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The third quarter of 2008 included a goodwill impairment charge of $55.0 million at Vision Bank, resulting in a net loss of $38.4 million, or $2.75 per diluted common share. For the first three quarters of 2008, Park reported net income of $2.8 million, or $0.20 per diluted common share. Absent the goodwill impairment charge, Park's net income for the third quarter 2008 would have been $16.6 million, or $1.19 per diluted common share. Net income for the nine months ended September 30, 2008 was $57.7 million, or $4.14 per diluted common share, prior to the impairment charge.
"We are especially pleased with the continued record performance of our Ohio-based operations," said Park Chairman C. Daniel DeLawder. "Our strong earnings are a direct result of consistent and dedicated personal attention delivered by our associates. Current technology, up-to-date deposit services and reliable home loans combined with extraordinary local service are all reasons why people trust us to keep our promises."
Net income for Park's Ohio-based operations for the nine months ended September 30, 2009 was $79.0 million, an increase of $6.0 million from the $73.0 million reported for the same period in 2008.
Park's Board of Directors declared a $0.94 per common share quarterly cash dividend. The dividend is payable on December 10, 2009 to common shareholders of record as of November 25, 2009.
Park's net charge-offs for the third quarter of 2009 totaled $9.7 million or an annualized 0.84 percent of average loans outstanding. This compares to net loan charge-offs of $12.8 million or an annualized 1.15 percent of average loans outstanding for the same period in 2008.
Park's loan loss provision for the third quarter of 2009 was $15.0 million, compared to $15.9 million for the third quarter of 2008. Park subsidiary Vision Bank (headquartered in Panama City, Fla.) had a third quarter 2009 loan loss provision of $10.0 million, compared to $11.5 million for the same period in 2008. The Ohio-based operations had a loan loss provision of $5.0 million for the third quarter of 2009, compared to $4.4 million for the same period in 2008.
Park continues to proactively address the impact of current economic conditions within the loan portfolio through increases in the allowance for loan losses. As of September 30, 2009, the loan loss allowance was $110.0 million, an increase of 9.9 percent over the balance of $100.1 million at December 31, 2008. Non-performing loans were $207.2 million at September 30, 2009, compared to $206.6 million at June 30, 2009 and $162.4 million at December 31, 2008. For the three month period ended September 30, 2009, Park's classified commercial loans, the type that represent the largest risk of potential future loss, declined by 6.0 percent.
Park experienced $123.8 million loan growth (or 3.7 percent annualized) for the nine month period ended September 30, 2009. Park also reported continued deposit growth for the same period, with $353.2 million (or 9.9 percent annualized) growth in deposits.
"We have experienced excellent deposit growth in 2009, which has helped fund solid loan growth throughout the year," DeLawder said. "Additionally, home loan origination and refinance activity have been exceptional throughout 2009." Park originated $531 million in fixed rate residential mortgages through September 30, 2009, compared to $134 million for the same period in 2008.
"Strong financial performance puts us in a unique position to help even more families take advantage of recently lowered home loan rates. It's a great time to borrow money," DeLawder added.
Park continued its disciplined approach within the At-the-Market common stock offering. Through September 30, 2009, it has sold 288,272 common shares at an average price of $60.83. Net of all selling and due diligence expenses, the offering has generated additional capital of $16.7 million.
Headquartered in Newark, Ohio, Park National Corporation holds $7.0 billion in total assets (as of September 30, 2009). 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, Richland Bank, Century National Bank, First-Knox National Bank, Farmers and Savings Bank, United Bank, Second National Bank, Security National Bank, Unity National Bank and The Park National Bank of Southwest Ohio & Northern Kentucky. 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 Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance) and Guardian Finance Company.
Complete financial tables are included 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; 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 national 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 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; our ability to convert our Ohio-based banking divisions into one operating system; 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 concerning taxes, banking, securities and other aspects of the financial services industry; 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, 2008 and in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009. 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
(Dollars in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
INCOME SEPTEMBER 30, SEPTEMBER 30,
STATEMENT AND PERCENT PERCENT
RATIOS 2009 2008 CHANGE 2009 2008 CHANGE
------- -------- -------- -------- -------- --------
NET INTEREST
INCOME $68,462 $ 65,228 4.96% $204,689 $191,038 7.15%
----------------------------------------- ----------------------------
PROVISION FOR
LOAN LOSSES 14,958 15,906 -5.96% 43,101 37,869 13.82%
----------------------------------------- ----------------------------
OTHER INCOME 18,165 17,088 6.30% 57,132 56,670 0.82%
----------------------------------------- ----------------------------
GAIN ON SALE
OF SECURITIES -- -- 7,340 896
----------------------------------------- ----------------------------
GOODWILL
IMPAIRMENT
CHARGE -- 54,986 -100.00% -- 54,986 -100.00%
----------------------------------------- ----------------------------
OTHER EXPENSE 46,052 44,493 3.50% 142,065 132,203 7.46%
----------------------------------------- ----------------------------
INCOME BEFORE
TAXES 25,617 (33,069) N.M. 83,995 23,546 N.M.
----------------------------------------- ----------------------------
NET INCOME
(LOSS) 19,199 (38,412) N.M. 61,896 2,757 N.M.
----------------------------------------- ----------------------------
NET INCOME
(LOSS) AVAIL-
ABLE TO
COMMON SHARE-
HOLDERS (a) 17,759 (38,412) N.M. 57,575 2,757 N.M.
----------------------------------------- ----------------------------
NET INCOME
(LOSS) PER
COMMON SHARE-
BASIC (a) 1.25 (2.75) N.M. 4.10 0.20 N.M.
----------------------------------------- ----------------------------
NET INCOME
(LOSS) PER
COMMON SHARE-
DILUTED (a) 1.25 (2.75) N.M. 4.10 0.20 N.M.
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
ASSETS (a) 1.01% -2.25% 1.10% 0.06%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
COMMON
EQUITY (a) 12.18% -26.72% 13.62% 0.64%
----------------------------------------- ----------------------------
CASH DIVIDENDS
DECLARED PER
COMMON SHARE 0.94 0.94 0.00% 2.82 2.82 0.00%
----------------------------------------- ----------------------------
INCOME
STATEMENT AND
RATIOS
(NON GAAP)
NET INCOME
BEFORE
IMPAIRMENT
CHARGE (c) 19,199 16,574 15.84% 61,896 57,743 7.19%
----------------------------------------- ----------------------------
NET INCOME
AVAILABLE TO
COMMON
SHAREHOLDERS
BEFORE
IMPAIRMENT
CHARGE (a)(c) 17,759 16,574 7.15% 57,575 57,743 -0.29%
----------------------------------------- ----------------------------
NET INCOME
BEFORE
IMPAIRMENT
CHARGE PER
SHARE-
DILUTED (c) 1.25 1.19 5.04% 4.10 4.14 -0.97%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
TANGIBLE
ASSETS BEFORE
IMPAIRMENT
CHARGE (g) 1.02% 0.99% 1.11% 1.18%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
ASSETS BEFORE
IMPAIRMENT
CHARGE (a)(c) 1.01% 0.97% 1.10% 1.15%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
TANGIBLE
REALIZED
COMMON EQUITY
BEFORE
IMPAIRMENT
CHARGE (a)(d) 14.53% 15.00% 16.37% 17.78%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
COMMON EQUITY
BEFORE
IMPAIRMENT
CHARGE (a)(c) 12.18% 11.53% 13.62% 13.36%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
TANGIBLE
ASSETS(f)(a) 1.02% -2.30% 1.11% 0.06%
----------------------------------------- ----------------------------
RETURN ON
AVERAGE
TANGIBLE
REALIZED
COMMON
EQUITY (b)(a) 14.53% -34.76% 16.37% 0.85%
----------------------------------------- ----------------------------
OTHER RATIOS
YIELD ON
EARNING
ASSETS 5.66% 6.25% 5.72% 6.48%
----------------------------------------- ----------------------------
COST OF PAYING
LIABILITIES 1.73% 2.42% 1.78% 2.67%
----------------------------------------- ----------------------------
NET INTEREST
MARGIN 4.22% 4.17% 4.23% 4.18%
----------------------------------------- ----------------------------
NET LOAN
CHARGE-OFFS $ 9,720 $ 12,756 $ 33,149 $ 35,776
----------------------------------------- ----------------------------
NET CHARGE-
OFFS AS A
PERCENT OF
AVERAGE LOANS 0.84% 1.15% 0.97% 1.11%
----------------------------------------- ----------------------------
BALANCE SHEET Sept. 30, June 30, Dec. 31, Sept. 30,
2009 2009 2008 2008
---------- ---------- ---------- ----------
INVESTMENTS $1,873,953 $1,913,620 $2,059,051 $1,807,464
--------------------------------------------------------------------
LOANS 4,615,101 4,620,026 4,491,337 4,466,671
--------------------------------------------------------------------
LOAN LOSS RESERVE 110,040 104,804 100,088 89,195
--------------------------------------------------------------------
GOODWILL AND OTHER
INTANGIBLES 82,735 83,672 85,545 86,551
--------------------------------------------------------------------
TOTAL ASSETS 6,970,678 7,007,610 7,070,720 6,799,733
--------------------------------------------------------------------
TOTAL DEPOSITS 5,114,976 5,053,424 4,761,750 4,774,509
--------------------------------------------------------------------
BORROWINGS 1,066,757 1,180,688 1,554,754 1,404,746
--------------------------------------------------------------------
EQUITY 687,327 665,141 642,663 529,685
--------------------------------------------------------------------
COMMON EQUITY 591,035 569,039 546,942 529,685
--------------------------------------------------------------------
TANGIBLE COMMON
EQUITY (e) 508,300 485,367 461,397 443,134
--------------------------------------------------------------------
COMMON BOOK VALUE
PER SHARE 41.45 40.20 39.15 37.93
--------------------------------------------------------------------
TANGIBLE COMMON BOOK
VALUE PER SHARE (e) 35.65 34.29 33.02 31.73
--------------------------------------------------------------------
NONPERFORMING LOANS 207,212 206,581 162,357 127,911
--------------------------------------------------------------------
NONPERFORMING ASSETS 254,227 247,860 188,205 147,661
--------------------------------------------------------------------
PAST DUE 90 DAY LOANS
AND STILL ACCRUING 4,849 4,417 5,421 4,388
--------------------------------------------------------------------
RATIOS
LOANS/ASSETS 66.21% 65.93% 63.52% 65.69%
--------------------------------------------------------------------
NONPERFORMING LOANS/
LOANS 4.49% 4.47% 3.61% 2.86%
--------------------------------------------------------------------
PAST DUE 90 DAY
LOANS/LOANS 0.11% 0.10% 0.12% 0.10%
--------------------------------------------------------------------
LOAN LOSS RESERVE/
LOANS 2.38% 2.27% 2.23% 2.00%
--------------------------------------------------------------------
TOTAL EQUITY/ASSETS 9.86% 9.49% 9.09% 7.79%
--------------------------------------------------------------------
COMMON EQUITY/ASSETS 8.48% 8.12% 7.74% 7.79%
--------------------------------------------------------------------
TANGIBLE COMMON
EQUITY/TANGIBLE
ASSETS (h) 7.38% 7.01% 6.61% 6.60%
--------------------------------------------------------------------
N.M. - Not meaningful
(a) Reported measure excludes the impact of the preferred stock
issued to the U.S. Treasury under the Capital Purchase Program
and uses net income available to common shareholders.
(b) Net Income (loss) available to common shareholders for each
period divided by average tangible realized common equity during
the period. Average tangible realized common equity equals
average stockholders' equity during the applicable period less
(i) average goodwill and other intangibles during the period,
(ii) average accumulated other comprehensive income, net of
taxes, during the period, and (iii) average preferred stock.
(c) Net income (loss) available to common shareholders for the three
months and the nine months ended September 30, 2008 has been
adjusted for the impairment charge to goodwill. Net income before
impairment charge equals net income (loss) for the period plus
the impairment charge to the Vision Bank goodwill of $54,986.
RECONCILIATION OF NET INCOME (LOSS) TO NET INCOME BEFORE
IMPAIRMENT CHARGE:
THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
-------- -------- -------- --------
NET INCOME (LOSS) 19,199 (38,412) 61,896 2,757
------------------------------------------------- ------------------
Plus:
------------------------------------------------- ------------------
Goodwill impairment charge 54,986 54,986
------------------------------------------------- ------------------
NET INCOME BEFORE IMPAIRMENT
CHARGE 19,199 16,574 61,896 57,743
================= ==================
RECONCILIATION OF NET INCOME (LOSS) PER SHARE-DILUTED TO NET INCOME
BEFORE IMPAIRMENT CHARGE PER SHARE DILUTED:
THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
-------- -------- -------- --------
NET INCOME (LOSS) PER SHARE-
DILUTED $ 1.25 $ (2.75) $ 4.10 $ 0.20
------------------------------------------------- ------------------
Plus:
------------------------------------------------- ------------------
Impairment charge to
goodwill per share-
diluted -- 3.94 -- 3.94
------------------------------------------------- ------------------
NET INCOME BEFORE IMPAIRMENT
CHARGE PER SHARE-DILUTED $ 1.25 $ 1.19 $ 4.10 $ 4.14
================= ==================
(d) Net Income before impairment charge for each period divided by
average tangible realized common equity during the period.
Average tangible realized common equity equals average
stockholders' equity during the applicable period less
(i) average preferred stock, (ii)average goodwill and other
intangibles during the period and (iii) average accumulated other
comprehensive income (loss), net of taxes, during the period.
RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE
REALIZED COMMON EQUITY:
THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
-------- -------- -------- --------
AVERAGE STOCKHOLDERS' EQUITY 674,541 571,910 661,174 577,251
------------------------------------------------- ------------------
Less: Average preferred stock 96,183 -- 95,994 --
------------------------------------------------- ------------------
Average goodwill and
other intangibles 83,261 141,511 84,194 142,903
------------------------------------------------- ------------------
Average accumulated
other comprehensive
income (loss), net of
taxes 10,160 (9,184) 10,752 456
------------------------------------------------- ------------------
AVERAGE TANGIBLE REALIZED
COMMON EQUITY 484,937 439,583 470,234 433,892
================= ==================
(e) Tangible common equity equals ending stockholders' equity less
preferred stock and goodwill and other intangibles at the end of
the period.
RECONCILIATION OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:
Sept. 30, Dec. 31, Sept. 30,
2009 2008 2008
--------- --------- ---------
STOCKHOLDERS' EQUITY 687,327 642,663 529,685
---------------------------------------------------------------------
Less: Preferred stock 96,292 95,721 --
---------------------------------------------------------------------
Goodwill and other intangibles 82,735 85,545 86,551
---------------------------------------------------------------------
TANGIBLE COMMON EQUITY 508,300 461,397 443,134
===============================
(f) Net income (loss) available to common shareholders divided by
average tangible assets. Average tangible assets equals average
assets less average goodwill and other intangibles.
RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS
THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
--------- --------- --------- ---------
AVERAGE ASSETS 6,975,918 6,797,792 7,021,726 6,681,524
----------------------------------------------- --------------------
Less average goodwill
and other intangibles 83,261 141,511 84,194 142,903
----------------------------------------------- --------------------
AVERAGE TANGIBLE ASSETS 6,892,657 6,656,281 6,937,532 6,538,621
==================== ====================
(g) Net income available to common shareholders before impairment
charge divided by average tangible assets during the period.
Average tangible assets equals average assets less average
goodwill and other intangibles (see (f) above).
(h) Tangible common equity (see (e) above) divided by tangible
assets. Tangible assets equals total assets less goodwill and
other intangibles.
RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
Sept. 30, Dec. 31, Sept. 30,
2009 2008 2008
--------- --------- ---------
TOTAL ASSETS 6,970,678 7,070,720 6,799,733
---------------------------------------------------------------------
Less: Goodwill and other intangibles 82,735 85,545 86,551
---------------------------------------------------------------------
TANGIBLE ASSETS 6,887,943 6,985,175 6,713,182
===============================
PARK NATIONAL CORPORATION
Consolidated Statements of Income
(dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2009 2008 2009 2008
---------------------------------------------- -----------------------
Interest income:
Interest and fees on
loans $ 69,339 $ 75,167 $ 206,923 $ 229,109
---------------------------------------------- -----------------------
Interest on:
Obligations of
U.S. Government,
its agencies and
other securities 22,204 22,204 69,233 65,538
---------------------------------------------- -----------------------
Obligations of
states and political
subdivisions 316 488 1,131 1,707
---------------------------------------------- -----------------------
Other interest
income 9 88 38 262
---------------------------------------------- -----------------------
Total interest
income 91,868 97,947 277,325 296,616
---------------------------------------------- -----------------------
Interest expense:
Interest on deposits:
Demand and savings
deposits 2,768 5,573 8,482 18,266
---------------------------------------------- -----------------------
Time deposits 13,362 15,527 41,536 51,344
---------------------------------------------- -----------------------
Interest on
borrowings 7,276 11,619 22,618 35,968
---------------------------------------------- -----------------------
Total interest
expense 23,406 32,719 72,636 105,578
---------------------------------------------- -----------------------
Net interest
income 68,462 65,228 204,689 191,038
---------------------------------------------- -----------------------
Provision for loan
losses 14,958 15,906 43,101 37,869
---------------------------------------------- -----------------------
Net interest
income after
provision for
loan losses 53,504 49,322 161,588 153,169
---------------------------------------------- -----------------------
Other income 18,165 17,088 57,132 56,670
---------------------------------------------- -----------------------
Gain on sale of
securities -- -- 7,340 896
---------------------------------------------- -----------------------
Other expense:
Salaries and employee
benefits 25,589 25,105 76,410 74,262
---------------------------------------------- -----------------------
Occupancy expense 2,772 2,850 8,812 8,758
---------------------------------------------- -----------------------
Furniture and
equipment expense 2,463 2,412 7,339 7,305
---------------------------------------------- -----------------------
Goodwill Impairment
charge -- 54,986 -- 54,986
---------------------------------------------- -----------------------
Other expense 15,228 14,126 49,504 41,878
---------------------------------------------- -----------------------
Total other expense 46,052 99,479 142,065 187,189
---------------------------------------------- -----------------------
Income (loss)
before income
taxes 25,617 (33,069) 83,995 23,546
---------------------------------------------- -----------------------
Income taxes 6,418 5,343 22,099 20,789
---------------------------------------------- -----------------------
Net income (loss) $ 19,199 $ (38,412) $ 61,896 $ 2,757
---------------------------------------------- -----------------------
Preferred stock
dividends 1,440 -- 4,321 --
---------------------------------------------- -----------------------
Net income (loss)
available to
common
shareholders $ 17,759 $ (38,412) $ 57,575 $ 2,757
============================================== =======================
Per Common Share:
Net income (loss)
- basic $ 1.25 $ (2.75) $ 4.10 $ 0.20
---------------------------------------------- -----------------------
Net income
(loss) - diluted $ 1.25 $ (2.75) $ 4.10 $ 0.20
---------------------------------------------- -----------------------
Weighted average
shares - basic 14,193,411 13,964,549 14,055,580 13,964,561
---------------------------------------------- -----------------------
Weighted average
shares -
diluted 14,193,411 13,964,549 14,055,580 13,964,561
---------------------------------------------- -----------------------
PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except share data)
September 30,
------------------------
2009 2008
---------------------------------------------------------------------
Assets
Cash and due from banks $ 127,079 $ 161,591
---------------------------------------------------------------------
Money market instruments 10,583 22,379
---------------------------------------------------------------------
Investment securities 1,873,953 1,807,464
---------------------------------------------------------------------
Loans 4,615,101 4,466,671
---------------------------------------------------------------------
Allowance for loan losses 110,040 89,195
---------------------------------------------------------------------
Loans, net 4,505,061 4,377,476
---------------------------------------------------------------------
Bank premises and equipment, net 67,194 69,562
---------------------------------------------------------------------
Goodwill and other intangibles 82,735 86,551
---------------------------------------------------------------------
Other Real Estate Owned 47,015 19,750
---------------------------------------------------------------------
Other assets 257,058 254,960
---------------------------------------------------------------------
Total assets $6,970,678 $6,799,733
---------------------------------------------------------------------
Liabilities and Stockholders' Equity
Deposits:
Noninterest bearing $ 817,897 $ 725,859
---------------------------------------------------------------------
Interest bearing 4,297,079 4,048,650
---------------------------------------------------------------------
Total deposits 5,114,976 4,774,509
---------------------------------------------------------------------
Borrowings 1,066,757 1,404,746
---------------------------------------------------------------------
Other liabilities 101,618 90,793
---------------------------------------------------------------------
Total liabilities $6,283,351 $6,270,048
---------------------------------------------------------------------
Stockholders' Equity:
Preferred Stock (200,000 shares
authorized in 2009 and -0- in 2008;
100,000 shares issued in 2009 and
-0- in 2008) $ 96,292 $ --
---------------------------------------------------------------------
Common stock (No par value; 20,000,000
shares authorized in 2009 and 2008;
16,151,123 shares issued in 2009 and
16,151,162 in 2008) 301,209 301,211
---------------------------------------------------------------------
Common stock warrant 4,297 --
---------------------------------------------------------------------
Accumulated other comprehensive
income (loss), net of taxes 20,018 (4,390)
---------------------------------------------------------------------
Retained earnings 447,122 440,968
---------------------------------------------------------------------
Treasury stock (1,891,152 shares in 2009
and 2,186,624 shares in 2008) (181,611) (208,104)
---------------------------------------------------------------------
Total stockholders' equity 687,327 529,685
---------------------------------------------------------------------
Total liabilities and stockholders'
equity $6,970,678 $6,799,733
---------------------------------------------------------------------
PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
(dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2009 2008 2009 2008
---------------------------------------------- -----------------------
Assets
Cash and due from
banks $ 109,935 $ 145,365 $ 111,988 $ 144,879
---------------------------------------------- -----------------------
Money market
instruments 31,661 17,971 25,571 14,734
---------------------------------------------- -----------------------
Investment securities 1,881,061 1,817,128 1,957,788 1,803,391
---------------------------------------------- -----------------------
Loans 4,610,716 4,409,188 4,582,037 4,317,204
---------------------------------------------- -----------------------
Allowance for loan
losses 104,763 85,512 101,821 85,786
---------------------------------------------- -----------------------
Loans, net 4,505,953 4,323,676 4,480,216 4,231,418
---------------------------------------------- -----------------------
Bank premises and
equipment, net 67,124 69,545 67,846 69,246
---------------------------------------------- -----------------------
Goodwill and other
intangibles 83,261 141,511 84,194 142,903
---------------------------------------------- -----------------------
Other Real Estate
Owned 44,155 20,231 36,535 18,857
---------------------------------------------- -----------------------
Other assets 252,768 262,365 257,588 256,096
---------------------------------------------- -----------------------
Total assets $6,975,918 $6,797,792 $7,021,726 $6,681,524
---------------------------------------------- -----------------------
Liabilities and
Stockholders' Equity
Deposits:
Noninterest bearing $ 817,625 $ 747,978 $ 805,488 $ 730,436
---------------------------------------------- -----------------------
Interest bearing 4,315,622 3,873,958 4,186,578 3,803,386
---------------------------------------------- -----------------------
Total deposits 5,133,247 4,621,936 4,992,066 4,533,822
---------------------------------------------- -----------------------
Borrowings 1,058,303 1,514,906 1,257,673 1,476,378
---------------------------------------------- -----------------------
Other liabilities 109,827 89,040 110,813 94,073
---------------------------------------------- -----------------------
Total liabilities $6,301,377 $6,225,882 $6,360,552 $6,104,273
---------------------------------------------- -----------------------
Stockholders' Equity:
Preferred stock $ 96,183 $ -- $ 95,994 $ --
---------------------------------------------- -----------------------
Common stock 301,209 301,211 301,209 301,212
---------------------------------------------- -----------------------
Common stock warrant 4,297 -- 4,297 --
---------------------------------------------- -----------------------
Accumulated other
comprehensive income
(loss), net of taxes 10,160 (9,184) 10,752 456
---------------------------------------------- -----------------------
Retained earnings 450,506 487,986 449,007 483,686
---------------------------------------------- -----------------------
Treasury stock (187,814) (208,103) (200,085) (208,103)
---------------------------------------------- -----------------------
Total stockholders'
equity $ 674,541 $ 571,910 $ 661,174 $ 577,251
---------------------------------------------- -----------------------
Total liabilities
and stock-
holders' equity $6,975,918 $6,797,792 $7,021,726 $6,681,524
---------------------------------------------- -----------------------
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Park National Bank
CONTACT: Park National Bank Media Contacts: Bethany Lewis, Communications Specialist 740.349.0421 John Kozak, Chief Financial Officer 740.349.3792
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
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