Park National Corporation Reports Earnings for the Quarter Ended March 31, 2001 and Declares Dividend

Apr 16, 2001, 01:00 ET from Park National Corporation

    NEWARK, Ohio, April 16 /PRNewswire/ -- Park National Corporation
 (Amex:   PRK) today announced earnings for the first quarter of 2001.  Net
 income for the quarter totaled $18.890 million or $1.34 per share, compared to
 net income of $18.013 million or $1.25 per share for the first quarter of
 2000.  First quarter 2001 net income and net income per share increased 4.9%
 and 7.2%, respectively, from the first quarter of last year.
     The Board of Directors of Park declared a second quarter dividend of $.71
 per share, payable June 8, 2001 to shareholders of record on May 25, 2001.
     The merger of Security Banc Corporation into Park was effective on
 March 23, 2001.  The "pooling-of-interests" accounting method was used for the
 merger and as a result, Park's financial statements for periods prior to
 March 23, 2001 have been restated to include the financial results of Security
 Banc Corporation and its subsidiaries, The Security National Bank and Trust
 Co., Springfield, Ohio, The Citizens National Bank of Urbana, Ohio and The
 Third Savings and Loan Company, Piqua, Ohio.
     Following the merger, Park is a $4.2 billion asset, Ohio-based bank
 holding company headquartered in Newark, Ohio.  In addition to the three new
 subsidiaries identified above, other subsidiaries include The Park National
 Bank, Fairfield National Division, The Richland Trust Company, Century
 National Bank, The First-Knox National Bank, Farmers and Savings Division,
 United Bank, N.A., Second National Bank, Scope Leasing, Inc., and Guardian
 Finance.
     Park has one hundred seven financial service offices and a network of one
 hundred four automatic teller machines operating in twenty-six Ohio counties.
 
     PARK NATIONAL CORPORATION
     Consolidated Balance Sheets
     (dollars in thousands, except share data)
 
 
                                                             March 31,
                                                       2001             2000
 
     Assets
 
        Cash and due from banks                      $111,107         $134,377
        Federal funds sold                             22,500           23,340
        Interest bearing deposits                         550            1,670
        Investment securities                         991,888          985,345
 
        Loans (net of unearned interest)            2,913,643        2,812,135
        Allowance for possible loan losses             58,165           52,718
           Loans, net                               2,855,478        2,759,417
 
        Bank premises and equipment, net               39,946           40,947
        Other assets                                  140,516          156,800
 
                 Total assets                      $4,161,985       $4,101,896
 
 
     Liabilities and Stockholders' Equity
 
        Deposits:
           Noninterest-bearing                       $433,490         $454,303
           Interest-bearing                         2,763,790        2,725,546
              Total deposits                        3,197,280        3,179,849
        Short-term borrowings                         249,311          224,126
        Long-term debt                                222,714          253,700
        Other liabilities                              40,703           36,498
              Total liabilities                     3,710,008        3,694,173
 
 
        Stockholders' Equity:
           Common stock (No par value;
            20,000,000 shares authorized
            in 2001 and 2000;  14,541,730
            shares issued in 2001
            and 14,857,045 in 2000)                   105,868          121,260
           Accumulated other comprehensive
            income, net of taxes                       11,346          (19,069)
           Retained earnings                          374,902          342,863
           Treasury stock (493,762 shares in
            2001 and 600,821 shares in 2000)          (40,139)         (37,331)
              Total stockholders' equity              451,977          407,723
 
                 Total liabilities and
                  stockholders' equity             $4,161,985       $4,101,896
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
     PARK NATIONAL CORPORATION
     Consolidated Statements of Income
     (dollars in thousands, except per share data)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
 
     Interest income:
        Interest and fees on loans                  $65,441            $60,261
        Interest on:
           Obligations of U.S.
            Government, its agencies
              and other securities                   12,849             13,712
            Obligations of states and
              political subdivisions                  1,997              2,150
        Other interest income                           527                363
              Total interest income                  80,814             76,486
 
     Interest expense:
        Interest on deposits:
           Demand and savings deposits                6,586              6,473
           Time deposits                             22,478             19,232
        Interest on borrowings                        6,319              6,424
           Total interest expense                    35,383             32,129
 
              Net interest income                    45,431             44,357
 
     Provision for loan losses                        2,259              2,039
 
              Net interest income after
               provision for loan losses             43,172             42,318
 
     Other income                                    10,156              9,138
 
     Gain on sale of securities                         142                  -
 
     Other expense:
        Salaries and employee benefits               14,566             13,933
        Occupancy expense                             1,517              1,435
        Furniture and equipment expense               1,415              1,553
        Other expense                                 9,472              9,026
           Total other expense                       26,970             25,947
 
              Income before federal
               income taxes                          26,500             25,509
 
     Federal income taxes                             7,610              7,496
 
              Net income                            $18,890            $18,013
 
     Per Share:
 
              Net income  -  basic                    $1.34              $1.26
              Net income  -  diluted                  $1.34              $1.25
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
                             PARK NATIONAL CORPORATION
                               FINANCIAL HIGHLIGHTS
                   (Dollars in thousands, except per share data)
                                  MARCH 31, 2001
 
     INCOME STATEMENT                                                 PERCENT
     THREE MONTHS ENDED MARCH 31,                2001         2000    CHANGE
 
     NET INTEREST INCOME                       $45,431      $44,357     2.42%
     PROVISION FOR LOAN LOSSES                   2,259        2,039    10.79%
     OTHER INCOME                               10,156        9,138    11.14%
     GAIN ON SALE OF SECURITIES                    142            -        -
     OTHER EXPENSE                              26,970       25,947     3.94%
     INCOME BEFORE TAXES                        26,500       25,509     3.88%
     NET INCOME                                 18,890       18,013     4.87%
     NET INCOME PER SHARE-BASIC                   1.34         1.26     6.35%
     NET INCOME PER SHARE-DILUTED                 1.34         1.25     7.20%
     CASH DIVIDENDS PER SHARE                     0.71         0.65     9.23%
     RATIOS
     RETURN ON AVERAGE ASSETS                    1.85%        1.75%        -
     RETURN ON AVERAGE EQUITY                   17.33%       17.97%        -
     NET INTEREST MARGIN                         4.83%        4.70%        -
     EFFICIENCY RATIO                           47.58%       47.45%        -
     NET CHARGE-OFFS AS A PERCENT OF LOANS       0.22%        0.21%        -
 
 
     BALANCE SHEET
     AT MARCH 31,
 
     INVESTMENTS                              $991,888     $985,345     0.66%
     LOANS                                   2,913,643    2,812,135     3.61%
     LOAN LOSS RESERVE                          58,165       52,718    10.33%
     TOTAL ASSETS                            4,161,985    4,101,896     1.46%
     DEPOSITS                                3,197,280    3,179,849     0.55%
     BORROWINGS                                472,025      477,826    -1.21%
     EQUITY                                    451,977      407,723    10.85%
     BOOK VALUE PER SHARE                        32.17        28.60    12.48%
     RATIOS
     LOANS/ASSETS                               70.01%       68.56%        -
     LOAN LOSS RESERVE/LOANS                     2.00%        1.87%        -
     EQUITY/ASSETS                              10.86%        9.94%        -
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
 

SOURCE Park National Corporation
    NEWARK, Ohio, April 16 /PRNewswire/ -- Park National Corporation
 (Amex:   PRK) today announced earnings for the first quarter of 2001.  Net
 income for the quarter totaled $18.890 million or $1.34 per share, compared to
 net income of $18.013 million or $1.25 per share for the first quarter of
 2000.  First quarter 2001 net income and net income per share increased 4.9%
 and 7.2%, respectively, from the first quarter of last year.
     The Board of Directors of Park declared a second quarter dividend of $.71
 per share, payable June 8, 2001 to shareholders of record on May 25, 2001.
     The merger of Security Banc Corporation into Park was effective on
 March 23, 2001.  The "pooling-of-interests" accounting method was used for the
 merger and as a result, Park's financial statements for periods prior to
 March 23, 2001 have been restated to include the financial results of Security
 Banc Corporation and its subsidiaries, The Security National Bank and Trust
 Co., Springfield, Ohio, The Citizens National Bank of Urbana, Ohio and The
 Third Savings and Loan Company, Piqua, Ohio.
     Following the merger, Park is a $4.2 billion asset, Ohio-based bank
 holding company headquartered in Newark, Ohio.  In addition to the three new
 subsidiaries identified above, other subsidiaries include The Park National
 Bank, Fairfield National Division, The Richland Trust Company, Century
 National Bank, The First-Knox National Bank, Farmers and Savings Division,
 United Bank, N.A., Second National Bank, Scope Leasing, Inc., and Guardian
 Finance.
     Park has one hundred seven financial service offices and a network of one
 hundred four automatic teller machines operating in twenty-six Ohio counties.
 
     PARK NATIONAL CORPORATION
     Consolidated Balance Sheets
     (dollars in thousands, except share data)
 
 
                                                             March 31,
                                                       2001             2000
 
     Assets
 
        Cash and due from banks                      $111,107         $134,377
        Federal funds sold                             22,500           23,340
        Interest bearing deposits                         550            1,670
        Investment securities                         991,888          985,345
 
        Loans (net of unearned interest)            2,913,643        2,812,135
        Allowance for possible loan losses             58,165           52,718
           Loans, net                               2,855,478        2,759,417
 
        Bank premises and equipment, net               39,946           40,947
        Other assets                                  140,516          156,800
 
                 Total assets                      $4,161,985       $4,101,896
 
 
     Liabilities and Stockholders' Equity
 
        Deposits:
           Noninterest-bearing                       $433,490         $454,303
           Interest-bearing                         2,763,790        2,725,546
              Total deposits                        3,197,280        3,179,849
        Short-term borrowings                         249,311          224,126
        Long-term debt                                222,714          253,700
        Other liabilities                              40,703           36,498
              Total liabilities                     3,710,008        3,694,173
 
 
        Stockholders' Equity:
           Common stock (No par value;
            20,000,000 shares authorized
            in 2001 and 2000;  14,541,730
            shares issued in 2001
            and 14,857,045 in 2000)                   105,868          121,260
           Accumulated other comprehensive
            income, net of taxes                       11,346          (19,069)
           Retained earnings                          374,902          342,863
           Treasury stock (493,762 shares in
            2001 and 600,821 shares in 2000)          (40,139)         (37,331)
              Total stockholders' equity              451,977          407,723
 
                 Total liabilities and
                  stockholders' equity             $4,161,985       $4,101,896
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
     PARK NATIONAL CORPORATION
     Consolidated Statements of Income
     (dollars in thousands, except per share data)
 
                                                        Three Months Ended
                                                             March 31,
                                                      2001               2000
 
     Interest income:
        Interest and fees on loans                  $65,441            $60,261
        Interest on:
           Obligations of U.S.
            Government, its agencies
              and other securities                   12,849             13,712
            Obligations of states and
              political subdivisions                  1,997              2,150
        Other interest income                           527                363
              Total interest income                  80,814             76,486
 
     Interest expense:
        Interest on deposits:
           Demand and savings deposits                6,586              6,473
           Time deposits                             22,478             19,232
        Interest on borrowings                        6,319              6,424
           Total interest expense                    35,383             32,129
 
              Net interest income                    45,431             44,357
 
     Provision for loan losses                        2,259              2,039
 
              Net interest income after
               provision for loan losses             43,172             42,318
 
     Other income                                    10,156              9,138
 
     Gain on sale of securities                         142                  -
 
     Other expense:
        Salaries and employee benefits               14,566             13,933
        Occupancy expense                             1,517              1,435
        Furniture and equipment expense               1,415              1,553
        Other expense                                 9,472              9,026
           Total other expense                       26,970             25,947
 
              Income before federal
               income taxes                          26,500             25,509
 
     Federal income taxes                             7,610              7,496
 
              Net income                            $18,890            $18,013
 
     Per Share:
 
              Net income  -  basic                    $1.34              $1.26
              Net income  -  diluted                  $1.34              $1.25
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
                             PARK NATIONAL CORPORATION
                               FINANCIAL HIGHLIGHTS
                   (Dollars in thousands, except per share data)
                                  MARCH 31, 2001
 
     INCOME STATEMENT                                                 PERCENT
     THREE MONTHS ENDED MARCH 31,                2001         2000    CHANGE
 
     NET INTEREST INCOME                       $45,431      $44,357     2.42%
     PROVISION FOR LOAN LOSSES                   2,259        2,039    10.79%
     OTHER INCOME                               10,156        9,138    11.14%
     GAIN ON SALE OF SECURITIES                    142            -        -
     OTHER EXPENSE                              26,970       25,947     3.94%
     INCOME BEFORE TAXES                        26,500       25,509     3.88%
     NET INCOME                                 18,890       18,013     4.87%
     NET INCOME PER SHARE-BASIC                   1.34         1.26     6.35%
     NET INCOME PER SHARE-DILUTED                 1.34         1.25     7.20%
     CASH DIVIDENDS PER SHARE                     0.71         0.65     9.23%
     RATIOS
     RETURN ON AVERAGE ASSETS                    1.85%        1.75%        -
     RETURN ON AVERAGE EQUITY                   17.33%       17.97%        -
     NET INTEREST MARGIN                         4.83%        4.70%        -
     EFFICIENCY RATIO                           47.58%       47.45%        -
     NET CHARGE-OFFS AS A PERCENT OF LOANS       0.22%        0.21%        -
 
 
     BALANCE SHEET
     AT MARCH 31,
 
     INVESTMENTS                              $991,888     $985,345     0.66%
     LOANS                                   2,913,643    2,812,135     3.61%
     LOAN LOSS RESERVE                          58,165       52,718    10.33%
     TOTAL ASSETS                            4,161,985    4,101,896     1.46%
     DEPOSITS                                3,197,280    3,179,849     0.55%
     BORROWINGS                                472,025      477,826    -1.21%
     EQUITY                                    451,977      407,723    10.85%
     BOOK VALUE PER SHARE                        32.17        28.60    12.48%
     RATIOS
     LOANS/ASSETS                               70.01%       68.56%        -
     LOAN LOSS RESERVE/LOANS                     2.00%        1.87%        -
     EQUITY/ASSETS                              10.86%        9.94%        -
 
     The historical financial statements have been restated to show Park and
     Security Banc Corporation on a combined basis.
 
 SOURCE  Park National Corporation