NEWARK, Ohio, April 16, 2010 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE Amex:PRK) today reported operating results for the three months ended March 31, 2010 (first quarter). Also today, Park's board of directors approved a $0.94 per common share quarterly cash dividend, payable on June 10, 2010 to common shareholders of record as of May 26, 2010.
Net income for the first quarter of 2010 was $20.8 million, compared to $21.4 million for the same period in 2009. Net income per diluted common share was $1.30, a 9 percent decline from the $1.43 per diluted common share reported in the first quarter of 2009. First quarter 2010 net income for Park's Ohio-based operations was $28.2 million, compared to $25.4 million in the first quarter of 2009.
"We are pleased that the most severe recession since World War II seems to be behind us, with improving economic conditions in the markets our community banks serve. While our net income is not quite as strong as a year ago, we continue to perform very favorably compared to our industry and peers," said Park Chairman C. Daniel DeLawder.
"Continued successful performance in Ohio helps us maintain our strong level of dividends," he said. "Great employees and strong liquidity allow us to offer financial services and loans in a consistent and prudent manner, in good times as well as challenging times."
Total nonperforming loans (including loans past due 90 days and still accruing) were $242.4 million at March 31, 2010, a 2.4 percent decline from the $248.5 million in nonperforming loans at December 31, 2009.
Park's loan loss provision for the first quarter of 2010 was $16.6 million, compared to $12.3 million for the same period in 2009. Of the $16.6 million loan loss provision recorded in the first quarter of 2010, $11.3 million was recorded at Vision Bank, with the remaining $5.3 million recorded within Park's Ohio-based operations. The allowance for loan losses increased by $3.0 million during the first quarter of 2010, ending the period at $119.7 million, or 2.60 percent of period-end loans.
Net loan charge-offs for the first quarter of 2010 were $13.6 million, or an annualized 1.19 percent of average loans outstanding. Net loan charge-offs in the first quarter of 2009 were $11.1 million, or 0.99 percent of average loans.
During the 2010 first quarter, Park also completed the sale of approximately $201 million of investment securities, which resulted in a pre-tax gain of $8.3 million.
Headquartered in Newark, Ohio, Park National Corporation has $7.2 billion in total assets (as of March 31, 2010). 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 and The Park National Bank of Southwest Ohio & Northern Kentucky Division. 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; 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; 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, 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 | ||||||||
| 2010 | 2009 | Percent change vs. | ||||||
| (in thousands, except share data) | 1st QTR | 4th QTR | 1st QTR | 4Q '09 | 1Q '09 | |||
| INCOME STATEMENT: | ||||||||
| NET INTEREST INCOME | $ 67,380 | $ 68,802 | $ 68,233 | -2.07% | -1.25% | |||
| PROVISION FOR LOAN LOSSES | 16,550 | 25,720 | 12,287 | -35.65% | 34.70% | |||
| OTHER INCOME | 16,710 | 16,718 | 19,210 | -0.05% | -13.01% | |||
| GAIN ON SALE OF SECURITIES | 8,304 | -- | -- | N.M. | N.M. | |||
| TOTAL OTHER EXPENSE | 47,890 | 46,660 | 45,862 | 2.64% | 4.42% | |||
| INCOME BEFORE INCOME TAXES | $ 27,954 | $ 13,140 | $ 29,294 | 112.74% | -4.57% | |||
| INCOME TAXES | 7,175 | 844 | 7,904 | 750.12% | -9.22% | |||
| NET INCOME | $ 20,779 | $ 12,296 | $ 21,390 | 68.99% | -2.86% | |||
| PREFERRED STOCK DIVIDENDS AND ACCRETION | 1,452 | 1,441 | 1,440 | 0.76% | 0.83% | |||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 19,327 | $ 10,855 | $ 19,950 | 78.05% | -3.12% | |||
| MARKET DATA: | ||||||||
| EARNINGS PER COMMON SHARE-BASIC (b) | $ 1.30 | $ 0.74 | $ 1.43 | 75.37% | -9.05% | |||
| EARNINGS PER COMMON SHARE-DILUTED (b) | 1.30 | 0.74 | 1.43 | 75.37% | -9.05% | |||
| CASH DIVIDENDS PER COMMON SHARE | 0.94 | 0.94 | 0.94 | 0.00% | 0.00% | |||
| COMMON BOOK VALUE PER COMMON SHARE AT PERIOD END | 41.94 | 41.71 | 40.10 | 0.55% | 4.59% | |||
| STOCK PRICE PER COMMON SHARE AT PERIOD END | 62.31 | 58.88 | 55.75 | 5.83% | 11.77% | |||
| MARKET CAPITALIZATION | 927,345 | 876,298 | 778,923 | 5.83% | 19.05% | |||
| WEIGHTED AVERAGE COMMON SHARES - BASIC (a) | 14,882,774 | 14,658,601 | 13,971,720 | |||||
| WEIGHTED AVERAGE COMMON SHARES - DILUTED (a) | 14,882,774 | 14,658,601 | 13,971,720 | |||||
| COMMON SHARES OUTSTANDING AT PERIOD END | 14,882,765 | 14,882,780 | 13,971,713 | |||||
| PERFORMANCE RATIOS: | ||||||||
| RETURN ON AVERAGE ASSETS (a)(b) | 1.11% | 0.61% | 1.15% | 81.33% | -3.82% | |||
| RETURN ON AVERAGE COMMON EQUITY (a)(b) | 12.43% | 6.94% | 14.66% | 79.08% | -15.22% | |||
| YIELD ON LOANS | 5.87% | 5.91% | 6.18% | -0.68% | -5.02% | |||
| YIELD ON INVESTMENTS | 4.43% | 4.53% | 4.97% | -2.21% | -10.87% | |||
| YIELD ON EARNING ASSETS | 5.45% | 5.51% | 5.81% | -1.09% | -6.20% | |||
| COST OF INTEREST BEARING DEPOSITS | 1.15% | 1.33% | 1.73% | -13.53% | -33.53% | |||
| COST OF BORROWINGS | 2.90% | 2.68% | 2.17% | 8.21% | 33.64% | |||
| COST OF PAYING LIABILITIES | 1.49% | 1.58% | 1.84% | -5.70% | -19.02% | |||
| NET INTEREST MARGIN | 4.22% | 4.20% | 4.26% | 0.48% | -0.94% | |||
| EFFICIENCY RATIO | 56.63% | 54.24% | 52.10% | 4.40% | 8.68% | |||
| OTHER RATIOS (NON GAAP): | ||||||||
| RETURN ON AVERAGE TANGIBLE ASSETS (a)(b)(e) | 1.12% | 0.62% | 1.16% | 80.48% | -3.54% | |||
| RETURN ON AVERAGE TANGIBLE COMMON EQUITY (a)(b)(c) | 14.27% | 8.00% | 17.33% | 78.37% | -17.66% | |||
| TANGIBLE COMMON BOOK VALUE PER COMMON SHARE (d) | $ 36.51 | $ 36.22 | $ 34.05 | 0.81% | 7.23% | |||
| Percent change vs. | ||||||||
| BALANCE SHEET: | March 31, 2010 | Dec. 31, 2009 | March 31, 2009 | 4Q '09 | 1Q '09 | |||
| INVESTMENT SECURITIES | $ 1,941,465 | $ 1,863,560 | $ 2,035,622 | 4.18% | -4.63% | |||
| LOANS | 4,597,304 | 4,640,432 | 4,561,508 | -0.93% | 0.78% | |||
| ALLOWANCE FOR LOAN LOSSES | 119,674 | 116,717 | 101,279 | 2.53% | 18.16% | |||
| GOODWILL AND OTHER INTANGIBLES | 80,863 | 81,799 | 84,608 | -1.14% | -4.43% | |||
| OTHER REAL ESTATE OWNED | 45,854 | 41,240 | 34,173 | 11.19% | 34.18% | |||
| TOTAL ASSETS | 7,176,087 | 7,040,329 | 7,059,175 | 1.93% | 1.66% | |||
| TOTAL DEPOSITS | 5,268,858 | 5,188,052 | 4,920,213 | 1.56% | 7.09% | |||
| BORROWINGS | 996,686 | 1,053,850 | 1,378,686 | -5.42% | -27.71% | |||
| STOCKHOLDERS' EQUITY | 720,898 | 717,264 | 656,218 | 0.51% | 9.86% | |||
| COMMON EQUITY | 624,213 | 620,781 | 560,306 | 0.55% | 11.41% | |||
| TANGIBLE COMMON EQUITY (d) | 543,350 | 538,982 | 475,698 | 0.81% | 14.22% | |||
| NONPERFORMING LOANS | 230,558 | 233,686 | 158,866 | -1.34% | 45.13% | |||
| NONPERFORMING ASSETS | 276,412 | 274,926 | 193,039 | 0.54% | 43.19% | |||
| PAST DUE 90 DAY LOANS AND STILL ACCRUING | 11,853 | 14,773 | 7,807 | -19.77% | 51.83% | |||
| ASSET QUALITY RATIOS: | ||||||||
| LOANS AS A % OF PERIOD END ASSETS | 64.06% | 65.91% | 64.62% | -2.80% | -0.86% | |||
| NONPERFORMING LOANS AS A % OF PERIOD END LOANS | 5.02% | 5.04% | 3.48% | -0.41% | 44.00% | |||
| PAST DUE 90 DAY LOANS AS A % OF PERIOD END LOANS | 0.26% | 0.32% | 0.17% | -19.01% | 50.64% | |||
| NONPERFORMING ASSETS / PERIOD END LOANS + OREO | 5.95% | 5.87% | 4.20% | 1.37% | 41.73% | |||
| ALLOWANCE FOR LOAN LOSSES AS A % OF PERIOD END LOANS | 2.60% | 2.52% | 2.22% | 3.50% | 17.24% | |||
| NET LOAN CHARGE-OFFS | $ 13,593 | $ 19,044 | $ 11,096 | -28.62% | 22.50% | |||
| NET LOAN CHARGE-OFFS AS A PERCENT OF AVERAGE LOANS (a) | 1.19% | 1.63% | 0.99% | -26.76% | 20.59% | |||
| CAPITAL & LIQUIDITY: | ||||||||
| TOTAL EQUITY / PERIOD END ASSETS | 10.05% | 10.19% | 9.30% | -1.39% | 8.07% | |||
| COMMON EQUITY / PERIOD END ASSETS | 8.70% | 8.82% | 7.94% | -1.35% | 9.59% | |||
| TANGIBLE COMMON EQUITY (d) / TANGIBLE ASSETS (f) | 7.66% | 7.75% | 6.82% | -1.13% | 12.28% | |||
| AVERAGE EQUITY TO AVERAGE ASSETS (a) | 10.26% | 10.14% | 9.18% | 1.25% | 11.83% | |||
| AVERAGE EQUITY TO AVERAGE LOANS (a) | 15.75% | 15.49% | 14.24% | 1.69% | 10.60% | |||
| AVERAGE LOANS TO AVERAGE DEPOSITS (a) | 88.19% | 88.65% | 94.20% | -0.52% | -6.39% | |||
| N.M. - Not meaningful | ||||||||
| (a) Averages are for the quarter ended March 31, 2010, December 31, 2009 and March 31, 2009. | ||||||||
| (b) Reported measure uses net income available to common shareholders. | ||||||||
| (c) Net income available to common shareholders for each period divided by average tangible common equity during the period. Average tangible common equity equals average stockholders' equity during the applicable period less (i) average preferred stock and (ii) average goodwill and other intangibles. | ||||||||
| RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY: | ||||||||
| THREE MONTHS ENDED | ||||||||
| March 31, 2010 | Dec. 31, 2009 | March 31, 2009 | ||||||
| AVERAGE STOCKHOLDERS' EQUITY | $ 727,237 | $ 717,268 | $ 647,853 | |||||
| Less: Average preferred stock | 96,568 | 96,374 | 95,802 | |||||
| Average goodwill and other intangibles | 81,376 | 82,322 | 85,142 | |||||
| AVERAGE TANGIBLE COMMON EQUITY | $ 549,293 | $ 538,572 | $ 466,909 | |||||
| (d) 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: | ||||||||
| March 31, 2010 | Dec. 31, 2009 | March 31, 2009 | ||||||
| STOCKHOLDERS' EQUITY | $ 720,898 | $ 717,264 | $ 656,218 | |||||
| Less: Preferred stock | 96,685 | 96,483 | 95,912 | |||||
| Goodwill and other intangibles | 80,863 | 81,799 | 84,608 | |||||
| TANGIBLE COMMON EQUITY | $ 543,350 | $ 538,982 | $ 475,698 | |||||
| (e) Net income 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 ENDED | ||||||||
| March 31, 2010 | Dec. 31, 2009 | March 31, 2009 | ||||||
| AVERAGE ASSETS | $ 7,086,333 | $ 7,076,494 | $ 7,059,725 | |||||
| Less: Average goodwill and other intangibles | 81,376 | 82,322 | 85,142 | |||||
| AVERAGE TANGIBLE ASSETS | $ 7,004,957 | $ 6,994,172 | $ 6,974,583 | |||||
| (f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles. | ||||||||
| RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS: | ||||||||
| March 31, 2010 | Dec. 31, 2009 | March 31, 2009 | ||||||
| TOTAL ASSETS | $ 7,176,087 | $ 7,040,329 | $ 7,059,175 | |||||
| Less: Goodwill and other intangibles | 80,863 | 81,799 | 84,608 | |||||
| TANGIBLE ASSETS | $ 7,095,224 | $ 6,958,530 | $ 6,974,567 | |||||
| PARK NATIONAL CORPORATION | ||
| Consolidated Statements of Income | ||
| Three Months Ended | ||
| March 31, | ||
| (in thousands, except share data) | 2010 | 2009 |
| Interest income: | ||
| Interest and fees on loans | $ 66,441 | $ 69,088 |
| Interest on: | ||
| Obligations of U.S. Government, its agencies and other securities | 20,475 | 23,828 |
| Obligations of states and political subdivisions | 217 | 422 |
| Other interest income | 69 | 27 |
| Total interest income | 87,202 | 93,365 |
| Interest expense: | ||
| Interest on deposits: | ||
| Demand and savings deposits | 1,775 | 2,905 |
| Time deposits | 10,650 | 14,374 |
| Interest on borrowings | 7,397 | 7,853 |
| Total interest expense | 19,822 | 25,132 |
| Net interest income | 67,380 | 68,233 |
| Provision for loan losses | 16,550 | 12,287 |
| Net interest income after provision for loan losses | 50,830 | 55,946 |
| Other income | 16,710 | 19,210 |
| Gain on sale of securities | 8,304 | -- |
| Other expense: | ||
| Salaries and employee benefits | 25,171 | 25,487 |
| Occupancy expense | 3,117 | 3,158 |
| Furniture and equipment expense | 2,632 | 2,378 |
| Other expense | 16,970 | 14,839 |
| Total other expense | 47,890 | 45,862 |
| Income before income taxes | 27,954 | 29,294 |
| Income taxes | 7,175 | 7,904 |
| Net income | $ 20,779 | $ 21,390 |
| Preferred stock dividends and accretion | 1,452 | 1,440 |
| Net income available to common shareholders | $ 19,327 | $ 19,950 |
| Per Common Share: | ||
| Net income - basic | $ 1.30 | $ 1.43 |
| Net income - diluted | $ 1.30 | $ 1.43 |
| Weighted average shares - basic | 14,882,774 | 13,971,720 |
| Weighted average shares - diluted | 14,882,774 | 13,971,720 |
| PARK NATIONAL CORPORATION | ||
| Consolidated Balance Sheets | ||
| March 31, | ||
| (in thousands, except share data) | 2010 | 2009 |
| Assets | ||
| Cash and due from banks | $ 104,065 | $ 108,523 |
| Money market instruments | 145,995 | 17,844 |
| Investment securities | 1,941,465 | 2,035,622 |
| Loans | 4,597,304 | 4,561,508 |
| Allowance for loan losses | 119,674 | 101,279 |
| Loans, net | 4,477,630 | 4,460,229 |
| Bank premises and equipment, net | 69,231 | 68,177 |
| Goodwill and other intangibles | 80,863 | 84,608 |
| Other real estate owned | 45,854 | 34,173 |
| Other assets | 310,984 | 249,999 |
| Total assets | $ 7,176,087 | $ 7,059,175 |
| Liabilities and Stockholders' Equity | ||
| Deposits: | ||
| Noninterest bearing | $ 862,143 | $ 746,594 |
| Interest bearing | 4,406,715 | 4,173,619 |
| Total deposits | 5,268,858 | 4,920,213 |
| Borrowings | 996,686 | 1,378,686 |
| Other liabilities | 189,645 | 104,058 |
| Total liabilities | $ 6,455,189 | $ 6,402,957 |
| Stockholders' Equity: | ||
| Preferred Stock (200,000 shares authorized in 2010 and 2009; 100,000 shares issued in 2010 and 2009) | $ 96,685 | $ 95,912 |
| Common stock (No par value; 20,000,000 shares authorized in 2010 and 2009; 16,151,097 shares issued in 2010 and 16,151,137 in 2009) | 301,207 | 301,210 |
| Common stock warrants | 5,361 | 4,297 |
| Accumulated other comprehensive income, net of taxes | 13,757 | 17,144 |
| Retained earnings | 429,209 | 445,320 |
| Treasury stock (1,268,332 shares in 2010 and 2,179,424 shares in 2009) | (125,321) | (207,665) |
| Total stockholders' equity | 720,898 | 656,218 |
| Total liabilities and stockholders' equity | $ 7,176,087 | $ 7,059,175 |
| PARK NATIONAL CORPORATION | ||
| Consolidated Average Balance Sheets | ||
| Three Months Ended | ||
| March 31, | ||
| (in thousands) | 2010 | 2009 |
| Assets | ||
| Cash and due from banks | $ 114,895 | $ 128,206 |
| Money market instruments | 125,795 | 23,746 |
| Investment securities | 1,838,396 | 2,019,651 |
| Loans | 4,617,479 | 4,549,313 |
| Allowance for loan losses | 117,272 | 100,453 |
| Loans, net | 4,500,207 | 4,448,860 |
| Bank premises and equipment, net | 69,553 | 68,351 |
| Goodwill and other intangibles | 81,376 | 85,142 |
| Other real estate owned | 41,973 | 26,674 |
| Other assets | 314,138 | 259,095 |
| Total assets | $ 7,086,333 | $ 7,059,725 |
| Liabilities and Stockholders' Equity | ||
| Deposits: | ||
| Noninterest bearing | $ 869,051 | $ 773,512 |
| Interest bearing | 4,367,017 | 4,055,678 |
| Total deposits | 5,236,068 | 4,829,190 |
| Borrowings | 1,035,884 | 1,470,677 |
| Other liabilities | 87,144 | 112,005 |
| Total liabilities | $ 6,359,096 | $ 6,411,872 |
| Stockholders' Equity: | ||
| Preferred stock | $ 96,568 | $ 95,802 |
| Common stock | 301,208 | 301,210 |
| Common stock warrants | 5,361 | 4,297 |
| Accumulated other comprehensive income, net of taxes | 20,162 | 8,997 |
| Retained earnings | 429,259 | 445,212 |
| Treasury stock | (125,321) | (207,665) |
| Total stockholders' equity | $ 727,237 | $ 647,853 |
| Total liabilities and stockholders' equity | $ 7,086,333 | $ 7,059,725 |
| PARK NATIONAL CORPORATION | |||||
| Consolidated Statements of Income - Linked Quarters | |||||
| 2010 | 2009 | 2009 | 2009 | 2009 | |
| (in thousands, except per share data) | 1st QTR | 4th QTR | 3rd QTR | 2nd QTR | 1st QTR |
| Interest income: | |||||
| Interest and fees on loans | $ 66,441 | $ 68,676 | $ 69,339 | $ 68,496 | $ 69,088 |
| Interest on: | |||||
| Obligations of U.S. Government, its agencies and other securities | 20,475 | 21,325 | 22,204 | 23,201 | 23,828 |
| Obligations of states and political subdivisions | 217 | 286 | 316 | 393 | 422 |
| Other interest income | 69 | 78 | 9 | 2 | 27 |
| Total interest income | 87,202 | 90,365 | 91,868 | 92,092 | 93,365 |
| Interest expense: | |||||
| Interest on deposits: | |||||
| Demand and savings deposits | 1,775 | 2,333 | 2,768 | 2,809 | 2,905 |
| Time deposits | 10,650 | 12,269 | 13,362 | 13,800 | 14,374 |
| Interest on borrowings | 7,397 | 6,961 | 7,276 | 7,489 | 7,853 |
| Total interest expense | 19,822 | 21,563 | 23,406 | 24,098 | 25,132 |
| Net interest income | 67,380 | 68,802 | 68,462 | 67,994 | 68,233 |
| Provision for loan losses | 16,550 | 25,720 | 14,958 | 15,856 | 12,287 |
| Net interest income after provision for loan losses | 50,830 | 43,082 | 53,504 | 52,138 | 55,946 |
| Other income | 16,710 | 16,718 | 18,165 | 19,757 | 19,210 |
| Gain on sale of securities | 8,304 | -- | -- | 7,340 | -- |
| Other expense: | |||||
| Salaries and employee benefits | 25,171 | 24,815 | 25,589 | 25,334 | 25,487 |
| Occupancy expense | 3,117 | 2,740 | 2,772 | 2,882 | 3,158 |
| Furniture and equipment expense | 2,632 | 2,395 | 2,463 | 2,498 | 2,378 |
| Other expense | 16,970 | 16,710 | 15,228 | 19,437 | 14,839 |
| Total other expense | 47,890 | 46,660 | 46,052 | 50,151 | 45,862 |
| Income before income taxes | 27,954 | 13,140 | 25,617 | 29,084 | 29,294 |
| Income taxes | 7,175 | 844 | 6,418 | 7,777 | 7,904 |
| Net income | $ 20,779 | $ 12,296 | $ 19,199 | $ 21,307 | $ 21,390 |
| Preferred stock dividends and accretion | 1,452 | 1,441 | 1,440 | 1,441 | 1,440 |
| Net income available to common shareholders | $ 19,327 | $ 10,855 | $ 17,759 | $ 19,866 | $ 19,950 |
| Per Common Share: | |||||
| Net income - basic | $ 1.30 | $ 0.74 | $ 1.25 | $ 1.42 | $ 1.43 |
| Net income - diluted | $ 1.30 | $ 0.74 | $ 1.25 | $ 1.42 | $ 1.43 |
| PARK NATIONAL CORPORATION | ||||||||
| Asset Quality Information | ||||||||
|
QTR ended March 31, |
Year ended December 31, |
|||||||
| (in thousands, except ratios) | 2010 | 2009 | 2008 | 2007 | 2006 | |||
| Allowance for loan losses: | ||||||||
| Allowance for loan losses, beginning of period | $ 116,717 | $ 100,088 | $ 87,102 | $ 70,500 | $ 69,694 | |||
| Charge-offs | 15,578 | 59,022 | 62,916 | 27,776 | 10,772 | |||
| Recoveries | 1,985 | 6,830 | 5,415 | 5,568 | 6,853 | |||
| Net charge-offs | 13,593 | 52,192 | 57,501 | 22,208 | 3,919 | |||
| Provision for loan losses | 16,550 | 68,821 | 70,487 | 29,476 | 3,927 | |||
| Allowance for loan losses of acquired bank | -- | -- | -- | 9,334 | 798 | |||
| Allowance for loan losses, end of period | $ 119,674 | $ 116,717 | $ 100,088 | $ 87,102 | $ 70,500 | |||
| Asset Quality Ratios: | ||||||||
| Net charge-offs as a % of average loans | 1.19% | 1.14% | 1.32% | 0.55% | 0.12% | |||
| Allowance for loan losses as a % of period end loans | 2.60% | 2.52% | 2.23% | 2.06% | 2.03% | |||
| Nonperforming Assets: | ||||||||
| Nonaccrual loans | $ 230,498 | $ 233,544 | $ 159,512 | $ 101,128 | $ 16,004 | |||
| Renegotiated loans | 60 | 142 | 2,845 | 2,804 | 9,113 | |||
| Loans past due 90 days or more | 11,853 | 14,773 | 5,421 | 4,545 | 7,832 | |||
| Total nonperforming loans | $ 242,411 | $ 248,459 | $ 167,778 | $ 108,477 | $ 32,949 | |||
| Other real estate owned | 45,854 | 41,240 | 25,848 | 13,443 | 3,351 | |||
| Total nonperforming assets | $ 288,265 | $ 289,699 | $ 193,626 | $ 121,920 | $ 36,300 | |||
| Percentage of nonperforming loans to period end loans | 5.27% | 5.35% | 3.74% | 2.57% | 0.95% | |||
| Percentage of nonperforming assets to period end loans | 6.27% | 6.24% | 4.31% | 2.89% | 1.04% | |||
| Percentage of nonperforming assets to period end assets | 4.02% | 4.11% | 2.74% | 1.88% | 0.66% | |||
| New nonaccrual loan information: | ||||||||
| Nonaccrual loans, beginning of period | $ 233,544 | $ 159,512 | $ 101,128 | $ 16,004 | $ 14,922 | |||
| New nonaccrual loans | 30,252 | 184,181 | 141,749 | 113,720 | 4,949 | |||
| Resolved nonaccrual loans | 33,298 | 110,149 | 83,365 | 28,596 | 3,867 | |||
| Nonaccrual loans, end of period | $ 230,498 | $ 233,544 | $ 159,512 | $ 101,128 | $ 16,004 | |||
| Impaired Commercial Loan Portfolio Information: | ||||||||
| Unpaid principal balance | $ 244,822 | $ 245,092 | $ 171,310 | $ 100,307 | $ 21,926 | |||
| Prior charge-offs | 46,175 | 43,949 | 29,967 | 10,226 | 2,446 | |||
| Remaining principal balance | 198,647 | 201,143 | 141,343 | 90,081 | 19,480 | |||
| Specific reserves | 38,739 | 36,721 | 8,875 | 3,492 | 2,002 | |||
| Book value, after specific reserve | $ 159,908 | $ 164,422 | $ 132,468 | $ 86,589 | $ 17,478 | |||
| Vision Bank Commercial Land & Development (CL&D) Loan Portfolio Information: | ||||||||
| CL&D loans, period end | $ 200,112 | $ 218,205 | $ 251,443 | $ 295,743 | ||||
| Performing CL&D loans, period end | 116,672 | 132,788 | 191,712 | 260,195 | ||||
| Impaired CL&D loans, period end | 83,440 | 85,417 | 59,731 | 35,548 | ||||
| Specific reserve on impaired CL&D loans | 24,404 | 21,706 | 3,134 | 1,184 | ||||
| Book value of impaired CL&D loans, after specific reserve | $ 59,036 | $ 63,711 | $ 56,597 | $ 34,364 | ||||
| Cumulative prior charge-offs on impaired Vision Bank CL&D loans, period end | $ 26,334 | $ 24,931 | $ 18,839 | $ 7,399 | ||||