Attached files
| file | filename |
|---|---|
| 8-K - PARK NATIONAL CORP /OH/ | v208750_8k.htm |
 |
N e w
s R e l e a s e
|
|
January
24, 2011
|
Exhibit
99.1
|
Park
National Corporation Reports Fourth Quarter
and
Year End 2010 Financial Results
Board
Continues Quarterly Cash Dividend of $0.94 per Common Share
NEWARK, Ohio – Park National
Corporation (NYSE Amex: PRK) (Park) today reported financial results for the
three months ended December 31, 2010 and the year ended December 31, 2010.
Park's Board of Directors also today declared a $0.94 per common share quarterly
cash dividend, payable on March 10, 2011 to common shareholders of record on
February 25, 2011.
Park's
net income was $74.2 million for each of the years ended December 31, 2010 and
2009. Net income for the 2010 fourth quarter was $12.7 million, a slight
increase from $12.3 million earned in the same period in 2009.
The
issuance of common shares over the last four quarters resulted in a decline in
net income per diluted common share compared to last year. Net income per
diluted common share for the 2010 year was $4.51, a 6.4 percent decline from the
$4.82 reported in 2009. Net income per diluted common share for the 2010
fourth quarter was $0.73, a 1.4 percent decline from $0.74 in the fourth quarter
of 2009.
Ohio-Based
Operations
Park,
excluding Vision Bank (Park's Ohio-based operations), reported net income of
$103.5 million for the 2010 year, compared to 2009 net income of $104.3 million.
This performance resulted in return on assets of 1.58 percent and 1.61 percent
for Park's Ohio-based operations in 2010 and 2009, respectively. Additionally,
Park's two Ohio-based subsidiaries, The Park National Bank and Guardian
Financial Services Company, generated record earnings in the 2010
year.
Loan
growth for Park's Ohio-based operations was $128.7 million, or 3.2 percent,
during 2010. Nonperforming loans for Park's Ohio-based operations increased by
$32.2 million in 2010, ending the year at $121.0 million, or 2.96 percent of
period-end loans. Of the $32.2 million increase in nonperforming loans, $26.7
million was due to loans purchased from Vision Bank subsequent to Park's 2007
acquisition. Without these loan purchases, Park's Ohio-based operations
would have experienced a $5.5 million increase in nonperforming loans in
2010.
"We are
very pleased with our results in Ohio. Interest rates for 15- and 30-year home
loans during 2010, combined with our local servicing, were especially
appealing," said Park Chairman C. Daniel DeLawder. "More than 20 percent of the
home loans we refinanced in Ohio last year were for clients whose original loan
was from another lender. It remains a very attractive time to borrow money. We
have it to lend and we continue to welcome opportunities to lend to individuals
and businesses alike."
Credit
Quality
In 2010,
Park continued to proactively increase its allowance for loan losses, providing
additional reserves for future losses in the loan portfolio. At December
31, 2010, the allowance for loan losses was $121.4 million, a 4.0 percent
increase compared to $116.7 million at December 31, 2009. Nonperforming
loans ended the 2010 year at $292.9 million, or 6.19 percent of period-end
loans, compared to $248.5 million, or 5.35 percent of period-end loans in
2009.
Park
National Corporation
50
N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
|
|
N
e w s R e l e a s e
|
Park's
loan loss provision for the 2010 year was $64.9 million, compared to $68.8
million in 2009. Park's Ohio-based operations had a loan loss provision of
$25.7 million in 2010, compared to $24.4 million in 2009. Park subsidiary
Vision Bank had a loan loss provision of $39.2 million in 2010, compared to
$44.4 million in 2009. Net loan charge-offs at Park for the 2010 year were
$60.2 million, or 1.30 percent of average loans outstanding, compared to $52.2
million or 1.14 percent of average loans in 2009.
Capital
Raising Activities
Capital-raising
activities over the past seven quarters increased common shares outstanding by
1,413,256 or 10.1 percent, generating a net total of approximately $87 million.
For the 2010 year, Park issued 509,184 common shares at a weighted average price
per share of $67.99, for gross proceeds of $34.6 million. The weighted
average price per share of $67.99 represents a multiple of 1.6 times the
December 31, 2009 common book value per share of $41.71. After all
expenses, Park raised an additional $33.5 million of common equity from the sale
of these common shares in 2010.
Other
Information
During
2010, Park realized a pre-tax gain of $11.9 million from the sale of investment
securities. Park's 2009 results included a pre-tax gain of $7.3 million from the
sale of investment securities.
Headquartered
in Newark, Ohio, Park National Corporation has $7.3 billion in total assets (as
of December 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 Financial Services Company (d.b.a.
Guardian Finance Company).
Media
contacts: Bethany Lewis, 740.349.0421, blewis@parknationalbank.com or John
Kozak, 740.349.3792
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 due to a number of factors, such as adverse changes in economic
conditions that impair the ability of borrowers to repay their loans, the
underlying value of the collateral could prove less valuable than assumed and
cash flows 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 nationally 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; the effects of the Gulf of Mexico oil
spill; 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, specifically the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010; 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 and in "Item 1A. Risk Factors"
of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2010. 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
50
N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com
PARK
NATIONAL CORPORATION
Financial
Highlights
Three
months ended December 31, 2010, September 30, 2010, and December 31,
2009
|
2010
|
2009
|
Percent change vs.
|
|||||||||||||||||||
|
(in
thousands, except share and per share data)
|
4th
QTR
|
3rd
QTR
|
4th
QTR
|
3Q
'10
|
4Q
'09
|
||||||||||||||||
|
INCOME
STATEMENT:
|
|||||||||||||||||||||
|
Net
interest income
|
$ | 68,498 | $ | 69,445 | $ | 68,802 | -1.4 | % | -0.4 | % | |||||||||||
|
Provision
for loan losses
|
20,448 | 14,654 | 25,720 | 39.5 | % | -20.5 | % | ||||||||||||||
|
Other
income
|
14,745 | 17,530 | 16,718 | -15.9 | % | -11.8 | % | ||||||||||||||
|
Gain
on sale of securities
|
45 | - | - | N/A | N/A | ||||||||||||||||
|
Total
other expense
|
46,520 | 45,696 | 46,660 | 1.8 | % | -0.3 | % | ||||||||||||||
|
Income
before income taxes
|
$ | 16,320 | $ | 26,625 | $ | 13,140 | -38.7 | % | 24.2 | % | |||||||||||
|
Income
taxes
|
3,625 | 7,048 | 844 | -48.6 | % | 329.5 | % | ||||||||||||||
|
Net
income
|
$ | 12,695 | $ | 19,577 | $ | 12,296 | -35.2 | % | 3.2 | % | |||||||||||
|
Preferred
stock dividends and accretion
|
1,452 | 1,452 | 1,441 | 0.0 | % | 0.8 | % | ||||||||||||||
|
Net
income available to common shareholders
|
$ | 11,243 | $ | 18,125 | $ | 10,855 | -38.0 | % | 3.6 | % | |||||||||||
|
MARKET
DATA:
|
|||||||||||||||||||||
|
Earnings
per common share - basic (b)
|
$ | 0.73 | $ | 1.19 | $ | 0.74 | -38.7 | % | -1.4 | % | |||||||||||
|
Earnings
per common share - diluted (b)
|
0.73 | 1.19 | 0.74 | -38.7 | % | -1.4 | % | ||||||||||||||
|
Cash
dividends per common share
|
0.94 | 0.94 | 0.94 | 0.0 | % | 0.0 | % | ||||||||||||||
|
Common
book value per common share at period end
|
42.12 | 43.10 | 41.71 | -2.3 | % | 1.0 | % | ||||||||||||||
|
Stock
price per common share at period end
|
72.67 | 64.04 | 58.88 | 13.5 | % | 23.4 | % | ||||||||||||||
|
Market
capitalization at period end
|
1,119,041 | 979,956 | 876,298 | 14.2 | % | 27.7 | % | ||||||||||||||
|
Weighted
average common shares - basic (a)
|
15,340,427 | 15,272,720 | 14,658,601 | 0.4 | % | 4.7 | % | ||||||||||||||
|
Weighted
average common shares - diluted (a)
|
15,352,600 | 15,272,720 | 14,658,601 | 0.5 | % | 4.7 | % | ||||||||||||||
|
Common
shares outstanding at period end
|
15,398,934 | 15,302,244 | 14,882,780 | 0.6 | % | 3.5 | % | ||||||||||||||
|
PERFORMANCE
RATIOS:
|
|||||||||||||||||||||
|
Annualized
return on average assets (a)(b)
|
0.64 | % | 1.02 | % | 0.61 | % | -37.3 | % | 4.9 | % | |||||||||||
|
Annualized
return on average common equity (a)(b)
|
6.72 | % | 10.90 | % | 6.94 | % | -38.3 | % | -3.2 | % | |||||||||||
|
Yield
on loans
|
5.73 | % | 5.76 | % | 5.91 | % | -0.5 | % | -3.0 | % | |||||||||||
|
Yield
on investments
|
3.87 | % | 4.26 | % | 4.53 | % | -9.2 | % | -14.6 | % | |||||||||||
|
Yield
on earning assets
|
5.23 | % | 5.34 | % | 5.51 | % | -2.1 | % | -5.1 | % | |||||||||||
|
Cost
of interest bearing deposits
|
0.82 | % | 0.91 | % | 1.33 | % | -9.9 | % | -38.3 | % | |||||||||||
|
Cost
of borrowings
|
2.76 | % | 2.91 | % | 2.68 | % | -5.2 | % | 3.0 | % | |||||||||||
|
Cost
of paying liabilities
|
1.21 | % | 1.29 | % | 1.58 | % | -6.2 | % | -23.4 | % | |||||||||||
|
Net
interest margin (annualized)
|
4.25 | % | 4.28 | % | 4.20 | % | -0.7 | % | 1.2 | % | |||||||||||
|
Efficiency
ratio (g)
|
55.52 | % | 52.21 | % | 54.24 | % | 6.3 | % | 2.4 | % | |||||||||||
|
OTHER
RATIOS (NON GAAP):
|
|||||||||||||||||||||
|
Annualized
return on average tangible assets (a)(b)(e)
|
0.64 | % | 1.03 | % | 0.62 | % | -37.9 | % | 3.2 | % | |||||||||||
|
Annualized
return on average tangible common equity (a)(b)(c)
|
7.63 | % | 12.39 | % | 8.00 | % | -38.4 | % | -4.6 | % | |||||||||||
|
Tangible
common book value per common share (d)
|
$ | 37.03 | $ | 37.93 | $ | 36.22 | -2.4 | % | 2.2 | % | |||||||||||
PARK
NATIONAL CORPORATION
Financial
Highlights (continued)
Three
months ended December 31, 2010, September 30, 2010, and December 31,
2009
|
Percent change vs.
|
|||||||||||||||||||||
|
BALANCE SHEET:
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
3Q '10
|
4Q '09
|
||||||||||||||||
|
Investment
securities
|
$ | 2,039,791 | $ | 1,896,969 | $ | 1,863,560 | 7.5 | % | 9.5 | % | |||||||||||
|
Loans
|
4,732,685 | 4,656,902 | 4,640,432 | 1.6 | % | 2.0 | % | ||||||||||||||
|
Allowance
for loan losses
|
121,397 | 117,405 | 116,717 | 3.4 | % | 4.0 | % | ||||||||||||||
|
Goodwill
and other intangibles
|
78,377 | 79,199 | 81,799 | -1.0 | % | -4.2 | % | ||||||||||||||
|
Other
real estate owned
|
44,325 | 52,837 | 41,240 | -16.1 | % | 7.5 | % | ||||||||||||||
|
Total
assets
|
7,298,377 | 7,090,456 | 7,040,329 | 2.9 | % | 3.7 | % | ||||||||||||||
|
Total
deposits
|
5,095,420 | 5,100,030 | 5,188,052 | -0.1 | % | -1.8 | % | ||||||||||||||
|
Borrowings
|
1,375,652 | 1,003,624 | 1,053,850 | 37.1 | % | 30.5 | % | ||||||||||||||
|
Stockholders'
equity
|
745,824 | 756,627 | 717,264 | -1.4 | % | 4.0 | % | ||||||||||||||
|
Common
equity
|
648,534 | 659,539 | 620,781 | -1.7 | % | 4.5 | % | ||||||||||||||
|
Tangible
common equity (d)
|
570,157 | 580,340 | 538,982 | -1.8 | % | 5.8 | % | ||||||||||||||
|
Nonperforming
loans
|
289,268 | 237,194 | 233,686 | 22.0 | % | 23.8 | % | ||||||||||||||
|
Nonperforming
assets
|
333,593 | 290,031 | 274,926 | 15.0 | % | 21.3 | % | ||||||||||||||
|
Past
due 90 day loans and still accruing
|
3,590 | 10,700 | 14,773 | -66.4 | % | -75.7 | % | ||||||||||||||
|
ASSET
QUALITY RATIOS:
|
|||||||||||||||||||||
|
Loans
as a % of period end assets
|
64.85 | % | 65.68 | % | 65.91 | % | -1.3 | % | -1.6 | % | |||||||||||
|
Nonperforming
loans as a % of period end loans
|
6.11 | % | 5.09 | % | 5.04 | % | 20.0 | % | 21.2 | % | |||||||||||
|
Past
due 90 day loans as a % of period end loans
|
0.08 | % | 0.23 | % | 0.32 | % | -65.2 | % | -75.0 | % | |||||||||||
|
Nonperforming
assets / Period end loans + OREO
|
6.98 | % | 6.16 | % | 5.87 | % | 13.3 | % | 18.9 | % | |||||||||||
|
Allowance
for loan losses as a % of period end loans
|
2.57 | % | 2.52 | % | 2.52 | % | 2.0 | % | 2.0 | % | |||||||||||
|
Net
loan charge-offs
|
$ | 16,456 | $ | 17,925 | $ | 19,044 | -8.2 | % | -13.6 | % | |||||||||||
|
Annualized
net loan charge-offs as a % of average loans (a)
|
1.39 | % | 1.53 | % | 1.63 | % | -9.2 | % | -14.7 | % | |||||||||||
|
CAPITAL
& LIQUIDITY:
|
|||||||||||||||||||||
|
Total
equity / Period end assets
|
10.22 | % | 10.67 | % | 10.19 | % | -4.2 | % | 0.3 | % | |||||||||||
|
Common
equity / Period end assets
|
8.89 | % | 9.30 | % | 8.82 | % | -4.4 | % | 0.8 | % | |||||||||||
|
Tangible
common equity (d) / Tangible assets (f)
|
7.90 | % | 8.28 | % | 7.75 | % | -4.6 | % | 1.9 | % | |||||||||||
|
Average
equity / Average assets (a)
|
10.84 | % | 10.73 | % | 10.14 | % | 1.0 | % | 6.9 | % | |||||||||||
|
Average
equity / Average loans (a)
|
16.20 | % | 16.27 | % | 15.49 | % | -0.4 | % | 4.6 | % | |||||||||||
|
Average
loans / Average deposits (a)
|
91.68 | % | 89.64 | % | 88.65 | % | 2.3 | % | 3.4 | % | |||||||||||
PARK
NATIONAL CORPORATION
Financial
Highlights (continued)
Twelve
months ended December 31, 2010 and 2009
|
December 31,
|
December 31,
|
Percent
|
|||||||||||
|
(in thousands, except share and per share data)
|
2010
|
2009
|
change
|
||||||||||
|
INCOME
STATEMENT:
|
|||||||||||||
|
Net
interest income
|
$ | 274,044 | $ | 273,491 | 0.2 | % | |||||||
|
Provision
for loan losses
|
64,902 | 68,821 | -5.7 | % | |||||||||
|
Other
income
|
65,632 | 73,850 | -11.1 | % | |||||||||
|
Gain
on sale of securities
|
11,864 | 7,340 | 61.6 | % | |||||||||
|
Total
other expense
|
187,107 | 188,725 | -0.9 | % | |||||||||
|
Income
before income taxes
|
$ | 99,531 | $ | 97,135 | 2.5 | % | |||||||
|
Income
taxes
|
25,314 | 22,943 | 10.3 | % | |||||||||
|
Net
income
|
$ | 74,217 | $ | 74,192 | 0.0 | % | |||||||
|
Preferred
stock dividends and accretion
|
5,807 | 5,762 | 0.8 | % | |||||||||
|
Net
income available to common shareholders
|
$ | 68,410 | $ | 68,430 | 0.0 | % | |||||||
|
MARKET
DATA:
|
|||||||||||||
|
Earnings
per common share - basic (b)
|
$ | 4.51 | $ | 4.82 | -6.4 | % | |||||||
|
Earnings
per common share - diluted (b)
|
4.51 | 4.82 | -6.4 | % | |||||||||
|
Cash
dividends per common share
|
3.76 | 3.76 | 0.0 | % | |||||||||
|
Weighted
average common shares - basic (a)
|
15,152,692 | 14,206,335 | 6.7 | % | |||||||||
|
Weighted
average common shares - diluted (a)
|
15,155,735 | 14,206,335 | 6.7 | % | |||||||||
|
PERFORMANCE
RATIOS:
|
|||||||||||||
|
Return
on average assets (a)(b)
|
0.97 | % | 0.97 | % | 0.0 | % | |||||||
|
Return
on average common equity (a)(b)
|
10.53 | % | 11.81 | % | -10.8 | % | |||||||
|
Yield
on loans
|
5.80 | % | 6.03 | % | -3.8 | % | |||||||
|
Yield
on investments
|
4.25 | % | 4.81 | % | -11.6 | % | |||||||
|
Yield
on earning assets
|
5.36 | % | 5.67 | % | -5.5 | % | |||||||
|
Cost
of interest bearing deposits
|
0.98 | % | 1.53 | % | -35.9 | % | |||||||
|
Cost
of borrowings
|
2.88 | % | 2.46 | % | 17.1 | % | |||||||
|
Cost
of paying liabilities
|
1.35 | % | 1.73 | % | -22.0 | % | |||||||
|
Net
interest margin
|
4.26 | % | 4.22 | % | 0.9 | % | |||||||
|
Efficiency
ratio (g)
|
54.75 | % | 54.01 | % | 1.4 | % | |||||||
|
ASSET
QUALITY RATIOS:
|
|||||||||||||
|
Net
loan charge-offs
|
$ | 60,222 | $ | 52,192 | 15.4 | % | |||||||
|
Annualized
net loan charge-offs as a % of average loans (a)
|
1.30 | % | 1.14 | % | 14.0 | % | |||||||
|
CAPITAL
AND LIQUIDITY:
|
|||||||||||||
|
Average
equity / Average assets (a)
|
10.60 | % | 9.60 | % | 10.4 | % | |||||||
|
Average
equity / Average loans (a)
|
16.08 | % | 14.70 | % | 9.4 | % | |||||||
|
Average
loans / Average deposits (a)
|
89.59 | % | 90.97 | % | -1.5 | % | |||||||
|
OTHER
RATIOS (NON GAAP):
|
|||||||||||||
|
Return
on average tangible assets (a)(b)(e)
|
0.98 | % | 0.98 | % | 0.0 | % | |||||||
|
Return
on average tangible common equity (a)(b)(c)
|
12.01 | % | 13.81 | % | -13.0 | % | |||||||
PARK
NATIONAL CORPORATION
Financial
Highlights (continued)
(a)
Averages are for the quarters ended December 31, 2010, September 30, 2010, and
December 31, 2009, and the twelve-month periods ended December 31, 2010 and
December 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 during the applicable period and (ii) average goodwill
and other intangibles during the applicable period.
RECONCILIATION
OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY:
|
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
||||||||||||||||
|
AVERAGE
STOCKHOLDERS' EQUITY
|
$ | 760,556 | $ | 756,939 | $ | 717,268 | $ | 746,555 | $ | 675,314 | ||||||||||
|
Less: Average
preferred stock
|
97,174 | 96,972 | 96,374 | 96,873 | 96,090 | |||||||||||||||
|
Average
goodwill and other intangibles
|
78,823 | 79,651 | 82,322 | 80,072 | 83,722 | |||||||||||||||
|
AVERAGE
TANGIBLE COMMON EQUITY
|
$ | 584,559 | $ | 580,316 | $ | 538,572 | $ | 569,610 | $ | 495,502 | ||||||||||
(d)
Tangible common equity equals ending stockholders' equity less preferred stock
and goodwill and other intangibles, in each case at the end of the
period.
RECONCILIATION
OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
||||||||||
|
STOCKHOLDERS'
EQUITY
|
$ | 745,824 | $ | 756,627 | $ | 717,264 | ||||||
|
Less:
Preferred stock
|
97,290 | 97,088 | 96,483 | |||||||||
|
Goodwill
and other intangibles
|
78,377 | 79,199 | 81,799 | |||||||||
|
TANGIBLE
COMMON EQUITY
|
$ | 570,157 | $ | 580,340 | $ | 538,982 | ||||||
(e) Net
income available to common shareholders for each period divided by average
tangible assets during the period. Average tangible assets equals average
assets less average goodwill and other intangibles.
RECONCILIATION
OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:
|
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
||||||||||||||||
|
AVERAGE
ASSETS
|
$ | 7,013,852 | $ | 7,052,789 | $ | 7,076,494 | $ | 7,042,750 | $ | 7,035,531 | ||||||||||
|
Less: Average
goodwill and other intangibles
|
78,823 | 79,651 | 82,322 | 80,072 | 83,722 | |||||||||||||||
|
AVERAGE
TANGIBLE ASSETS
|
$ | 6,935,029 | $ | 6,973,138 | $ | 6,994,172 | $ | 6,962,678 | $ | 6,951,809 | ||||||||||
(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:
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
||||||||||
|
TOTAL
ASSETS
|
$ | 7,298,377 | $ | 7,090,456 | $ | 7,040,329 | ||||||
|
Less:
Goodwill and other intangibles
|
78,377 | 79,199 | 81,799 | |||||||||
|
TANGIBLE
ASSETS
|
$ | 7,220,000 | $ | 7,011,257 | $ | 6,958,530 | ||||||
PARK
NATIONAL CORPORATION
Financial
Highlights (continued)
(g)
Efficiency ratio is calculated by taking total other expense divided by the sum
of fully taxable equivalent net interest income and other income. Fully taxable
equivalent net interest income reconciliation is shown below assuming a 35% tax
rate. Additionally, net interest margin is calculated on a fully taxable
equivalent basis.
RECONCILIATION
OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST
INCOME
|
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||
|
December 31, 2010
|
September 30, 2010
|
December 31, 2009
|
December 31, 2010
|
December 31, 2009
|
||||||||||||||||
|
Interest
income
|
$ | 84,391 | $ | 86,682 | $ | 90,365 | $ | 345,517 | $ | 367,690 | ||||||||||
|
Fully
taxable equivalent adjustment
|
540 | 553 | 505 | 2,047 | 2,082 | |||||||||||||||
|
Fully
taxable equivalent interest income
|
$ | 84,931 | $ | 87,235 | $ | 90,870 | $ | 347,564 | $ | 369,772 | ||||||||||
|
Interest
expense
|
15,893 | 17,237 | 21,563 | 71,473 | 94,199 | |||||||||||||||
|
Fully
taxable equivalent net interest income
|
$ | 69,038 | $ | 69,998 | $ | 69,307 | $ | 276,091 | $ | 275,573 | ||||||||||
PARK
NATIONAL CORPORATION
Consolidated
Statements of Income
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
(in
thousands, except share and per share data)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Interest
income:
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 67,405 | $ | 68,676 | $ | 267,692 | $ | 275,599 | ||||||||
|
Interest
on:
|
||||||||||||||||
|
Obligations
of U.S. Government, its agencies
|
||||||||||||||||
|
and
other securities
|
16,768 | 21,325 | 76,839 | 90,558 | ||||||||||||
|
Obligations
of states and political subdivisions
|
173 | 286 | 786 | 1,417 | ||||||||||||
|
Other
interest income
|
45 | 78 | 200 | 116 | ||||||||||||
|
Total
interest income
|
84,391 | 90,365 | 345,517 | 367,690 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Interest
on deposits:
|
||||||||||||||||
|
Demand
and savings deposits
|
1,133 | 2,333 | 5,753 | 10,815 | ||||||||||||
|
Time
deposits
|
7,512 | 12,269 | 36,212 | 53,805 | ||||||||||||
|
Interest
on borrowings
|
7,248 | 6,961 | 29,508 | 29,579 | ||||||||||||
|
Total
interest expense
|
15,893 | 21,563 | 71,473 | 94,199 | ||||||||||||
|
Net
interest income
|
68,498 | 68,802 | 274,044 | 273,491 | ||||||||||||
|
Provision
for loan losses
|
20,448 | 25,720 | 64,902 | 68,821 | ||||||||||||
|
Net
interest income after provision for loan losses
|
48,050 | 43,082 | 209,142 | 204,670 | ||||||||||||
|
Other
income
|
14,745 | 16,718 | 65,632 | 73,850 | ||||||||||||
|
Gain
on sale of securities
|
45 | - | 11,864 | 7,340 | ||||||||||||
|
Other
expense:
|
||||||||||||||||
|
Salaries
and employee benefits
|
24,631 | 24,815 | 98,315 | 101,225 | ||||||||||||
|
Occupancy
expense
|
2,760 | 2,740 | 11,510 | 11,552 | ||||||||||||
|
Furniture
and equipment expense
|
2,615 | 2,395 | 10,435 | 9,734 | ||||||||||||
|
Other
expense
|
16,514 | 16,710 | 66,847 | 66,214 | ||||||||||||
|
Total
other expense
|
46,520 | 46,660 | 187,107 | 188,725 | ||||||||||||
|
Income
before income taxes
|
16,320 | 13,140 | 99,531 | 97,135 | ||||||||||||
|
Income
taxes
|
3,625 | 844 | 25,314 | 22,943 | ||||||||||||
|
Net
income
|
$ | 12,695 | $ | 12,296 | $ | 74,217 | $ | 74,192 | ||||||||
|
Preferred
stock dividends and accretion
|
1,452 | 1,441 | 5,807 | 5,762 | ||||||||||||
|
Net
income available to common shareholders
|
$ | 11,243 | $ | 10,855 | $ | 68,410 | $ | 68,430 | ||||||||
|
Per
Common Share:
|
||||||||||||||||
|
Net
income - basic
|
$ | 0.73 | $ | 0.74 | $ | 4.51 | $ | 4.82 | ||||||||
|
Net
income - diluted
|
$ | 0.73 | $ | 0.74 | $ | 4.51 | $ | 4.82 | ||||||||
|
Weighted
average shares - basic
|
15,340,427 | 14,658,601 | 15,152,692 | 14,206,335 | ||||||||||||
|
Weighted
average shares - diluted
|
15,352,600 | 14,658,601 | 15,155,735 | 14,206,335 | ||||||||||||
PARK
NATIONAL CORPORATION
Consolidated
Balance Sheets
|
(in thousands, except share
data)
|
December 31, 2010
|
Dec. 31, 2009
|
||||||
|
Assets
|
||||||||
|
Cash
and due from banks
|
$ | 109,058 | $ | 116,802 | ||||
|
Money
market instruments
|
24,722 | 42,289 | ||||||
|
Investment
securities
|
2,039,791 | 1,863,560 | ||||||
|
Loans
|
4,732,685 | 4,640,432 | ||||||
|
Allowance for loan losses
|
121,397 | 116,717 | ||||||
|
Loans,
net
|
4,611,288 | 4,523,715 | ||||||
|
Bank
premises and equipment, net
|
69,567 | 69,091 | ||||||
|
Goodwill
and other intangibles
|
78,377 | 81,799 | ||||||
|
Other
real estate owned
|
44,325 | 41,240 | ||||||
|
Other
assets
|
321,249 | 301,833 | ||||||
|
Total assets
|
$ | 7,298,377 | $ | 7,040,329 | ||||
|
Liabilities
and Stockholders' Equity
|
||||||||
|
Deposits:
|
||||||||
|
Noninterest
bearing
|
$ | 937,719 | $ | 897,243 | ||||
|
Interest bearing
|
4,157,701 | 4,290,809 | ||||||
|
Total
deposits
|
5,095,420 | 5,188,052 | ||||||
|
Borrowings
|
1,375,652 | 1,053,850 | ||||||
|
Other liabilities
|
81,481 | 81,163 | ||||||
|
Total
liabilities
|
$ | 6,552,553 | $ | 6,323,065 | ||||
|
Stockholders'
Equity:
|
||||||||
|
Preferred
Stock (200,000 shares authorized in 2010 and 2009; 100,000 shares issued
in 2010 and 2009)
|
$ | 97,290 | $ | 96,483 | ||||
|
Common
stock (No par value; 20,000,000 shares authorized in 2010 and
2009; 16,151,062 shares issued at December 31, 2010, and
16,151,112 at December 31, 2009)
|
301,205 | 301,208 | ||||||
|
Common
stock warrants
|
4,472 | 5,361 | ||||||
|
Accumulated
other comprehensive income, net of taxes
|
(1,868 | ) | 15,661 | |||||
|
Retained
earnings
|
422,458 | 423,872 | ||||||
|
Treasury
stock (752,128 shares at December 31, 2010, and 1,268,332 at December 31, 2009)
|
(77,733 | ) | (125,321 | ) | ||||
|
Total
stockholders' equity
|
$ | 745,824 | $ | 717,264 | ||||
|
Total liabilities and stockholders'
equity
|
$ | 7,298,377 | $ | 7,040,329 | ||||
PARK
NATIONAL CORPORATION
Consolidated
Average Balance Sheets
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||
|
December 30,
|
December 30,
|
|||||||||||||||
|
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Cash
and due from banks
|
$ | 119,982 | $ | 105,000 | $ | 116,961 | $ | 110,227 | ||||||||
|
Money
market instruments
|
84,379 | 132,479 | 93,009 | 52,518 | ||||||||||||
|
Investment
securities
|
1,707,321 | 1,848,142 | 1,792,786 | 1,930,151 | ||||||||||||
|
Loans
|
4,695,257 | 4,631,230 | 4,642,478 | 4,594,436 | ||||||||||||
|
Allowance for loan losses
|
118,101 | 109,211 | 119,639 | 103,683 | ||||||||||||
|
Loans,
net
|
4,577,156 | 4,522,019 | 4,522,839 | 4,490,753 | ||||||||||||
|
Bank
premises and equipment, net
|
70,299 | 68,234 | 69,839 | 67,944 | ||||||||||||
|
Goodwill
and other intangibles
|
78,823 | 82,322 | 80,072 | 83,722 | ||||||||||||
|
Other
real estate owned
|
53,424 | 44,420 | 47,407 | 38,523 | ||||||||||||
|
Other
assets
|
322,468 | 273,878 | 319,837 | 261,693 | ||||||||||||
|
Total assets
|
$ | 7,013,852 | $ | 7,076,494 | $ | 7,042,750 | $ | 7,035,531 | ||||||||
|
Liabilities
and Stockholders' Equity
|
||||||||||||||||
|
Deposits:
|
||||||||||||||||
|
Noninterest
bearing
|
$ | 959,685 | $ | 856,093 | $ | 907,514 | $ | 818,243 | ||||||||
|
Interest bearing
|
4,161,547 | 4,368,336 | 4,274,501 | 4,232,391 | ||||||||||||
|
Total
deposits
|
5,121,232 | 5,224,429 | 5,182,015 | 5,050,634 | ||||||||||||
|
Borrowings
|
1,041,920 | 1,029,529 | 1,026,295 | 1,200,168 | ||||||||||||
|
Other liabilities
|
90,144 | 105,268 | 87,885 | 109,415 | ||||||||||||
|
Total
liabilities
|
$ | 6,253,296 | $ | 6,359,226 | $ | 6,296,195 | $ | 6,360,217 | ||||||||
|
Stockholders'
Equity:
|
||||||||||||||||
|
Preferred
stock
|
$ | 97,174 | $ | 96,374 | $ | 96,873 | $ | 96,090 | ||||||||
|
Common
stock
|
301,317 | 301,208 | 301,244 | 301,208 | ||||||||||||
|
Common
stock warrants
|
4,405 | 5,037 | 4,822 | 4,484 | ||||||||||||
|
Accumulated
other comprehensive income, net of taxes
|
11,169 | 21,786 | 15,478 | 13,534 | ||||||||||||
|
Retained
earnings
|
430,578 | 438,367 | 429,023 | 446,326 | ||||||||||||
|
Treasury stock
|
(84,087 | ) | (145,504 | ) | (100,885 | ) | (186,328 | ) | ||||||||
|
Total
stockholders' equity
|
$ | 760,556 | $ | 717,268 | $ | 746,555 | $ | 675,314 | ||||||||
|
Total liabilities and stockholders'
equity
|
$ | 7,013,852 | $ | 7,076,494 | $ | 7,042,750 | $ | 7,035,531 | ||||||||
PARK
NATIONAL CORPORATION
Consolidated
Statements of Income - Linked Quarters
|
2010
|
2010
|
2010
|
2010
|
2009
|
||||||||||||||||
|
(in thousands, except per share
data)
|
4th QTR
|
3rd QTR
|
2nd QTR
|
1st QTR
|
4th QTR
|
|||||||||||||||
|
Interest
income:
|
||||||||||||||||||||
|
Interest
and fees on loans
|
$ | 67,405 | $ | 67,123 | $ | 66,723 | $ | 66,441 | $ | 68,676 | ||||||||||
|
Interest
on:
|
||||||||||||||||||||
|
Obligations
of U.S. Government, its agencies and other securities
|
16,768 | 19,333 | 20,263 | 20,475 | 21,325 | |||||||||||||||
|
Obligations
of states and political subdivisions
|
173 | 192 | 204 | 217 | 286 | |||||||||||||||
|
Other interest income
|
45 | 34 | 52 | 69 | 78 | |||||||||||||||
|
Total
interest income
|
84,391 | 86,682 | 87,242 | 87,202 | 90,365 | |||||||||||||||
|
Interest
expense:
|
||||||||||||||||||||
|
Interest
on deposits:
|
||||||||||||||||||||
|
Demand
and savings deposits
|
1,133 | 1,263 | 1,582 | 1,775 | 2,333 | |||||||||||||||
|
Time
deposits
|
7,512 | 8,532 | 9,518 | 10,650 | 12,269 | |||||||||||||||
|
Interest on borrowings
|
7,248 | 7,442 | 7,421 | 7,397 | 6,961 | |||||||||||||||
|
Total
interest expense
|
15,893 | 17,237 | 18,521 | 19,822 | 21,563 | |||||||||||||||
|
Net
interest income
|
68,498 | 69,445 | 68,721 | 67,380 | 68,802 | |||||||||||||||
|
Provision
for loan losses
|
20,448 | 14,654 | 13,250 | 16,550 | 25,720 | |||||||||||||||
|
Net
interest income after provision for loan losses
|
48,050 | 54,791 | 55,471 | 50,830 | 43,082 | |||||||||||||||
|
Other
income
|
14,745 | 17,530 | 16,647 | 16,710 | 16,718 | |||||||||||||||
|
Gain
on sale of securities
|
45 | - | 3,515 | 8,304 | - | |||||||||||||||
|
Other
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
24,631 | 24,500 | 24,013 | 25,171 | 24,815 | |||||||||||||||
|
Occupancy
expense
|
2,760 | 2,840 | 2,793 | 3,117 | 2,740 | |||||||||||||||
|
Furniture
and equipment expense
|
2,615 | 2,624 | 2,564 | 2,632 | 2,395 | |||||||||||||||
|
Other expense
|
16,514 | 15,732 | 17,631 | 16,970 | 16,710 | |||||||||||||||
|
Total
other expense
|
46,520 | 45,696 | 47,001 | 47,890 | 46,660 | |||||||||||||||
|
Income
before income taxes
|
16,320 | 26,625 | 28,632 | 27,954 | 13,140 | |||||||||||||||
|
Income
taxes
|
3,625 | 7,048 | 7,466 | 7,175 | 844 | |||||||||||||||
|
Net income
|
$ | 12,695 | $ | 19,577 | $ | 21,166 | $ | 20,779 | $ | 12,296 | ||||||||||
|
Preferred
stock dividends and accretion
|
1,452 | 1,452 | 1,451 | 1,452 | 1,441 | |||||||||||||||
|
Net income available to common
shareholders
|
$ | 11,243 | $ | 18,125 | $ | 19,715 | $ | 19,327 | $ | 10,855 | ||||||||||
|
Per
Common Share:
|
||||||||||||||||||||
|
Net
income - basic
|
$ | 0.73 | $ | 1.19 | $ | 1.30 | $ | 1.30 | $ | 0.74 | ||||||||||
|
Net
income - diluted
|
$ | 0.73 | $ | 1.19 | $ | 1.30 | $ | 1.30 | $ | 0.74 | ||||||||||
PARK
NATIONAL CORPORATION
Detail
of other income and other expense - Linked Quarters
|
2010
|
2010
|
2010
|
2010
|
2009
|
||||||||||||||||
|
(in thousands)
|
4th QTR
|
3rd QTR
|
2nd QTR
|
1st QTR
|
4th QTR
|
|||||||||||||||
|
Other
income:
|
||||||||||||||||||||
|
Income
from fiduciary activities
|
$ | 3,609 | $ | 3,314 | $ | 3,528 | $ | 3,422 | $ | 3,397 | ||||||||||
|
Service
charges on deposits
|
4,853 | 5,026 | 5,092 | 4,746 | 5,604 | |||||||||||||||
|
Other
service income
|
3,449 | 3,909 | 3,476 | 2,982 | 3,588 | |||||||||||||||
|
Checkcard
fee income
|
3,068 | 2,900 | 2,765 | 2,444 | 2,488 | |||||||||||||||
|
Bank
owned life insurance income
|
1,195 | 1,313 | 1,254 | 1,216 | 1,329 | |||||||||||||||
|
Other
|
(1,429 | ) | 1,068 | 532 | 1,900 | 312 | ||||||||||||||
|
Total
other income
|
$ | 14,745 | $ | 17,530 | $ | 16,647 | $ | 16,710 | $ | 16,718 | ||||||||||
|
Other
expense:
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
$ | 24,631 | $ | 24,500 | $ | 24,013 | $ | 25,171 | $ | 24,815 | ||||||||||
|
Net
occupancy expense
|
2,760 | 2,840 | 2,793 | 3,117 | 2,740 | |||||||||||||||
|
Furniture
and equipment expense
|
2,615 | 2,624 | 2,564 | 2,632 | 2,395 | |||||||||||||||
|
Data
processing fees
|
1,339 | 1,403 | 1,394 | 1,593 | 1,544 | |||||||||||||||
|
Professional
fees and services
|
5,341 | 4,477 | 5,299 | 4,856 | 5,385 | |||||||||||||||
|
Amortization
of intangibles
|
822 | 822 | 842 | 936 | 937 | |||||||||||||||
|
Marketing
|
968 | 840 | 946 | 902 | 943 | |||||||||||||||
|
Insurance
|
2,136 | 2,316 | 2,333 | 2,198 | 2,376 | |||||||||||||||
|
Communication
|
1,536 | 1,696 | 1,647 | 1,769 | 1,720 | |||||||||||||||
|
State
taxes
|
622 | 865 | 838 | 845 | 424 | |||||||||||||||
|
Other
|
3,750 | 3,313 | 4,332 | 3,871 | 3,381 | |||||||||||||||
|
Total
other expense
|
$ | 46,520 | $ | 45,696 | $ | 47,001 | $ | 47,890 | $ | 46,660 | ||||||||||
PARK
NATIONAL CORPORATION
Asset
Quality Information
|
Year ended December 31,
|
||||||||||||||||
|
(in thousands, except
ratios)
|
2010
|
2009
|
2008
|
2007
|
||||||||||||
|
Allowance
for loan losses:
|
||||||||||||||||
|
Allowance
for loan losses, beginning of period
|
$ | 116,717 | $ | 100,088 | $ | 87,102 | $ | 70,500 | ||||||||
|
Charge-offs
|
66,314 | 59,022 | 62,916 | 27,776 | ||||||||||||
|
Recoveries
|
6,092 | 6,830 | 5,415 | 5,568 | ||||||||||||
|
Net
charge-offs
|
60,222 | 52,192 | 57,501 | 22,208 | ||||||||||||
|
Provision
for loan losses
|
64,902 | 68,821 | 70,487 | 29,476 | ||||||||||||
|
Allowance for loan losses of acquired
bank
|
- | - | - | 9,334 | ||||||||||||
|
Allowance for loan losses, end of
period
|
$ | 121,397 | $ | 116,717 | $ | 100,088 | $ | 87,102 | ||||||||
|
General
reserve trends:
|
||||||||||||||||
|
Allowance
for loan losses, end of period
|
$ | 121,397 | $ | 116,717 | $ | 100,088 | $ | 87,102 | ||||||||
|
Specific reserves
|
43,459 | 36,721 | 8,875 | 3,492 | ||||||||||||
|
General reserves
|
$ | 77,938 | $ | 79,996 | $ | 91,213 | $ | 83,610 | ||||||||
|
Total
loans
|
$ | 4,732,685 | $ | 4,640,432 | $ | 4,491,337 | $ | 4,224,134 | ||||||||
|
Impaired commercial loans
|
250,933 | 201,143 | 141,343 | 90,081 | ||||||||||||
|
Non-impaired loans
|
$ | 4,481,752 | $ | 4,439,289 | $ | 4,349,994 | $ | 4,134,053 | ||||||||
|
Asset
Quality Ratios:
|
||||||||||||||||
|
Net
charge-offs as a % of average loans
|
1.30 | % | 1.14 | % | 1.32 | % | 0.55 | % | ||||||||
|
Allowance
for loan losses as a % of period end loans
|
2.57 | % | 2.52 | % | 2.23 | % | 2.06 | % | ||||||||
|
General
reserves as a % of non-impaired loans
|
1.74 | % | 1.80 | % | 2.10 | % | 2.02 | % | ||||||||
|
Nonperforming
Assets - Park National Corporation:
|
||||||||||||||||
|
Nonaccrual
loans
|
$ | 289,268 | $ | 233,544 | $ | 159,512 | $ | 101,128 | ||||||||
|
Renegotiated
loans
|
- | 142 | 2,845 | 2,804 | ||||||||||||
|
Loans past due 90 days or
more
|
3,590 | 14,773 | 5,421 | 4,545 | ||||||||||||
|
Total
nonperforming loans
|
$ | 292,858 | $ | 248,459 | $ | 167,778 | $ | 108,477 | ||||||||
|
Other
real estate owned - Ohio-based operations
|
8,385 | 6,037 | 6,149 | 6,369 | ||||||||||||
|
Other real estate owned - Vision
Bank
|
35,940 | 35,203 | 19,699 | 7,074 | ||||||||||||
|
Total nonperforming assets
|
$ | 337,183 | $ | 289,699 | $ | 193,626 | $ | 121,920 | ||||||||
|
Percentage
of nonperforming loans to period end loans
|
6.19 | % | 5.35 | % | 3.74 | % | 2.57 | % | ||||||||
|
Percentage
of nonperforming assets to period end loans
|
7.12 | % | 6.24 | % | 4.31 | % | 2.89 | % | ||||||||
|
Percentage
of nonperforming assets to period end assets
|
4.62 | % | 4.11 | % | 2.74 | % | 1.88 | % | ||||||||
PARK
NATIONAL CORPORATION
Asset
Quality Information
|
Year ended December 31,
|
||||||||||||||||
|
(in thousands, except ratios)
|
2010
|
2009
|
2008
|
2007
|
||||||||||||
|
Nonperforming
Assets - Ohio-based operations:
|
||||||||||||||||
|
Nonaccrual
loans
|
$ | 117,815 | $ | 85,197 | $ | 68,306 | $ | 38,113 | ||||||||
|
Renegotiated
loans
|
- | 142 | - | 2,804 | ||||||||||||
|
Loans past due 90 days or
more
|
3,226 | 3,496 | 4,777 | 4,088 | ||||||||||||
|
Total
nonperforming loans
|
$ | 121,041 | $ | 88,835 | $ | 73,083 | $ | 45,005 | ||||||||
|
Other real estate owned
|
8,385 | 6,037 | 6,149 | 6,369 | ||||||||||||
|
Total nonperforming assets
|
$ | 129,426 | $ | 94,872 | $ | 79,232 | $ | 51,374 | ||||||||
|
Percentage
of nonperforming loans to period end loans
|
2.96 | % | 2.24 | % | 1.92 | % | 1.26 | % | ||||||||
|
Percentage
of nonperforming assets to period end loans
|
3.16 | % | 2.39 | % | 2.08 | % | 1.43 | % | ||||||||
|
Percentage
of nonperforming assets to period end assets
|
1.99 | % | 1.54 | % | 1.29 | % | 0.91 | % | ||||||||
|
Nonperforming
Assets - Vision Bank:
|
||||||||||||||||
|
Nonaccrual
loans
|
$ | 171,453 | $ | 148,347 | $ | 91,206 | $ | 63,015 | ||||||||
|
Renegotiated
loans
|
- | - | 2,845 | - | ||||||||||||
|
Loans past due 90 days or
more
|
364 | 11,277 | 644 | 457 | ||||||||||||
|
Total
nonperforming loans
|
$ | 171,817 | $ | 159,624 | $ | 94,695 | $ | 63,472 | ||||||||
|
Other real estate owned
|
35,940 | 35,203 | 19,699 | 7,074 | ||||||||||||
|
Total nonperforming assets
|
$ | 207,757 | $ | 194,827 | $ | 114,394 | $ | 70,546 | ||||||||
|
Percentage
of nonperforming loans to period end loans
|
26.82 | % | 23.58 | % | 13.71 | % | 9.93 | % | ||||||||
|
Percentage
of nonperforming assets to period end loans
|
32.43 | % | 28.78 | % | 16.57 | % | 11.04 | % | ||||||||
|
Percentage
of nonperforming assets to period end assets
|
25.71 | % | 21.70 | % | 12.47 | % | 8.24 | % | ||||||||
|
New
nonaccrual loan information:
|
||||||||||||||||
|
Nonaccrual
loans, beginning of period
|
$ | 233,544 | $ | 159,512 | $ | 101,128 | $ | 16,004 | ||||||||
|
New
nonaccrual loans - Ohio-based operations
|
85,081 | 57,641 | 58,161 | 44,620 | ||||||||||||
|
New
nonaccrual loans - Vision Bank
|
90,094 | 126,540 | 83,588 | 69,100 | ||||||||||||
|
Resolved nonaccrual loans
|
119,451 | 110,149 | 83,365 | 28,596 | ||||||||||||
|
Nonaccrual loans, end of
period
|
$ | 289,268 | $ | 233,544 | $ | 159,512 | $ | 101,128 | ||||||||
|
Impaired
Commercial Loan Portfolio Information (period end):
|
||||||||||||||||
|
Unpaid
principal balance
|
$ | 304,534 | $ | 245,092 | $ | 171,310 | $ | 100,307 | ||||||||
|
Prior charge-offs
|
53,601 | 43,949 | 29,967 | 10,226 | ||||||||||||
|
Remaining
principal balance
|
250,933 | 201,143 | 141,343 | 90,081 | ||||||||||||
|
Specific reserves
|
43,459 | 36,721 | 8,875 | 3,492 | ||||||||||||
|
Book value, after specific
reserve
|
$ | 207,474 | $ | 164,422 | $ | 132,468 | $ | 86,589 | ||||||||
|
Vision
Bank Commercial Land & Development (CL&D) Loan Portfolio
Information:
|
||||||||||||||||
|
CL&D
loans, period end
|
$ | 170,989 | $ | 218,205 | $ | 251,443 | $ | 295,743 | ||||||||
|
Performing CL&D loans, period
end
|
84,498 | 132,788 | 191,712 | 260,195 | ||||||||||||
|
Impaired
CL&D loans, period end
|
86,491 | 85,417 | 59,731 | 35,548 | ||||||||||||
|
Specific reserve on impaired CL&D
loans
|
23,585 | 21,706 | 3,134 | 1,184 | ||||||||||||
|
Book value of impaired CL&D loans, after
specific reserve
|
$ | 62,906 | $ | 63,711 | $ | 56,597 | $ | 34,364 | ||||||||
|
Cumulative
prior charge-offs on impaired Vision Bank CL&D loans, period
end
|
$ | 28,652 | $ | 24,931 | $ | 18,839 | $ | 7,399 | ||||||||