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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2019
  
Commission File Number
1-13006
 
PARK NATIONAL CORP /OH/
(Exact name of registrant as specified in its charter)
 
Ohio
 
31-1179518
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
50 North Third Street, Newark, Ohio 43055
(Address of principal executive offices) (Zip Code)
 
(740) 349-8451
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes   ý   No   ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes   ý   No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company    
¨
 
Emerging growth company
¨

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes   ¨   No   ý


Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common shares, without par value
PRK
NYSE-AMERICAN

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 16,646,975 Common shares, no par value per share, outstanding at May 1, 2019.




PARK NATIONAL CORPORATION
 
CONTENTS
 
Page
PART I.   FINANCIAL INFORMATION
 
 
 
Item 1.  Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
73 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except share and per share data)                    
 
March 31,
2019
 
December 31, 2018
Assets:
 

 
 

Cash and due from banks
$
116,870

 
$
141,890

Money market instruments
70,609

 
25,324

Cash and cash equivalents
187,479

 
167,214

Investment securities:
 

 
 

Debt securities available-for-sale, at fair value (amortized cost of $985,045 and $1,028,883 at March 31, 2019 and December 31, 2018, respectively)
977,990

 
1,003,421

Debt securities held-to-maturity, at amortized cost (fair value of $359,620 and $351,422 at March 31, 2019 and December 31, 2018, respectively)
351,159

 
351,808

Other investment securities
53,152

 
55,851

Total investment securities
1,382,301

 
1,411,080

 
 
 
 
Loans
5,740,760

 
5,692,132

Allowance for loan losses
(53,368
)
 
(51,512
)
Net loans
5,687,392

 
5,640,620

Bank owned life insurance
188,839

 
188,417

Prepaid assets
98,675

 
94,079

Goodwill
112,739

 
112,739

Other intangible assets
6,682

 
6,971

Premises and equipment, net
60,506

 
59,771

Affordable housing tax credit investments
48,535

 
50,347

Other real estate owned
4,629

 
4,303

Accrued interest receivable
24,299

 
22,974

Mortgage loan servicing rights
10,082

 
10,178

Other
40,088

 
35,615

Total assets
$
7,852,246

 
$
7,804,308

 
 
 
 
Liabilities and Shareholders' Equity:
 

 
 

Deposits:
 

 
 

Noninterest bearing
$
1,767,596

 
$
1,804,881

Interest bearing
4,557,616

 
4,455,979

Total deposits
6,325,212

 
6,260,860

Short-term borrowings
212,569

 
221,966

Long-term debt
375,000

 
400,000

Subordinated notes
15,000

 
15,000

Unfunded commitments in affordable housing tax credit investments
19,624

 
22,282

Accrued interest payable
2,885

 
2,625

Other
56,912

 
49,069

Total liabilities
$
7,007,202

 
$
6,971,802

 
 
 
 
 
 
 
 
Shareholders' equity:
 

 
 

Preferred shares (200,000 shares authorized; 0 shares issued)
$

 
$

Common shares (No par value; 20,000,000 shares authorized; 16,586,153 shares issued at March 31, 2019 and 16,586,165 shares issued at December 31, 2018)
357,475

 
358,598

Retained earnings
619,971

 
614,069

Treasury shares (955,654 shares at March 31. 2019 and 887,987 shares at December 31, 2018)
(96,949
)
 
(90,373
)
Accumulated other comprehensive loss, net of taxes
(35,453
)
 
(49,788
)
Total shareholders' equity
845,044

 
832,506

Total liabilities and shareholders’ equity
$
7,852,246

 
$
7,804,308

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

3

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except share and per share data)
 
 
Three Months Ended
March 31,
 
2019
 
2018
Interest and dividend income:
 

 
 

 
 
 
 
Interest and fees on loans
$
72,003

 
$
64,402

 
 
 
 
Interest and dividends on:
 

 
 

Obligations of U.S. Government, its agencies and other securities - taxable
6,995

 
6,767

Obligations of states and political subdivisions - tax-exempt
2,217

 
2,174

Other interest income
641

 
371

Total interest and dividend income
81,856

 
73,714

 
 
 
 
Interest expense:
 

 
 

 
 
 
 
Interest on deposits:
 

 
 

Demand and savings deposits
7,093

 
3,290

Time deposits
3,777

 
2,551

 
 
 
 
Interest on borrowings:
 

 
 

Short-term borrowings
739

 
575

Long-term debt
2,471

 
2,448

 
 
 
 
Total interest expense
14,080

 
8,864

 
 
 
 
Net interest income
67,776

 
64,850

 
 
 
 
Provision for loan losses
2,498

 
260

Net interest income after provision for loan losses
65,278

 
64,590

 
 
 
 
Other income:
 

 
 

Income from fiduciary activities
6,723

 
6,395

Service charges on deposit accounts
2,559

 
2,922

Other service income
2,818

 
4,172

Debit card fee income
4,369

 
4,002

Bank owned life insurance income
1,006

 
1,009

ATM fees
440

 
524

OREO valuation adjustments
(27
)
 
(207
)
(Loss) gain on sale of OREO, net
(12
)
 
4,321

Net loss on the sale of investment securities

 
(2,271
)
Gain on equity securities, net
121

 
3,489

Other components of net periodic pension benefit income
1,183

 
1,705

Miscellaneous
2,845

 
842

Total other income
22,025

 
26,903

 
 
 
 
 


4

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited) (Continued)
(in thousands, except share and per share data)
 
 
Three Months Ended
March 31,
 
2019
 
2018
Other expense:
 

 
 

Salaries
$
25,805

 
$
25,320

Employee benefits
8,430

 
7,029

Occupancy expense
3,011

 
2,936

Furniture and equipment expense
4,150

 
4,149

Data processing fees
2,133

 
1,773

Professional fees and services
6,006

 
6,190

Marketing
1,226

 
1,218

Insurance
1,156

 
1,428

Communication
1,333

 
1,250

State tax expense
1,005

 
1,105

Amortization of intangibles
289

 

Miscellaneous
2,283

 
1,910

Total other expense
56,827

 
54,308

 
 
 
 
Income before income taxes
30,476

 
37,185

 
 
 
 
Income taxes
5,021

 
6,062

 
 
 
 
Net income
$
25,455

 
$
31,123

 
 
 
 
Earnings per Common Share:
 
 
 
Basic
$
1.63

 
$
2.04

Diluted
$
1.62

 
$
2.02

 
 
 
 
Weighted average common shares outstanding
 

 
 

Basic
15,651,541

 
15,288,332

Diluted
15,744,777

 
15,431,328

 
 
 
 
Cash dividends declared
$
1.21

 
$
0.94

 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 



5

Table of Contents


PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Unaudited)
(in thousands)
 
 
Three Months Ended
March 31,
 
2019
 
2018
Net income
$
25,455

 
$
31,123

 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
Net loss realized on sale of securities, net of income tax benefit of $538 for the three months ended March 31, 2018

 
2,024

Unrealized net holding gain (loss) on debt securities available-for-sale, net of income tax effect of $3,866 and $(6,223) for the three months ended March 31, 2019 and 2018, respectively
14,541

 
(23,410
)
Unrealized loss on cash flow hedging derivatives, net of income tax effect of $(55) for the three months ended March 31, 2019
(206
)
 

Other comprehensive income (loss)
$
14,335

 
$
(21,386
)
 
 
 
 
Comprehensive income
$
39,790

 
$
9,737

 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


6

Table of Contents


PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited)
(in thousands, except share and per share data)
  
 
 
Preferred
Shares
 
Common
Shares
 
Retained
Earnings
 
Treasury
Shares
 
Accumulated
Other
Comprehensive
(Loss) Income
Balance at January 1, 2018, as previously presented
 
$

 
$
307,726

 
$
561,908

 
$
(87,079
)
 
$
(26,454
)
Cumulative effect of change in accounting principle for marketable equity securities, net of tax
 
 
 
 
 
1,917

 
 
 
(995
)
Balance at January 1, 2018, as adjusted
 

 
307,726

 
563,825

 
(87,079
)
 
(27,449
)
Reclassification of disproportionate income tax effects
 
 
 
 
 
3,806

 
 
 
(3,806
)
Net income
 
 

 
 

 
31,123

 
 

 
 

Other comprehensive loss, net of tax
 
 

 
 
 
 
 
 
 
(21,386
)
Dividends on common shares at $0.94 per share
 
 

 
 

 
(14,496
)
 
 

 
 

Cash payment for fractional common shares in dividend reinvestment plan
 
 

 
(1
)
 
 

 
 

 
 

Issuance of 18,800 common shares under share-based compensation awards, net of 5,879 common shares withheld to pay employee income taxes
 
 
 
(1,597
)
 
(317
)
 
$
1,304

 
 
Share-based compensation expense
 
 
 
1,121

 
 
 
 
 
 
Balance at March 31, 2018
 
$


$
307,249

 
$
583,941

 
$
(85,775
)
 
$
(52,641
)
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019, as previously presented
 
$

 
$
358,598

 
$
614,069

 
$
(90,373
)
 
$
(49,788
)
Cumulative effect of change in accounting principle for leases, net of tax
 
 
 
 
 
(143
)
 
 
 
 
Balance at January 1, 2019, as adjusted
 

 
358,598

 
613,926

 
(90,373
)
 
(49,788
)
Net income
 
 

 


 
25,455

 


 


Other comprehensive income, net of tax
 
 

 


 


 


 
14,335

Dividends on common shares at $1.21 per share
 
 

 


 
(19,137
)
 


 


Cash payment for fractional common shares in dividend reinvestment plan
 
 

 
(1
)
 


 


 


Issuance of 27,719 common shares under share-based compensation awards, net of 8,736 common shares withheld to pay employee income taxes
 
 
 
(2,480
)
 
(273
)
 
1,926

 
 
Repurchase of 86,650 common shares to be held as treasury shares
 
 
 
 
 
 
 
(8,502
)
 
 
Share-based compensation expense
 
 
 
1,358

 
 
 
 
 
 
Balance at March 31, 2019
 
$

 
$
357,475

 
$
619,971

 
$
(96,949
)
 
$
(35,453
)
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


7

Table of Contents


PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
 
Three Months Ended
March 31,
 
2019
 
2018
Operating activities:
 

 
 

Net income
$
25,455

 
$
31,123

 
 
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Provision for loan losses
2,498

 
260

Amortization of loan fees and costs, net
(1,583
)
 
(1,506
)
Depreciation of premises and equipment
2,133

 
2,135

Amortization of investment securities, net
353

 
405

Realized net investment securities losses

 
2,271

Gain on equity securities, net
(121
)
 
(3,489
)
Loan originations to be sold in secondary market
(34,419
)
 
(40,379
)
Proceeds from sale of loans in secondary market
35,123

 
38,769

Gain on sale of loans in secondary market
(822
)
 
(945
)
Share-based compensation expense
1,358

 
1,121

OREO valuation adjustments
27

 
207

(Loss) gain on sale of OREO, net
12

 
(4,321
)
Bank owned life insurance income
(1,006
)
 
(1,009
)
Investment in qualified affordable housing tax credits amortization
1,812

 
1,851

 
 
 
 
Changes in assets and liabilities:
 

 
 

Increase in prepaid dealer premiums
(281
)
 
(471
)
Increase in other assets
(2,734
)
 
(1,159
)
Decrease in other liabilities
(3,150
)
 
(2,809
)
Net cash provided by operating activities
$
24,655

 
$
22,054

 
 
 
 
Investing activities:
 

 
 

Proceeds from the redemption/repurchase of Federal Home Loan Bank stock
$
5,405

 
$

Proceeds from sales of investment securities

 
252,055

Proceeds from calls and maturities of:
 

 
 

Available-for-sale debt securities
44,066

 
41,097

Held-to-maturity debt securities
68

 
1,652

Purchases of:
 

 
 

Available-for-sale debt securities

 
(270,005
)
Equity securities

 
(101
)
Federal Reserve Bank stock
(2,585
)
 

Net loan (originations) paydowns, portfolio loans
(47,909
)
 
82,288

Investment in qualified affordable housing
(2,658
)
 

  Proceeds from the sale of OREO
181

 
9,816

  Life insurance death benefits
584

 
1,379

  Purchases of premises and equipment
(2,902
)
 
(2,473
)
Net cash (used in) provided by investing activities
$
(5,750
)
 
$
115,708

 
 
 
 
 
 
 
 

8

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited) (Continued)
(in thousands)
 
Three Months Ended
March 31,
 
2019
 
2018
Financing activities:
 

 
 

Net increase in deposits
$
64,389

 
$
266,968

Net decrease in short-term borrowings
(9,397
)
 
(207,199
)
Proceeds from issuance of long-term debt
25,000

 
25,000

Repayment of long-term debt
(50,000
)
 
(100,000
)
Value of common shares withheld to pay employee income taxes
(827
)
 
(610
)
Repurchase of common shares to be held as treasury shares
(8,502
)
 

Cash dividends paid
(19,303
)
 
(14,452
)
Net cash provided by (used in) financing activities
$
1,360

 
$
(30,293
)
 
 
 
 
Increase in cash and cash equivalents
20,265

 
107,469

 
 
 
 
Cash and cash equivalents at beginning of year
167,214

 
169,112

 
 
 
 
Cash and cash equivalents at end of period
$
187,479

 
$
276,581

 
 
 
 
Supplemental disclosures of cash flow information:
 

 
 

 
 
 
 
Cash paid for:
 

 
 

Interest
$
13,820

 
$
9,118

 
 
 
 
Non-cash items:
 
 
 
Loans transferred to OREO
$
568

 
$
628

 
 
 
 
Securities purchase commitments
$

 
$
2,448

 
 
 
 
Right of use assets obtained in exchange for lease obligations
$
10,970

 
$


SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


9

Table of Contents


PARK NATIONAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation
 
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park National Corporation (sometimes also referred to as the “Registrant”) and its subsidiaries. Unless the context otherwise requires, references to "Park", the "Corporation" or the "Company" and similar terms mean Park National Corporation and its subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month period ended March 31, 2019 are not necessarily indicative of the operating results to be anticipated for the fiscal year ending December 31, 2019.
 
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of the condensed balance sheets, condensed statements of income, condensed statements of comprehensive income, condensed statements of changes in shareholders’ equity and condensed statements of cash flows in conformity with United States ("U.S.") generally accepted accounting principles (“U.S. GAAP”). These financial statements should be read in conjunction with the consolidated financial statements incorporated by reference in the Annual Report on Form 10-K of Park for the fiscal year ended December 31, 2018 from Park’s 2018 Annual Report to Shareholders (“Park's 2018 Annual Report”).
 
Park’s significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements included in Park’s 2018 Annual Report. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period.
 
Note 2 - Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards

The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements, and issued but not yet effective accounting standards:

Adoption of New Accounting Pronouncements

ASU 2016-02 - Leases (Topic 842): In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02 - Leases (Topic 842). This ASU requires all organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Additional qualitative and quantitative disclosures will be required so that users can understand more about the nature of an entity’s leasing activities. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018. The adoption of this guidance on January 1, 2019 resulted in a $11.0 million increase in assets, a $11.2 million increase in liabilities and a $143,000 decrease in beginning retained earnings, but did not have a material impact on Park's consolidated statement of income. Additionally, Note 13 - Leases includes new required disclosures.

ASU 2017-08 - Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities: In March 2017, the FASB issued ASU 2017-08 - Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU amends the amortization period for certain purchased callable debt securities held at a premium. It shortens the amortization period for the premium to the earliest call date. Under previous U.S. GAAP, premiums on callable debt securities generally were amortized to the maturity date. The new guidance is effective for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. The adoption of this guidance on January 1, 2019 did not have a material impact on Park's consolidated financial statements.

ASU 2018-10 - Codification Improvements to Topic 842, Leases: In July 2018, the FASB issued ASU 2018-10 - Codification Improvements to Topic 842, Leases. This ASU includes amendments that clarify certain aspects of the guidance issued in ASU 2016-02. Park considered this clarification in determining the appropriate adoption of ASU 2016-02 on January 1, 2019.

ASU 2018-11 - Leases (Topic 842): Targeted Improvements: In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842): Targeted Improvements. This ASU amends the guidance in ASU 2016-02 which was not yet effective. The amendments in the ASU provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this

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new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings for the period of adoption. Additionally, this amendment provides lessors with a practical expedient, by class of asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if certain criteria are met. Park considered this clarification in determining the appropriate adoption of ASU 2016-02 on January 1, 2019.

ASU 2018-16 - Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes: In October 2018, the FASB issued ASU 2018-16 - Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government ("UST"), the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2019 did not have an impact on Park’s consolidated financial statements.

ASU 2018-20 - Leases (Topic 842): Narrow - Scope Improvements for Lessors: In December 2018, the FASB issued ASU 2018-20 - Leases (Topic 842): Narrow - Scope Improvements for Lessors. The amendments in this ASU address the treatment of certain sales taxes and other similar taxes, certain lessor costs and recognition of variable payments for contracts with lease and nonlease components. Park considered this clarification in determining the appropriate adoption of ASU 2016-02 on January 1, 2019.

ASU 2019-01 - Leases (Topic 842): Narrow - Codification Improvements: In January 2019, the FASB issued ASU 2019-01 - Leases (Topic 842): Codification Improvements. The amendments in this ASU address determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, the presentation on the statement of cash flows for sales type and direct financing leases, and transition disclosures related to Topic 250, Accounting Changes and Error Corrections. Park considered this clarification in determining the appropriate adoption of ASU 2016-02 on January 1, 2019.

Issued But Not Yet Effective Accounting Standards

ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: In June 2016, FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity ("HTM") debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The CECL model requires an entity to estimate credit losses over the life of an asset or off-balance sheet exposure. The new guidance is effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019. Early adoption is permitted for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2018.

Management is currently evaluating the impact of the adoption of this guidance on Park's consolidated financial statements. We anticipate that the adoption of the CECL model will result in a material increase to Park's allowance for loan losses. Management has established a committee to oversee the implementation of the CECL model and is currently in the process of evaluating segmentation and model selection.

ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This ASU modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement by removing, modifying and adding certain requirements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of this ASU. An entity is permitted to early adopt and remove or modify disclosures upon issuance of the ASU and delay adoption of the additional disclosures until their effective date. The adoption of this guidance will not have an impact on Park’s consolidated financial statements, but will impact disclosures.


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ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that are no longer considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of this guidance will not have an impact on Park’s consolidated financial statements, but will impact disclosures.

ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses: In November 2018, the FASB issued ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendment in this ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. Park will consider this clarification in determining the appropriate adoption of ASU 2016-13, effective for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019.

Note 3 - Business Combinations

On July 1, 2018, NewDominion Bank, a North Carolina state-chartered bank (“NewDominion”), merged with and into The Park National Bank, the national bank subsidiary of Park ("PNB"), with PNB continuing as the surviving entity pursuant to the Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), dated as of January 22, 2018, by and among Park, PNB, and NewDominion. In accordance with the Merger Agreement, NewDominion shareholders were permitted to make an election to receive for their shares of NewDominion common stock either $1.08 in cash without interest (the cash consideration) or 0.01023 of a Park common share, plus cash in lieu of any fractional Park common share (the stock consideration). Based on the terms of the Merger Agreement, the aggregate consideration to be paid in the merger was subject to proration and allocation procedures to ensure that 60 percent of the shares of NewDominion common stock outstanding immediately prior to the completion of the merger were exchanged for the stock consideration and that the remaining 40 percent of the shares of NewDominion common stock outstanding immediately prior to the completion of the merger were exchanged for the cash consideration, including, in each case, shares of NewDominion common stock subject to NewDominion options and restricted stock awards.

Purchase consideration consisted of 435,457 Park common shares, valued at $48.5 million, and $30.7 million in cash to acquire 91.45% of NewDominion outstanding common shares. The remaining 8.55% of NewDominion's outstanding common shares was previously held by Park. Park recognized a gain of $3.5 million as a result of remeasuring to fair value its 8.55% equity interest in NewDominion held before the business combination. This non-taxable gain is included in "Gain on equity securities, net" in the consolidated condensed statements of income. The acquisition is expected to provide additional revenue growth and geographic diversification.

NewDominion's results of operations were included in Park’s results beginning July 1, 2018. For the three months ended March 31, 2019 and 2018, Park recorded merger-related expenses of $71,000 and $169,000, respectively, associated with the NewDominion acquisition.

Goodwill of $40.4 million arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the PNB and NewDominion. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange.


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The following table summarizes the consideration paid for NewDominion and the amounts of the assets acquired and liabilities assumed at their fair value:

(in thousands)
 
Consideration
 
Cash
$
30,684

Park common shares
48,519

Previous 8.55% investment in NewDominion
7,000

Fair value of total consideration transferred
$
86,203

 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
Cash and cash equivalents
$
42,954

Securities
1,954

Loans
272,753

Premises and equipment
940

Core deposit intangibles
6,249

Trade name intangible
1,300

Other assets
6,133

Total assets acquired
$
332,283

 
 
Deposits
284,231

Other liabilities
2,254

Total liabilities assumed
286,485

 
 
Net identifiable assets
45,798

 
 
Goodwill
$
40,405



Park accounted for the NewDominion acquisition using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date, in accordance with FASB ASC Topic 805, Business Combinations.

The fair value of net assets acquired includes fair value adjustments to loans that were not considered impaired as of the acquisition date.  The fair value adjustments were determined using discounted contractual cash flows.  However, Park believes that all contractual cash flows related to these loans will be collected.  As such, these loans were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans which have shown evidence of credit deterioration since origination.  Loans acquired that were not subject to these requirements included non-impaired loans with a fair value and gross contractual amounts receivable of $267.9 million and $273.7 million, respectively, on the date of acquisition.


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The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date.

(in thousands)
Book Balance
 
Fair Value
Commercial, financial and agricultural
$
19,246

 
$
19,138

Commercial real estate
119,434

 
117,638

Construction real estate:
 
 
 
Commercial
22,494

 
22,235

Mortgage
8,391

 
8,111

Residential real estate:
 
 
 
Commercial
14,798

 
14,797

Mortgage
50,295