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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
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________________ to __________________________

  
Commission File Number
1-13006
 
PARK NATIONAL CORPORATION
(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,
P.O. Box 3500
Newark,
Ohio
43058-3500
(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)

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 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      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     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

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   

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 16,413,616 Common Shares, no par value per share, outstanding at August 1, 2019.




PARK NATIONAL CORPORATION
 
CONTENTS
 
Page
PART I.   FINANCIAL INFORMATION
 
 
 
Item 1.  Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
92 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


Glossary of Abbreviations and Acronyms

Park has identified the following list of abbreviations and acronyms that are used in the Notes to Unaudited Consolidated Condensed Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations.

AFS
Available-for-sale
 
NAV
Net asset value
ALLL
Allowance for loan losses
 
OREO
Other real estate owned
Allowance
Allowance for loan losses
 
Park
Park National Corporation and its subsidiaries
ASU
Accounting standards update
 
PBRSUs
Performance-based restricted stock units
CABF
CAB Financial Corporation and its subsidiaries
 
PCI
Purchase credit impaired
Carolina Alliance
CAB Financial Corporation and its subsidiaries
 
PNB
The Park National Bank
CECL
Current expected credit loss
 
ROU
Right-of-use
FASB
Financial Accounting Standards Board
 
SARs
Stock appreciation rights
FHLB
Federal Home Loan Bank
 
SEPH
SE Property Holdings, LLC
FRB
Federal Reserve Bank
 
TBRSUs
Time-based restricted stock units
GFSC
Guardian Financial Services Company
 
TDRs
Troubled debt restructurings
HTM
Held-to-maturity
 
U.S. GAAP
United States Generally Accepted Accounting Principles
IRLC
Interest rate lock commitment
 
U.S.
United States
MSRs
Mortgage servicing rights
 
 
 


3

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except share and per share data)                    
 
June 30,
2019
 
December 31, 2018
Assets:
 

 
 

Cash and due from banks
$
160,589

 
$
141,890

Money market instruments
98,916

 
25,324

Cash and cash equivalents
259,505

 
167,214

Investment securities:
 

 
 

Debt securities available-for-sale, at fair value (amortized cost of $973,923 and $1,028,883 at June 30, 2019 and December 31, 2018, respectively)
978,825

 
1,003,421

Debt securities held-to-maturity, at amortized cost (fair value of $364,560 and $351,422 at June 30, 2019 and December 31, 2018, respectively)
350,375

 
351,808

Other investment securities
67,330

 
72,916

Total investment securities
1,396,530

 
1,428,145

 
 
 
 
Loans
6,376,737

 
5,692,132

Allowance for loan losses
(54,003
)
 
(51,512
)
Net loans
6,322,734

 
5,640,620

Bank owned life insurance
207,487

 
188,417

Prepaid assets
99,025

 
94,079

Goodwill
158,057

 
112,739

Other intangible assets
16,231

 
6,971

Premises and equipment, net
72,129

 
59,771

Affordable housing tax credit investments
56,722

 
50,347

Other real estate owned
3,839

 
4,303

Accrued interest receivable
26,295

 
22,974

Operating lease right-of-use asset
14,784

 

Mortgage loan servicing rights
10,104

 
10,178

Other
14,011

 
18,550

Total assets
$
8,657,453

 
$
7,804,308


4

Table of Contents

PARK NATIONAL CORPORATION AND SUBSIDARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except share and per share data)
 
June 30,
2019
 
December 31, 2018
Liabilities and Shareholders' Equity:
 

 
 

Deposits:
 

 
 

Noninterest bearing
$
1,907,027

 
$
1,804,881

Interest bearing
5,125,093

 
4,455,979

Total deposits
7,032,120

 
6,260,860

Short-term borrowings
180,578

 
221,966

Long-term debt
400,000

 
400,000

Subordinated notes
15,000

 
15,000

Unfunded commitments in affordable housing tax credit investments
28,648

 
22,282

Operating lease liability
15,576

 

Accrued interest payable
3,618

 
2,625

Other
47,481

 
49,069

Total liabilities
$
7,723,021

 
$
6,971,802

 
 
 
 
Shareholders' equity:
 

 
 

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

 
$

Common shares (No par value; 20,000,000 shares authorized; 17,623,216 shares issued at June 30, 2019 and 16,586,165 shares issued at December 31, 2018)
456,911

 
358,598

Retained earnings
625,227

 
614,069

Treasury shares (1,205,654 shares at June 30, 2019 and 887,987 shares at December 31, 2018)
(121,399
)
 
(90,373
)
Accumulated other comprehensive loss, net of taxes
(26,307
)
 
(49,788
)
Total shareholders' equity
934,432

 
832,506

Total liabilities and shareholders’ equity
$
8,657,453

 
$
7,804,308


SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

5

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
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Interest and dividend income:
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
82,471

 
$
64,496

 
$
154,474

 
$
128,898

 
 
 
 
 
 
 
 
Interest and dividends on:
 

 
 

 
 
 
 
Obligations of U.S. Government, its agencies and other securities - taxable
6,919

 
7,746

 
13,914

 
14,513

Obligations of states and political subdivisions - tax-exempt
2,308

 
2,178

 
4,525

 
4,352

Other interest income
528

 
271

 
1,169

 
642

Total interest and dividend income
92,226

 
74,691

 
174,082

 
148,405

 
 
 
 
 
 
 
 
Interest expense:
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits:
 

 
 

 
 
 
 
Demand and savings deposits
8,811

 
4,107

 
15,904

 
7,397

Time deposits
4,357

 
2,886

 
8,134

 
5,437

 
 
 
 
 
 
 
 
Interest on borrowings:
 

 
 

 
 
 
 
Short-term borrowings
760

 
420

 
1,499

 
995

Long-term debt
2,447

 
2,536

 
4,918

 
4,984

 
 
 
 
 
 
 
 
Total interest expense
16,375

 
9,949

 
30,455

 
18,813

 
 
 
 
 
 
 
 
Net interest income
75,851

 
64,742

 
143,627

 
129,592

 
 
 
 
 
 
 
 
Provision for loan losses
1,919

 
1,386

 
4,417

 
1,646

Net interest income after provision for loan losses
73,932

 
63,356

 
139,210

 
127,946

 
 
 
 
 
 
 
 
Other income:
 

 
 

 
 
 
 
Income from fiduciary activities
6,935

 
6,666

 
13,658

 
13,061

Service charges on deposit accounts
2,655

 
2,826

 
5,214

 
5,748

Other service income
4,040

 
3,472

 
6,858

 
7,644

Debit card fee income
5,227

 
4,382

 
9,596

 
8,384

Bank owned life insurance income
1,286

 
1,031

 
2,292

 
2,040

ATM fees
460

 
510

 
900

 
1,034

OREO valuation adjustments
(55
)
 
(114
)
 
(82
)
 
(321
)
(Loss) gain on sale of OREO, net
(159
)
 
(147
)
 
(171
)
 
4,174

Net loss on the sale of investment securities
(607
)
 

 
(607
)
 
(2,271
)
Gain on equity securities, net
232

 
1,348

 
1,974

 
4,544

Other components of net periodic pension benefit income
1,183

 
1,705

 
2,366

 
3,410

Miscellaneous
1,611

 
1,563

 
2,835

 
2,698

Total other income
22,808

 
23,242

 
44,833

 
50,145

 
 
 
 
 
 
 
 
 


6

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
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Other expense:
 

 
 

 
 
 
 
Salaries
$
32,093

 
$
24,103

 
$
57,898

 
$
49,423

Employee benefits
9,014

 
7,630

 
17,444

 
14,659

Occupancy expense
3,223

 
2,570

 
6,234

 
5,506

Furniture and equipment expense
4,386

 
4,013

 
8,536

 
8,162

Data processing fees
2,905

 
1,902

 
5,038

 
3,675

Professional fees and services
10,106

 
6,123

 
16,112

 
12,313

Marketing
1,455

 
1,185

 
2,681

 
2,403

Insurance
1,381

 
1,196

 
2,537

 
2,624

Communication
1,375

 
1,189

 
2,708

 
2,439

State tax expense
1,054

 
958

 
2,059

 
2,063

Amortization of intangible assets
702

 

 
991

 

Miscellaneous
2,498

 
1,665

 
4,781

 
3,575

Total other expense
70,192

 
52,534

 
127,019

 
106,842

 
 
 
 
 
 
 
 
Income before income taxes
26,548

 
34,064

 
57,024

 
71,249

 
 
 
 
 
 
 
 
Income taxes
4,385

 
5,823

 
9,406

 
11,885

 
 
 
 
 
 
 
 
Net income
$
22,163

 
$
28,241

 
$
47,618

 
$
59,364

 
 
 
 
 
 
 
 
Earnings per Common Share:
 
 
 
 
 
 
 
Basic
$
1.34

 
$
1.85

 
$
2.96

 
$
3.88

Diluted
$
1.33

 
$
1.83

 
$
2.94

 
$
3.85

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 

 
 

 
 
 
 

Basic
16,560,545

 
15,285,532

 
16,106,043

 
15,286,932

Diluted
16,642,571

 
15,417,607

 
16,193,643

 
15,424,585

 
 
 
 
 
 
 
 
Cash dividends declared
$
1.01

 
$
1.21

 
$
2.22

 
$
2.15

 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 



7

Table of Contents


PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Unaudited)
(in thousands)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
22,163

 
$
28,241

 
$
47,618

 
$
59,364

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net loss realized on sale of securities, net of income tax benefit of $127 for the three months ended June 30, 2019 and $127 and $538 for the six months ended June 30, 2019 and 2018, respectively
480

 

 
480

 
2,024

Unrealized net holding gain (loss) on debt securities available-for-sale, net of income tax effect of $2,383 and $(630) for the three months ended June 30, 2019 and 2018, respectively and $6,249 and $(6,853) for the six months ended June 30, 2019 and 2018, respectively
8,967

 
(2,368
)
 
23,508

 
(25,778
)
Unrealized loss on cash flow hedging derivatives, net of income tax effect of $(80) for the three months ended June 30, 2019 and $(135) for the six months ended June 30, 2019
(301
)
 

 
(507
)
 

Other comprehensive income (loss)
$
9,146

 
$
(2,368
)
 
$
23,481