% 7.12% 6.24% 4.31%
 Percentage of nonperforming assets to period end assets 4.48% 4.62% 4.11% 2.74%
         
Nonperforming Assets - Ohio-based operations:        
 Nonaccrual loans  $ 115,476  $ 117,815  $ 85,197  $ 68,306
 Renegotiated loans  260  --   142  -- 
 Loans past due 90 days or more  2,228  3,226  3,496  4,777
 Total nonperforming loans  $ 117,964  $ 121,041  $ 88,835  $ 73,083
 Other real estate owned - Park National Bank  9,788  8,385  6,037  6,149
 Other real estate owned - Parent Company  13,004  --   --   -- 
 Total nonperforming assets  $ 140,756  $ 129,426  $ 94,872  $ 79,232
 Percentage of nonperforming loans to period end loans 2.86% 2.96% 2.24% 1.92%
 Percentage of nonperforming assets to period end loans 3.41% 3.16% 2.39% 2.08%
 Percentage of nonperforming assets to period end assets 2.15% 1.99% 1.54% 1.29%
         
Nonperforming Assets - Vision Bank:        
 Nonaccrual loans  $ 163,343  $ 171,453  $ 148,347  $ 91,206
 Renegotiated loans  --   --   --   2,845
 Loans past due 90 days or more  --   364  11,277  644
 Total nonperforming loans  $ 163,343  $ 171,817  $ 159,624  $ 94,695
 Other real estate owned  24,341  35,940  35,203  19,699
 Total nonperforming assets  $ 187,684  $ 207,757  $ 194,827  $ 114,394
 Percentage of nonperforming loans to period end loans 26.06% 26.82% 23.58% 13.71%
 Percentage of nonperforming assets to period end loans 29.95% 32.43% 28.78% 16.57%
 Percentage of nonperforming assets to period end assets 23.40% 25.71% 21.70% 12.47%
         
New nonaccrual loan information:        
 Nonaccrual loans, beginning of period  $ 289,268  $ 233,544  $ 159,512  $ 101,128
 New nonaccrual loans - Ohio-based operations  8,674  85,081  57,641  58,161
 New nonaccrual loans - Vision Bank  5,994  90,094  126,540  83,588
 Resolved nonaccrual loans  25,117  119,451  110,149  83,365
 Nonaccrual loans, end of period  $ 278,819  $ 289,268  $ 233,544  $ 159,512
         
Impaired Commercial Loan Portfolio Information (period end):        
 Unpaid principal balance  $ 294,355  $ 304,534  $ 245,092  $ 171,310
 Prior charge-offs  55,396  53,601  43,949  29,967
 Remaining principal balance  238,959  250,933  201,143  141,343
 Specific reserves  47,287  43,459  36,721  8,875
 Book value, after specific reserve  $ 191,672  $ 207,474  $ 164,422  $ 132,468
         
Vision Bank Commercial Land & Development (CL&D) Loan Portfolio Information:        
 CL&D loans, period end  $ 161,140  $ 170,989  $ 218,263  $ 251,443
 Performing CL&D loans, period end  79,080  84,498  132,380  191,712
 Impaired CL&D loans, period end  82,060  86,491  85,883  59,731
 Specific reserve on impaired CL&D loans  25,543  23,585  21,802  3,134
 Book value of impaired CL&D loans, after specific reserve  $ 56,517  $ 62,906  $ 64,081  $ 56,597
         
 Cumulative prior charge-offs on impaired Vision Bank CL&D loans, period end  $ 30,538  $ 28,652  $ 24,931  $ 18,839
CONTACT: Media contacts:
         Bethany Lewis
         740.349.0421
         blewis@parknationalbank.com
         John Kozak
         740.349.3792

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.11%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.65%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.36%
13.34%
Cash Back Cards 17.84%
17.82%
Rewards Cards 17.09%
17.07%
Source: Bankrate.com