Attached files
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| 8-K - FORM 8-K - PARK NATIONAL CORP /OH/ | v237782_8k.htm |
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October 24, 2011
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Exhibit 99.1
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Park National Corporation reports
third quarter 2011 financial results
NEWARK, Ohio – Park National Corporation (Park) (NYSE Amex: PRK) today reported financial results for the three and nine months ended September 30, 2011 (third quarter and first nine months, respectively). Net income for the third quarter of 2011 was $18.3 million, compared to $19.6 million in net income for the same period in 2010. Net income per diluted common share was $1.09, an 8.4 percent decline from Park’s net income per diluted common share of $1.19 for the third quarter of 2010.
Net income for the first nine months of 2011 was $60.0 million, compared to $61.5 million in net income for the same period in 2010. Net income per diluted common share was $3.61 for the first nine months of 2011, a 4.7 percent decline from the net income per diluted common share of $3.79 reported in the first nine months of 2010.
Park’s net income for the nine months ended September 30, 2011 and 2010 included pre-tax gains of $25.5 million and $11.8 million, respectively, from the sale of investment securities. Excluding these gains, net income for the first nine months of 2011 was $43.5 million or $2.54 per diluted common share, compared to net income of $53.8 million or $3.28 per diluted common share in 2010.
Ohio-Based Operations
Park's Ohio-based operations reported net income of $86.3 million for the first nine months of 2011, compared to net income of $81.1 million for the same period in 2010. Net income for Park’s Ohio-based operations for the nine months ended September 30, 2011 and 2010 included pre-tax gains of $23.6 million and $11.8 million, respectively, from the sale of investment securities. Excluding these gains, net income for Park’s Ohio-based operations for the first nine months of 2011 was $70.9 million, compared to net income of $73.4 million in 2010. Park’s Ohio-based operations had total assets of $6.4 billion at September 30, 2011, compared to $6.3 billion at September 30, 2010.
“We are very proud of the results from our Ohio operations,” said Park Chairman C. Daniel DeLawder. “Near-record performance this year is a result of our associates’ highly focused effort and steadfast dedication to delivering levels of personal service unmatched by our competition.”
Credit Quality
Total nonperforming loans (including loans past due 90 days and still accruing) were $232.0 million at September 30, 2011, a decline of $60.9 million, or 20.8 percent, from the $292.9 million in nonperforming loans at December 31, 2010. This decline is primarily due to the considerable decline in new nonaccrual loans during 2011 at Park subsidiary Vision Bank. New nonaccrual loans through the first nine months of 2011 were $65.0 million, compared to new nonaccruals of $175.2 million for the year ended December 31, 2010.
“Our concentration on reducing nonaccrual loans within Vision Bank continues unabated,” DeLawder said. “We are pleased with the significant progress made so far in 2011.”
Park's loan loss provision for the nine months ended September 30, 2011 was $55.9 million, compared to $44.5 million for the same period in 2010. Of the $55.9 million loan loss provision recorded in the first nine months of 2011, $35.4 million was recorded at Vision Bank, with the remaining $20.5 million recorded within Park's Ohio-based operations.
Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
Headquartered in Newark, Ohio, Park National Corporation has $7.1 billion in total assets (as of September 30, 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).
Media contacts: Bethany Lewis, 740.349.0421, blewis@parknationalbank.com or John Kozak, 740.349.3792
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this news release or made by management of Park 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; changes in interest 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 and in “Item 1A. Risk Factors” of Part II of Park’s Quarterly Report on Form 10-Q for the period ended June 30, 2011. 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
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
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PARK NATIONAL CORPORATION
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Financial Highlights
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Three months ended September 30, 2011, June 30, 2011, and September 30, 2010
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2011
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2011
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2010
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Percent change vs.
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|||||||||||||||||
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(in thousands, except share and per share data)
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3rd QTR
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2nd QTR
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3rd QTR
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2Q '11
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3Q '10
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INCOME STATEMENT:
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Net interest income
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$ | 67,620 | $ | 70,022 | $ | 69,445 | -3.4 | % | -2.6 | % | ||||||||||
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Provision for loan losses
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18,525 | 23,900 | 14,654 | -22.5 | % | 26.4 | % | |||||||||||||
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Other income
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16,927 | 13,236 | 17,530 | 27.9 | % | -3.4 | % | |||||||||||||
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Gain on sale of securities
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3,465 | 15,362 | - | -77.4 | % |
N.M.
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Total other expense
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45,599 | 47,007 | 45,696 | -3.0 | % | -0.2 | % | |||||||||||||
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Income before income taxes
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$ | 23,888 | $ | 27,713 | $ | 26,625 | -13.8 | % | -10.3 | % | ||||||||||
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Income taxes
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5,579 | 7,396 | 7,048 | -24.6 | % | -20.8 | % | |||||||||||||
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Net income
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$ | 18,309 | $ | 20,317 | $ | 19,577 | -9.9 | % | -6.5 | % | ||||||||||
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Preferred stock dividends and accretion
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1,464 | 1,464 | 1,452 | 0.0 | % | 0.8 | % | |||||||||||||
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Net income available to common shareholders
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$ | 16,845 | $ | 18,853 | $ | 18,125 | -10.7 | % | -7.1 | % | ||||||||||
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MARKET DATA:
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Earnings per common share - basic (b)
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$ | 1.09 | $ | 1.22 | $ | 1.19 | -10.7 | % | -8.4 | % | ||||||||||
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Earnings per common share - diluted (b)
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1.09 | 1.22 | 1.19 | -10.7 | % | -8.4 | % | |||||||||||||
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Cash dividends per common share
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0.94 | 0.94 | 0.94 | 0.0 | % | 0.0 | % | |||||||||||||
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Common book value per common share at period end (h)
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42.97 | 42.21 | 43.10 | 1.8 | % | -0.3 | % | |||||||||||||
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Stock price per common share at period end
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52.88 | 65.86 | 64.04 | -19.7 | % | -17.4 | % | |||||||||||||
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Market capitalization at period end
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814,294 | 1,014,172 | 979,956 | -19.7 | % | -16.9 | % | |||||||||||||
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Weighted average common shares - basic (a)
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15,398,909 | 15,398,919 | 15,272,720 | 0.0 | % | 0.8 | % | |||||||||||||
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Weighted average common shares - diluted (a)
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15,398,909 | 15,399,593 | 15,272,720 | 0.0 | % | 0.8 | % | |||||||||||||
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Common shares outstanding at period end
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15,398,904 | 15,398,913 | 15,302,244 | 0.0 | % | 0.6 | % | |||||||||||||
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PERFORMANCE RATIOS:
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Annualized return on average assets (a)(b)
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0.93 | % | 1.04 | % | 1.02 | % | -10.6 | % | -8.8 | % | ||||||||||
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Annualized return on average common equity (a)(b)
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10.15 | % | 11.51 | % | 10.90 | % | -11.8 | % | -6.9 | % | ||||||||||
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Yield on loans
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5.59 | % | 5.61 | % | 5.76 | % | -0.4 | % | -3.0 | % | ||||||||||
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Yield on investments
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3.40 | % | 3.83 | % | 4.26 | % | -11.2 | % | -20.2 | % | ||||||||||
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Yield on earning assets
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4.95 | % | 5.08 | % | 5.34 | % | -2.6 | % | -7.3 | % | ||||||||||
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Cost of interest bearing deposits
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0.63 | % | 0.67 | % | 0.91 | % | -6.0 | % | -30.8 | % | ||||||||||
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Cost of borrowings
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2.69 | % | 2.65 | % | 2.91 | % | 1.5 | % | -7.6 | % | ||||||||||
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Cost of paying liabilities
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1.07 | % | 1.09 | % | 1.29 | % | -1.8 | % | -17.1 | % | ||||||||||
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Net interest margin (annualized) (g)
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4.09 | % | 4.19 | % | 4.28 | % | -2.4 | % | -4.4 | % | ||||||||||
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Efficiency ratio (g)
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53.63 | % | 56.13 | % | 52.21 | % | -4.5 | % | 2.7 | % | ||||||||||
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OTHER RATIOS (NON GAAP):
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Annualized return on average tangible assets (a)(b)(e)
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0.94 | % | 1.05 | % | 1.03 | % | -10.5 | % | -8.7 | % | ||||||||||
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Annualized return on average tangible common equity (a)(b)(c)
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11.49 | % | 13.04 | % | 12.39 | % | -11.9 | % | -7.3 | % | ||||||||||
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Tangible common book value per common share (d)
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$ | 38.01 | $ | 37.21 | $ | 37.93 | 2.1 | % | 0.2 | % | ||||||||||
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PARK NATIONAL CORPORATION
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Financial Highlights (continued)
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Three months ended September 30, 2011, June 30, 2011, and September 30, 2010
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Percent change vs.
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September 30, 2011
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June 30, 2011
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September 30, 2010
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2Q '11
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3Q '10
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BALANCE SHEET:
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Investment securities
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$ | 1,708,631 | $ | 1,960,866 | $ | 1,896,969 | -12.9 | % | -9.9 | % | ||||||||||
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Loans
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4,680,575 | 4,710,513 | 4,656,902 | -0.6 | % | 0.5 | % | |||||||||||||
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Allowance for loan losses
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100,248 | 110,187 | 117,405 | -9.0 | % | -14.6 | % | |||||||||||||
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Goodwill and other intangibles
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76,370 | 77,039 | 79,199 | -0.9 | % | -3.6 | % | |||||||||||||
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Other real estate owned
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46,911 | 47,997 | 52,837 | -2.3 | % | -11.2 | % | |||||||||||||
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Total assets
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7,099,688 | 7,328,686 | 7,090,456 | -3.1 | % | 0.1 | % | |||||||||||||
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Total deposits
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5,089,187 | 5,257,517 | 5,100,030 | -3.2 | % | -0.2 | % | |||||||||||||
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Borrowings
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1,142,043 | 1,130,564 | 1,003,624 | 1.0 | % | 13.8 | % | |||||||||||||
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Stockholders' equity
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759,643 | 747,760 | 756,627 | 1.6 | % | 0.4 | % | |||||||||||||
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Common equity (h)
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661,711 | 650,042 | 659,539 | 1.8 | % | 0.3 | % | |||||||||||||
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Tangible common equity (d)
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585,341 | 573,003 | 580,340 | 2.2 | % | 0.9 | % | |||||||||||||
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Nonperforming loans
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229,814 | 238,723 | 237,194 | -3.7 | % | -3.1 | % | |||||||||||||
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Nonperforming assets
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276,725 | 286,720 | 290,031 | -3.5 | % | -4.6 | % | |||||||||||||
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Past due 90 day loans and still accruing
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2,162 | 3,142 | 10,700 | -31.2 | % | -79.8 | % | |||||||||||||
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ASSET QUALITY RATIOS:
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Loans as a % of period end assets
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65.93 | % | 64.28 | % | 65.68 | % | 2.6 | % | 0.4 | % | ||||||||||
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Nonperforming loans as a % of period end loans
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4.91 | % | 5.07 | % | 5.09 | % | -3.2 | % | -3.5 | % | ||||||||||
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Past due 90 day loans as a % of period end loans
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0.05 | % | 0.07 | % | 0.23 | % | -28.6 | % | -78.3 | % | ||||||||||
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Nonperforming assets / Period end loans + OREO
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5.85 | % | 6.03 | % | 6.16 | % | -3.0 | % | -5.0 | % | ||||||||||
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Allowance for loan losses as a % of period end loans
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2.14 | % | 2.34 | % | 2.52 | % | -8.5 | % | -15.1 | % | ||||||||||
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Net loan charge-offs
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$ | 28,464 | $ | 40,572 | $ | 17,925 | -29.8 | % | 58.8 | % | ||||||||||
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Annualized net loan charge-offs as a % of average loans (a)
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2.41 | % | 3.43 | % | 1.53 | % | -29.7 | % | 57.5 | % | ||||||||||
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CAPITAL & LIQUIDITY:
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Total equity / Period end assets
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10.70 | % | 10.20 | % | 10.67 | % | 4.9 | % | 0.3 | % | ||||||||||
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Common equity / Period end assets
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9.32 | % | 8.87 | % | 9.30 | % | 5.1 | % | 0.2 | % | ||||||||||
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Tangible common equity (d) / Tangible assets (f)
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8.33 | % | 7.90 | % | 8.28 | % | 5.4 | % | 0.6 | % | ||||||||||
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Average equity / Average assets (a)
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10.51 | % | 10.34 | % | 10.73 | % | 1.6 | % | -2.1 | % | ||||||||||
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Average equity / Average loans (a)
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16.12 | % | 15.91 | % | 16.27 | % | 1.3 | % | -0.9 | % | ||||||||||
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Average loans / Average deposits (a)
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90.32 | % | 89.67 | % | 89.64 | % | 0.7 | % | 0.8 | % | ||||||||||
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PARK NATIONAL CORPORATION
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Financial Highlights
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Nine months ended September 30, 2011 and 2010
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September 30,
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September 30,
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(in thousands, except share and per share data)
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2011
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2010
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Percent change
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INCOME STATEMENT:
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Net interest income
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$ | 206,955 | $ | 205,546 | 0.7 | % | ||||||
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Provision for loan losses
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55,925 | 44,454 | 25.8 | % | ||||||||
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Other income
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43,334 | 50,887 | -14.8 | % | ||||||||
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Gain on sale of securities
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25,462 | 11,819 | 115.4 | % | ||||||||
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Total other expense
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138,952 | 140,587 | -1.2 | % | ||||||||
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Income before income taxes
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$ | 80,874 | $ | 83,211 | -2.8 | % | ||||||
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Income taxes
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20,870 | 21,689 | -3.8 | % | ||||||||
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Net income
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$ | 60,004 | $ | 61,522 | -2.5 | % | ||||||
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Preferred stock dividends and accretion
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4,392 | 4,355 | 0.8 | % | ||||||||
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Net income available to common shareholders
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$ | 55,612 | $ | 57,167 | -2.7 | % | ||||||
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MARKET DATA:
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Earnings per common share - basic (b)
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$ | 3.61 | $ | 3.79 | -4.7 | % | ||||||
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Earnings per common share - diluted (b)
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3.61 | 3.79 | -4.7 | % | ||||||||
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Cash dividends per common share
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2.82 | 2.82 | 0.0 | % | ||||||||
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Weighted average common shares - basic (a)
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15,398,919 | 15,090,113 | 2.0 | % | ||||||||
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Weighted average common shares - diluted (a)
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15,400,641 | 15,090,113 | 2.1 | % | ||||||||
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PERFORMANCE RATIOS:
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Annualized return on average assets (a)(b)
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1.02 | % | 1.08 | % | -5.6 | % | ||||||
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Annualized return on average common equity (a)(b)
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11.34 | % | 11.85 | % | -4.3 | % | ||||||
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Yield on loans
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5.61 | % | 5.82 | % | -3.6 | % | ||||||
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Yield on investments
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3.73 | % | 4.38 | % | -14.8 | % | ||||||
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Yield on earning assets
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5.06 | % | 5.41 | % | -6.5 | % | ||||||
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Cost of interest bearing deposits
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0.68 | % | 1.03 | % | -34.0 | % | ||||||
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Cost of borrowings
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2.61 | % | 2.92 | % | -10.6 | % | ||||||
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Cost of paying liabilities
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1.10 | % | 1.39 | % | -20.9 | % | ||||||
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Net interest margin (annualized) (g)
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4.16 | % | 4.26 | % | -2.3 | % | ||||||
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Efficiency ratio (g)
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55.19 | % | 54.50 | % | 1.3 | % | ||||||
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ASSET QUALITY RATIOS:
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Net loan charge-offs
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$ | 77,074 | $ | 43,766 | 76.1 | % | ||||||
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Annualized net loan charge-offs as a % of average loans (a)
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2.18 | % | 1.27 | % | 71.7 | % | ||||||
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CAPITAL & LIQUIDITY:
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Average equity / Average assets (a)
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10.38 | % | 10.52 | % | -1.3 | % | ||||||
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Average equity / Average loans (a)
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15.93 | % | 16.04 | % | -0.7 | % | ||||||
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Average loans / Average deposits (a)
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90.39 | % | 88.89 | % | 1.7 | % | ||||||
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OTHER RATIOS (NON GAAP):
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Annualized return on average tangible assets (a)(b)(e)
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1.04 | % | 1.10 | % | -5.5 | % | ||||||
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Annualized return on average tangible common equity (a)(b)(c)
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12.86 | % | 13.54 | % | -5.0 | % | ||||||
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PARK NATIONAL CORPORATION
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Financial Highlights (continued)
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N.M. - Not Meaningful
(a) Averages are for the quarters ended September 30, 2011, June 30, 2011, and September 30, 2010, and the nine-month periods ended September 30, 2011 and September 30, 2010.
(b) Reported measure uses net income available to common shareholders.
(c) Annualized return on average tangible common equity equals 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:
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THREE MONTHS ENDED
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NINE MONTHS ENDED
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September 30, 2011
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June 30, 2011
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September 30, 2010
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September 30, 2011
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September 30, 2010
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AVERAGE STOCKHOLDERS' EQUITY
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$ | 756,249 | $ | 754,788 | $ | 756,939 | $ | 753,009 | $ | 741,837 | ||||||||||
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Less: Average preferred stock
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97,808 | 97,595 | 96,972 | 97,596 | 96,771 | |||||||||||||||
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Average goodwill and other intangibles
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76,734 | 77,404 | 79,651 | 77,397 | 80,492 | |||||||||||||||
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AVERAGE TANGIBLE COMMON EQUITY
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$ | 581,707 | $ | 579,789 | $ | 580,316 | $ | 578,016 | $ | 564,574 | ||||||||||
(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:
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September 30, 2011
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June 30, 2011
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September 30, 2010
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STOCKHOLDERS' EQUITY
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$ | 759,643 | $ | 747,760 | $ | 756,627 | ||||||
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Less: Preferred stock
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97,932 | 97,718 | 97,088 | |||||||||
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Goodwill and other intangibles
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76,370 | 77,039 | 79,199 | |||||||||
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TANGIBLE COMMON EQUITY
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$ | 585,341 | $ | 573,003 | $ | 580,340 | ||||||
(e) Annualized return on average tangible assets equals 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:
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THREE MONTHS ENDED
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NINE MONTHS ENDED
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September 30, 2011
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June 30, 2011
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September 30, 2010
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September 30, 2011
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September 30, 2010
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AVERAGE ASSETS
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$ | 7,197,482 | $ | 7,300,149 | $ | 7,052,789 | $ | 7,257,104 | $ | 7,052,488 | ||||||||||
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Less: Average goodwill and other intangibles
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76,734 | 77,404 | 79,651 | 77,397 | 80,492 | |||||||||||||||
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AVERAGE TANGIBLE ASSETS
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$ | 7,120,748 | $ | 7,222,745 | $ | 6,973,138 | $ | 7,179,707 | $ | 6,971,996 | ||||||||||
(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:
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September 30, 2011
|
June 30, 2011
|
September 30, 2010
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||||||||||
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TOTAL ASSETS
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$ | 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 | ||||||
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
|
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 | ||||||||||
(h) Common book value at period end equals common equity divided by common shares outstanding at period end. Common equity equals stockholders' equity less preferred stock, in each case at the end of the period.
RECONCILIATION OF STOCKHOLDERS' EQUITY TO COMMON EQUITY
|
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 | ||||||||||||
PARK NATIONAL CORPORATION
Consolidated Balance Sheets
|
(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 | ||||||
PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
|
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 | ||||||||||
PARK NATIONAL CORPORATION
Consolidated Statements of Income - Linked Quarters
|
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 | ||||||||||
PARK NATIONAL CORPORATION
Detail of other income and other expense - Linked Quarters
|
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 | ||||||||||
PARK NATIONAL CORPORATION
Asset Quality Information
|
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 | % | ||||||||||||
PARK NATIONAL CORPORATION
Asset Quality Information
|
Quarter ended
|
Year ended December 31,
|
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|
(in thousands, except ratios)
|
September 30, 2011
|
June 30, 2011
|
March 31, 2011
|
2010
|
2009
|
2008
|
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|
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:
|
||||||||||||||||||||||||
|
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):
|
||||||||||||||||||||||||
|
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 | % | ||||||||||||