Park National Corporation reports financial results for first quarter 2021
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Park National Corporation (PRK) reported impressive first quarter 2021 financial results, with net income soaring by 91.4% to $42.8 million, up from $22.4 million in Q1 2020. The diluted earnings per share reached $2.61, compared to $1.36 in the prior year. The growth was fueled by steady increases in consumer and commercial lending, with mortgage origination volume hitting $304 million, up from $178 million in Q1 2020. A quarterly cash dividend of $1.03 per share was declared, payable on June 10, 2021.
Positive
- Net income increased by 91.4% to $42.8 million.
- Diluted earnings per share rose to $2.61 from $1.36.
- Mortgage origination volume surged to $304 million, a significant increase from $178 million.
- Quarterly cash dividend declared at $1.03 per share.
Negative
- None.
NEWARK, Ohio, April 23, 2021 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the first quarter of 2021 (three months ended March 31, 2021), including net income growth driven by continued increases in lending activity. Park's board of directors declared a quarterly cash dividend of
Park’s net income for the first quarter of 2021 was
“Business owners are financing property, equipment, and other developments throughout our communities. Columbus, Cincinnati, Charlotte and Louisville have been particularly robust,” Park Chairman and Chief Executive Officer David Trautman said. “We have been available for our business customers through periods of stress and we are here for them as the economy picks up momentum.”
Park's community-banking subsidiary, The Park National Bank, reported net income of
“The real estate environment can be intense right now, and our customers continue to rely on our local bankers to help them take advantage of great opportunities in home buying and refinancing,” said Park President Matthew Miller. “Our responsiveness and experience with a variety of lending situations positioned us to serve customers more in the first quarter.”
Headquartered in Newark, Ohio, Park National Corporation has
Complete financial tables are listed below.
Category: Earnings
Media contact: Bethany Lewis, 740.349.0421, bethany.lewis@parknationalbank.com
Investor contact: Brady Burt, 740.322.6844, brady.burt@parknationalbank.com
Park National Corporation, 50 N. Third Street, Newark, Ohio 43055
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Park cautions that any forward-looking statements contained in this news release or made by management of Park 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:
- the ever-changing effects of the novel coronavirus (COVID-19) pandemic - - the duration, extent and severity of which are impossible to predict, including the possibility of further resurgence in the spread of COVID-19 - - on economies (local, national and international) and markets, and on our customers, counterparties, employees and third-party service providers, as well as the effects of various responses of governmental and nongovernmental authorities to the COVID-19 pandemic, including public health actions directed toward the containment of the COVID-19 pandemic (such as quarantines, shut downs and other restrictions on travel and commercial, social or other activities), the development, availability and effectiveness of vaccines, and the implementation of fiscal stimulus packages;
- the impact of future governmental and regulatory actions upon our participation in and execution of government programs related to the COVID-19 pandemic;
- Park's ability to execute our business plan successfully and within the expected timeframe as well as our ability to manage strategic initiatives in light of the impact of the COVID-19 pandemic and the various responses to the COVID-19 pandemic;
- general economic and financial market conditions, specifically in the real estate markets and the credit markets, either nationally or in the states in which Park and our subsidiaries do business, may experience a weaker recovery than anticipated, in addition to the continuing impact of the COVID-19 pandemic on our customers’ operations and financial condition, either of which may result in adverse impacts on the demand for loan, deposit and other financial services, delinquencies, defaults and counterparties' inability to meet credit and other obligations and the possible impairment of collectability of loans;
- factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
- the effect of monetary and other fiscal policies (including the impact of money supply and interest rate policies of the Federal Reserve Board) as well as disruption in the liquidity and functioning of U.S. financial markets, as a result of the COVID-19 pandemic and government policies implemented in response thereto, may adversely impact prepayment penalty income, mortgage banking income, income from fiduciary activities, the value of securities, deposits and other financial instruments, in addition to the loan demand and the performance of our loan portfolio, and the interest rate sensitivity of our consolidated balance sheet as well as reduce interest margins;
- changes in consumer spending, borrowing and saving habits, whether due to changes in retail distribution strategies, consumer preferences and behavior, changes in business and economic conditions (including as a result of the COVID-19 pandemic and reactions thereto), legislative and regulatory initiatives (including those undertaken in response to the COVID-19 pandemic), or other factors may be different than anticipated;
- changes in unemployment levels in the states in which Park and our subsidiaries do business may be different than anticipated due to the continuing impact of the COVID-19 pandemic;
- changes in customers', suppliers', and other counterparties' performance and creditworthiness may be different than anticipated due to the continuing impact of the COVID-19 pandemic;
- Park may have more credit risk and higher credit losses to the extent there are loan concentrations by location or industry of borrowers or collateral;
- the volatility from quarter to quarter of mortgage banking income, whether due to interest rates, demand, the fair value of mortgage loans, or other factors;
- the adequacy of our internal controls and risk management program in the event of changes in the market, economic, operational (including those which may result from more of our associates working remotely), asset/liability repricing, legal, compliance, strategic, cybersecurity, liquidity, credit and interest rate risks associated with Park's business;
- competitive pressures among financial services organizations could increase significantly, including product and pricing pressures (which could in turn impact our credit spreads), changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and our ability to attract, develop and retain qualified banking professionals;
- uncertainty regarding the nature, timing, cost and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and our subsidiaries, including major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes, FDIC insurance premium levels, pensions, bankruptcy, consumer protection, rent regulation and housing, financial accounting and reporting, environmental protection, insurance, bank products and services, bank and bank holding company capital and liquidity standards, fiduciary standards, securities and other aspects of the financial services industry, specifically the reforms provided for in the Coronavirus Aid, Relief and Economic Security (CARES) Act and the follow-up legislation in the Consolidated Appropriations Act, 2021, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and the Basel III regulatory capital reforms, as well as regulations already adopted and which may be adopted in the future by the relevant regulatory agencies, including the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board, to implement the provisions of the CARES Act and the follow-up legislation in the Consolidated Appropriations Act, 2021, the provisions of the Dodd-Frank Act, and the Basel III regulatory capital reforms;
- the effect of changes in accounting policies and practices, as may be adopted by the Financial Accounting Standards Board (the "FASB"), the SEC, the Public Company Accounting Oversight Board and other regulatory agencies, may adversely affect Park's reported financial condition or results of operations;
- Park's assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate or not predictive of actual results;
- significant changes in the tax laws, which may adversely affect the fair values of net deferred tax assets and obligations of state and political subdivisions held in Park's investment securities portfolio;
- the impact of Park's ability to anticipate and respond to technological changes on Park's ability to respond to customer needs and meet competitive demands;
- operational issues stemming from and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which Park and our subsidiaries are highly dependent;
- the ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks, including those of Park's third-party vendors and other service providers, which may prove inadequate, and could adversely affect customer confidence in Park and/or result in Park incurring a financial loss;
- a failure in or breach of Park's operational or security systems or infrastructure, or those of our third-party vendors and other service providers, resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems, including as a result of cyber attacks;
- the existence or exacerbation of general geopolitical instability and uncertainty as well as the effect of trade policies (including the impact of potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations and changes in the relationship of the U.S. and its global trading partners);
- uncertainty regarding the impact of changes to the U.S. presidential administration and Congress on the regulatory landscape, capital markets, elevated U.S. government debt, potential changes in tax legislation that may increase tax rates and the response to and management of the COVID-19 pandemic;
- the impact on financial markets and the economy of any changes in the credit ratings of the U.S. Treasury obligations and other U.S. government-backed debt, as well as issues surrounding the levels of U.S., European and Asian government debt and concerns regarding the growth rates and financial stability of certain sovereign governments, supranationals and financial institutions in Europe and Asia and the risk they may face difficulties servicing their sovereign debt;
- our litigation and regulatory compliance exposure, including the costs and effects of any adverse developments in legal proceedings or other claims and the costs and effects of unfavorable resolution of regulatory and other governmental examinations or other inquiries;
- continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends;
- the impact on Park's business, personnel, facilities or systems of losses related to acts of fraud, scams and schemes of third parties;
- the impact of widespread natural and other disasters, pandemics (including the COVID-19 pandemic), dislocations, regional or national protests and civil unrest (including any resulting branch closures or damages), military or terrorist activities or international hostilities on the economy and financial markets generally and on us or our counterparties specifically;
- any of the foregoing factors, or other cascading effects of the COVID-19 pandemic that are not currently foreseeable, could materially affect our business, including our customers' willingness to conduct banking transactions and their ability to pay on existing obligations;
- the effect of healthcare laws in the U.S. and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase our healthcare and other costs and negatively impact our operations and financial results;
- risk and uncertainties associated with Park's entry into new geographic markets with our recent acquisitions, including expected revenue synergies and cost savings from recent acquisitions not being fully realized or realized within the expected time frame;
- the discontinuation of the London Inter-Bank Offered Rate (LIBOR) and other reference rates which may result in increased expenses and litigation, and adversely impact the effectiveness of hedging strategies;
- and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the SEC 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, 2020.
Park does not undertake, and specifically disclaims any obligation, to publicly release the results 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 was made, or reflect the occurrence of unanticipated events, except to the extent required by law.
| PARK NATIONAL CORPORATION | |||||||||||||||||||
| Financial Highlights | |||||||||||||||||||
| As of or for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 | |||||||||||||||||||
| 2021 | 2020 | 2020 | Percent change vs. | ||||||||||||||||
| (in thousands, except share and per share data) | 1st QTR | 4th QTR | 1st QTR | 4Q '20 | 1Q '20 | ||||||||||||||
| INCOME STATEMENT: | |||||||||||||||||||
| Net interest income | $ | 80,734 | $ | 86,321 | $ | 76,283 | (6.5 | ) | % | 5.8 | % | ||||||||
| (Recovery of) provision for credit losses (l) | (4,855 | ) | (19,159 | ) | 5,153 | N.M | N.M | ||||||||||||
| Other income | 34,089 | 35,656 | 22,486 | (4.4 | ) | % | 51.6 | % | |||||||||||
| Other expense | 67,865 | 85,661 | 66,276 | (20.8 | ) | % | 2.4 | % | |||||||||||
| Income before income taxes | $ | 51,813 | $ | 55,475 | $ | 27,340 | (6.6 | ) | % | 89.5 | % | ||||||||
| Income taxes | 8,982 | 10,275 | 4,968 | (12.6 | ) | % | 80.8 | % | |||||||||||
| Net income | $ | 42,831 | $ | 45,200 | $ | 22,372 | (5.2 | ) | % | 91.4 | % | ||||||||
| MARKET DATA: | |||||||||||||||||||
| Earnings per common share - basic (a) | $ | 2.63 | $ | 2.77 | $ | 1.37 | (5.1 | ) | % | 92.0 | % | ||||||||
| Earnings per common share - diluted (a) | 2.61 | 2.75 | 1.36 | (5.1 | ) | % | 91.9 | % | |||||||||||
| Cash dividends declared per common share | 1.23 | 1.02 | 1.22 | 20.6 | % | 0.8 | % | ||||||||||||
| Book value per common share at period end | 63.74 | 63.76 | 60.25 | — | % | 5.8 | % | ||||||||||||
| Market price per common share at period end | 129.30 | 105.01 | 77.64 | 23.1 | % | 66.5 | % | ||||||||||||
| Market capitalization at period end | 2,112,238 | 1,713,154 | 1,265,180 | 23.3 | % | 67.0 | % | ||||||||||||
| Weighted average common shares - basic (b) | 16,314,987 | 16,310,551 | 16,303,602 | — | % | 0.1 | % | ||||||||||||
| Weighted average common shares - diluted (b) | 16,439,920 | 16,434,812 | 16,425,881 | — | % | 0.1 | % | ||||||||||||
| Common shares outstanding at period end | 16,335,951 | 16,314,197 | 16,295,461 | 0.1 | % | 0.2 | % | ||||||||||||
| PERFORMANCE RATIOS: (annualized) | |||||||||||||||||||
| Return on average assets (a)(b) | 1.81 | % | 1.93 | % | 1.04 | % | (6.2 | ) | % | 74.0 | % | ||||||||
| Return on average shareholders' equity (a)(b) | 16.63 | % | 17.37 | % | 9.16 | % | (4.3 | ) | % | 81.6 | % | ||||||||
| Yield on loans | 4.48 | % | 4.69 | % | 5.02 | % | (4.5 | ) | % | (10.8 | ) | % | |||||||
| Yield on investment securities | 2.53 | % | 2.80 | % | 2.72 | % | (9.6 | ) | % | (7.0 | ) | % | |||||||
| Yield on money market instruments | 0.11 | % | 0.11 | % | 1.12 | % | — | % | (90.2 | ) | % | ||||||||
| Yield on interest earning assets | 3.96 | % | 4.33 | % | 4.57 | % | (8.5 | ) | % | (13.3 | ) | % | |||||||
| Cost of interest bearing deposits | 0.16 | % | 0.19 | % | 0.81 | % | (15.8 | ) | % | (80.2 | ) | % | |||||||
| Cost of borrowings | 1.86 | % | 2.01 | % | 2.08 | % | (7.5 | ) | % | (10.6 | ) | % | |||||||
| Cost of paying interest bearing liabilities | 0.32 | % | 0.40 | % | 0.90 | % | (20.0 | ) | % | (64.4 | ) | % | |||||||
| Net interest margin (g) | 3.76 | % | 4.07 | % | 3.93 | % | (7.6 | ) | % | (4.3 | ) | % | |||||||
| Efficiency ratio (g) | 58.74 | % | 69.82 | % | 66.61 | % | (15.9 | ) | % | (11.8 | ) | % | |||||||
| OTHER RATIOS (NON-GAAP): | |||||||||||||||||||
| Tangible book value per share (d) | $ | 53.43 | $ | 53.41 | $ | 49.79 | — | % | 7.3 | % | |||||||||
| Note: Explanations for footnotes (a) - (l) are included at the end of the financial tables in the "Financial Reconciliations" section. | |||||||||||||||||||
| PARK NATIONAL CORPORATION | |||||||||||||||||||
| Financial Highlights (continued) | |||||||||||||||||||
| As of or for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 | |||||||||||||||||||
| Percent change vs. | |||||||||||||||||||
| (in thousands, except ratios) | March 31, 2021 | December 31, 2020 | March 31, 2020 | 4Q '20 | 1Q '20 | ||||||||||||||
| BALANCE SHEET: | |||||||||||||||||||
| Investment securities | $ | 1,176,240 | $ | 1,124,806 | $ | 1,253,087 | 4.6 | % | (6.1 | ) | % | ||||||||
| Loans | 7,168,745 | 7,177,785 | 6,522,519 | (0.1 | ) | % | 9.9 | % | |||||||||||
| Allowance for credit losses (l) | 86,886 | 85,675 | 61,503 | 1.4 | % | 41.3 | % | ||||||||||||
| Goodwill and other intangible assets | 168,376 | 168,855 | 170,512 | (0.3 | ) | % | (1.3 | ) | % | ||||||||||
| Other real estate owned (OREO) | 844 | 1,431 | 3,600 | (41.0 | ) | % | (76.6 | ) | % | ||||||||||
| Total assets | 9,914,069 | 9,279,021 | 8,719,291 | 6.8 | % | 13.7 | % | ||||||||||||
| Total deposits | 8,236,199 | 7,572,358 | 7,290,133 | 8.8 | % | 13.0 | % | ||||||||||||
| Borrowings | 523,266 | 562,504 | 348,373 | (7.0 | ) | % | 50.2 | % | |||||||||||
| Total shareholders' equity | 1,041,271 | 1,040,256 | 981,877 | 0.1 | % | 6.0 | % | ||||||||||||
| Tangible equity (d) | 872,895 | 871,401 | 811,365 | 0.2 | % | 7.6 | % | ||||||||||||
| Total nonperforming loans | 130,327 | 139,614 | 119,311 | (6.7 | ) | % | 9.2 | % | |||||||||||
| Total nonperforming assets | 134,335 | 144,209 | 126,510 | (6.8 | ) | % | 6.2 | % | |||||||||||
| ASSET QUALITY RATIOS: | |||||||||||||||||||
| Loans as a % of period end total assets | 72.31 | % | 77.35 | % | 74.81 | % | (6.5 | ) | % | (3.3 | ) | % | |||||||
| Total nonperforming loans as a % of period end loans | 1.82 | % | 1.95 | % | 1.83 | % | (6.7 | ) | % | (0.5 | ) | % | |||||||
| Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets | 1.87 | % | 2.01 | % | 1.94 | % | (7.0 | ) | % | (3.6 | ) | % | |||||||
| Allowance for credit losses as a % of period end loans | 1.21 | % | 1.19 | % | 0.94 | % | 1.7 | % | 28.7 | % | |||||||||
| Net loan charge-offs (recoveries) | $ | 24 | $ | (17,796 | ) | $ | 329 | N.M | N.M | ||||||||||
| Annualized net loan charge-offs (recoveries) as a % of average loans (b) | — | % | (0.98 | ) | % | 0.02 | % | N.M | N.M | ||||||||||
| CAPITAL & LIQUIDITY: | |||||||||||||||||||
| Total shareholders' equity / Period end total assets | 10.50 | % | 11.21 | % | 11.26 | % | (6.3 | ) | % | (6.7 | ) | % | |||||||
| Tangible equity (d) / Tangible assets (f) | 8.96 | % | 9.57 | % | 9.49 | % | (6.4 | ) | % | (5.6 | ) | % | |||||||
| Average shareholders' equity / Average assets (b) | 10.87 | % | 11.11 | % | 11.31 | % | (2.2 | ) | % | (3.9 | ) | % | |||||||
| Average shareholders' equity / Average loans (b) | 14.63 | % | 14.29 | % | 15.15 | % | 2.4 | % | (3.4 | ) | % | ||||||||
| Average loans / Average deposits (b) | 90.12 | % | 95.80 | % | 89.90 | % | (5.9 | ) | % | 0.2 | % | ||||||||
| Note: Explanations for footnotes (a) - (l) are included at the end of the financial tables in the "Financial Reconciliations" section. | |||||||||||||||||||
| PARK NATIONAL CORPORATION | ||||||||
| Consolidated Statements of Income | ||||||||
| Three Months Ended | ||||||||
| March 31 | ||||||||
| (in thousands, except share and per share data) | 2021 | 2020 | ||||||
| Interest income: | ||||||||
| Interest and fees on loans | $ | 78,737 | $ | 80,687 | ||||
| Interest on: | ||||||||
| Obligations of U.S. Government, its agencies | ||||||||
| and other securities - taxable | 4,256 | 5,531 | ||||||
| Obligations of states and political subdivisions - tax-exempt | 2,037 | 2,200 | ||||||
| Other interest income | 143 | 491 | ||||||
| Total interest income | 85,173 | 88,909 | ||||||
| Interest expense: | ||||||||
| Interest on deposits: | ||||||||
| Demand and savings deposits | 386 | 6,342 | ||||||
| Time deposits | 1,584 | 4,285 | ||||||
| Interest on borrowings | 2,469 | 1,999 | ||||||
| Total interest expense | 4,439 | 12,626 | ||||||
| Net interest income | 80,734 | 76,283 | ||||||
| (Recovery of) provision for credit losses (l) | (4,855 | ) | 5,153 | |||||
| Net interest income after (recovery of) provision for credit losses | 85,589 | 71,130 | ||||||
| Other income | 34,089 | 22,486 | ||||||
| Other expense | 67,865 | 66,276 | ||||||
| Income before income taxes | 51,813 | 27,340 | ||||||
| Income taxes | 8,982 | 4,968 | ||||||
| Net income | $ | 42,831 | $ | 22,372 | ||||
| Per common share: | ||||||||
| Net income - basic | $ | 2.63 | $ | 1.37 | ||||
| Net income - diluted | $ | 2.61 | $ | 1.36 | ||||
| Weighted average shares - basic | 16,314,987 | 16,303,602 | ||||||
| Weighted average shares - diluted | 16,439,920 | 16,425,881 | ||||||
| Cash dividends declared | $ | 1.23 | $ | 1.22 | ||||
| PARK NATIONAL CORPORATION | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands, except share data) | March 31, 2021 | December 31, 2020 | |||||
| Assets | |||||||
| Cash and due from banks | $ | 131,357 | $ | 155,596 | |||
| Money market instruments | 811,918 | 214,878 | |||||
| Investment securities | 1,176,240 | 1,124,806 | |||||
| Loans | 7,168,745 | 7,177,785 | |||||
| Allowance for credit losses (l) | (86,886 | ) | (85,675 | ) | |||
| Loans, net | 7,081,859 | 7,092,110 | |||||
| Bank premises and equipment, net | 89,533 | 88,660 | |||||
| Goodwill and other intangible assets | 168,376 | 168,855 | |||||
| Other real estate owned | 844 | 1,431 | |||||
| Other assets | 453,942 | 432,685 | |||||
| Total assets | $ | 9,914,069 | $ | 9,279,021 | |||
| Liabilities and Shareholders' Equity | |||||||
| Deposits: | |||||||
| Noninterest bearing | $ | 2,907,020 | $ | 2,727,100 | |||
| Interest bearing | 5,329,179 | 4,845,258 | |||||
| Total deposits | 8,236,199 | 7,572,358 | |||||
| Borrowings | 523,266 | 562,504 | |||||
| Other liabilities | 113,333 | 103,903 | |||||
| Total liabilities | $ | 8,872,798 | $ | 8,238,765 | |||
| Shareholders' Equity: | |||||||
| Preferred shares (200,000 shares authorized; no shares outstanding at March 31, 2021 and December 31, 2020) | $ | — | $ | — | |||
| Common shares (No par value; 20,000,000 shares authorized; 17,623,154 shares issued at March 31, 2021 and 17,623,163 shares issued at December 31, 2020) | 458,534 | 460,687 | |||||
| Accumulated other comprehensive (loss) income, net of taxes | (7,901 | ) | 5,571 | ||||
| Retained earnings | 719,230 | 704,764 | |||||
| Treasury shares (1,287,203 shares at March 31, 2021 and 1,308,966 shares at December 31, 2020) | (128,592 | ) | (130,766 | ) | |||
| Total shareholders' equity | $ | 1,041,271 | $ | 1,040,256 | |||
| Total liabilities and shareholders' equity | $ | 9,914,069 | $ | 9,279,021 | |||
| PARK NATIONAL CORPORATION | |||||||
| Consolidated Average Balance Sheets | |||||||
| Three Months Ended | |||||||
| Mar 31 | |||||||
| (in thousands) | 2021 | 2020 | |||||
| Assets | |||||||
| Cash and due from banks | $ | 148,264 | $ | 132,029 | |||
| Money market instruments | 553,906 | 176,805 | |||||
| Investment securities | 1,160,509 | 1,264,452 | |||||
| Loans | 7,138,854 | 6,482,137 | |||||
| Allowance for credit losses (l) | (89,954 | ) | (57,615 | ) | |||
| Loans, net | 7,048,900 | 6,424,522 | |||||
| Bank premises and equipment, net | 89,740 | 74,922 | |||||
| Goodwill and other intangible assets | 168,690 | 170,909 | |||||
| Other real estate owned | 1,212 | 3,800 | |||||
| Other assets | 441,321 | 432,350 | |||||
| Total assets | $ | 9,612,542 | $ | 8,679,789 | |||
| Liabilities and Shareholders' Equity | |||||||
| Deposits: | |||||||
| Noninterest bearing | $ | 2,792,398 | $ | 1,949,991 | |||
| Interest bearing | 5,129,357 | 5,260,385 | |||||
| Total deposits | 7,921,755 | 7,210,376 | |||||
| Borrowings | 538,706 | 386,511 | |||||
| Other liabilities | 107,669 | 100,926 | |||||
| Total liabilities | $ | 8,568,130 | $ | 7,697,813 | |||
| Shareholders' Equity: | |||||||
| Preferred shares | $ | — | $ | — | |||
| Common shares | 460,721 | 459,462 | |||||
| Accumulated other comprehensive income (loss), net of taxes | 1,179 | (94 | ) | ||||
| Retained earnings | 713,254 | 654,465 | |||||
| Treasury shares | (130,742 | ) | (131,857 | ) | |||
| Total shareholders' equity | $ | 1,044,412 | $ | 981,976 | |||
| Total liabilities and shareholders' equity | $ | 9,612,542 | $ | 8,679,789 | |||
| PARK NATIONAL CORPORATION | |||||||||||||||
| Consolidated Statements of Income - Linked Quarters | |||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||
| (in thousands, except per share data) | 1st QTR | 4th QTR | 3rd QTR | 2nd QTR | 1st QTR | ||||||||||
| Interest income: | |||||||||||||||
| Interest and fees on loans | $ | 78,737 | $ | 85,268 | $ | 82,617 | $ | 80,155 | $ | 80,687 | |||||
| Interest on: | |||||||||||||||
| Obligations of U.S. Government, its agencies and other securities - taxable | 4,256 | 4,420 | 4,841 | 5,026 | 5,531 | ||||||||||
| Obligations of states and political subdivisions - tax-exempt | 2,037 | 2,040 | 2,045 | 2,151 | 2,200 | ||||||||||
| Other interest income | 143 | 72 | 63 | 113 | 491 | ||||||||||
| Total interest income | 85,173 | 91,800 | 89,566 | 87,445 | 88,909 | ||||||||||
| Interest expense: | |||||||||||||||
| Interest on deposits: | |||||||||||||||
| Demand and savings deposits | 386 | 490 | 803 | 1,507 | 6,342 | ||||||||||
| Time deposits | 1,584 | 1,893 | 2,662 | 3,346 | 4,285 | ||||||||||
| Interest on borrowings | 2,469 | 3,096 | 2,261 | 1,406 | 1,999 | ||||||||||
| Total interest expense | 4,439 | 5,479 | 5,726 | 6,259 | 12,626 | ||||||||||
| Net interest income | 80,734 | 86,321 | 83,840 | 81,186 | 76,283 | ||||||||||
| (Recovery of) provision for credit losses (l) | (4,855 | (19,159 | 13,836 | 12,224 | 5,153 | ||||||||||
| Net interest income after (recovery of) provision for credit losses | 85,589 | 105,480 | 70,004 | 68,962 | 71,130 | ||||||||||
| Other income | 34,089 | 35,656 | 36,558 | 30,964 | 22,486 | ||||||||||
| Other expense | 67,865 | 85,661 | 69,859 | 64,799 | 66,276 | ||||||||||
| Income before income taxes | 51,813 | 55,475 | 36,703 | 35,127 | 27,340 | ||||||||||
| Income taxes | 8,982 | 10,275 | 5,857 | 5,622 | 4,968 | ||||||||||
| Net income | $ | 42,831 | $ | 45,200 | $ | 30,846 | $ | 29,505 | $ | 22,372 | |||||
| Per common share: | |||||||||||||||
| Net income - basic | $ | 2.63 | $ | 2.77 | $ | 1.89 | $ | 1.81 | $ | 1.37 | |||||
| Net income - diluted | $ | 2.61 | $ | 2.75 | $ | 1.88 | $ | 1.80 | $ | 1.36 | |||||
| PARK NATIONAL CORPORATION | |||||||||||||||||||
| Detail of other income and other expense - Linked Quarters | |||||||||||||||||||
| 2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||
| (in thousands) | 1st QTR | 4th QTR | 3rd QTR | 2nd QTR | 1st QTR | ||||||||||||||
| Other income: | |||||||||||||||||||
| Income from fiduciary activities | $ | 8,173 | $ | 7,632 | $ | 7,335 | $ | 6,793 | $ | 7,113 | |||||||||
| Service charges on deposit accounts | 2,054 | 2,123 | 2,118 | 1,676 | 2,528 | ||||||||||||||
| Other service income | 9,617 | 12,040 | 13,047 | 8,758 | 3,766 | ||||||||||||||
| Debit card fee income | 6,086 | 5,787 | 5,853 | 5,560 | 4,960 | ||||||||||||||
| Bank owned life insurance income | 1,165 | 1,170 | 1,192 | 1,179 | 1,248 | ||||||||||||||
| ATM fees | 530 | 432 | 491 | 438 | 412 | ||||||||||||||
| (Loss) gain on the sale of OREO, net | (33 | ) | (7 | ) | 569 | 841 | (196 | ) | |||||||||||
| Net gain (loss) on the sale of investment securities | 177 | — | (27 | ) | 3,313 | — | |||||||||||||
| Gain (loss) on equity securities, net | 1,633 | 2,931 | 1,201 | (977 | ) | (973 | ) | ||||||||||||
| Other components of net periodic benefit income | 2,038 | 1,988 | 1,988 | 1,988 | 1,988 | ||||||||||||||
| Miscellaneous | 2,649 | 1,560 | 2,791 | 1,395 | 1,640 | ||||||||||||||
| Total other income | $ | 34,089 | $ | 35,656 | $ | 36,558 | $ | 30,964 | $ | 22,486 | |||||||||
| Other expense: | |||||||||||||||||||
| Salaries | $ | 29,896 | $ | 37,280 | $ | 31,632 | $ | 30,699 | $ | 28,429 | |||||||||
| Employee benefits | 10,201 | 7,316 | 10,676 | 9,080 | 10,043 | ||||||||||||||
| Occupancy expense | 3,640 | 3,231 | 3,835 | 3,256 | 3,480 | ||||||||||||||
| Furniture and equipment expense | 2,610 | 4,949 | 4,687 | 4,850 | 4,319 | ||||||||||||||
| Data processing fees | 7,712 | 3,315 | 3,275 | 2,577 | 2,492 | ||||||||||||||
| Professional fees and services | 5,664 | 9,359 | 7,977 | 6,901 | 7,066 | ||||||||||||||
| Marketing | 1,491 | 1,752 | 1,454 | 1,136 | 1,486 | ||||||||||||||
| Insurance | 1,691 | 1,855 | 1,541 | 1,477 | 1,550 | ||||||||||||||
| Communication | 1,122 | 1,097 | 958 | 874 | 1,155 | ||||||||||||||
| State tax expense | 1,108 | 605 | 1,125 | 1,116 | 1,145 | ||||||||||||||
| Amortization of intangible assets | 479 | 525 | 525 | 607 | 606 | ||||||||||||||
| FHLB prepayment penalty | — | 8,736 | — | — | 1,793 | ||||||||||||||
| Foundation contributions | — | 3,000 | — | — | — | ||||||||||||||
| Miscellaneous | 2,251 | 2,641 | 2,174 | 2,226 | 2,712 | ||||||||||||||
| Total other expense | $ | 67,865 | $ | 85,661 | $ | 69,859 | $ | 64,799 | $ | 66,276 | |||||||||
| PARK NATIONAL CORPORATION | |||||||||||||||||
| Asset Quality Information | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in thousands, except ratios) | March 31, 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
| Allowance for credit losses: | |||||||||||||||||
| Allowance for credit losses, beginning of period | $ | 85,675 | $ | 56,679 | $ | 51,512 | $ | 49,988 | $ | 50,624 | |||||||
| Cumulative change in accounting principle; adoption of ASU 2016-13 | 6,090 | — | — | — | — | ||||||||||||
| Charge-offs | 1,701 | 10,304 | 11,177 | 13,552 | 19,403 | ||||||||||||
| Recoveries | 1,677 | 27,246 | 10,173 | 7,131 | 10,210 | ||||||||||||
| Net charge-offs (recoveries) | 24 | (16,942 | ) | 1,004 | 6,421 | 9,193 | |||||||||||
| (Recovery of) provision for credit losses | (4,855 | ) | 12,054 | 6,171 | 7,945 | 8,557 | |||||||||||
| Allowance for credit losses, end of period | $ | 86,886 | $ | 85,675 | $ | 56,679 | $ | 51,512 | $ | 49,988 | |||||||
| General reserve trends: | |||||||||||||||||
| Allowance for credit losses, end of period | $ | 86,886 | $ | 85,675 | $ | 56,679 | $ | 51,512 | $ | 49,988 | |||||||
| Allowance on purchased credit deteriorated ("PCD") loans (purchased credit impaired ("PCI") loans for years 2020 and prior) | — | 167 | 268 | — | — | ||||||||||||
| Allowance on purchased loans excluded from the general reserve | — | 678 | — | — | — | ||||||||||||
| Specific reserves on individually evaluated loans | 4,962 | 5,434 | 5,230 | 2,273 | 684 | ||||||||||||
| General reserves on collectively evaluated loans | $ | 81,924 | $ | 79,396 | $ | 51,181 | $ | 49,239 | $ | 49,304 | |||||||
| Total loans | $ | 7,168,745 | $ | 7,177,785 | $ | 6,501,404 | $ | 5,692,132 | $ | 5,372,483 | |||||||
| PCD loans (PCI loans for years 2020 and prior) | 10,284 | 11,153 | 14,331 | 3,943 | — | ||||||||||||
| Purchased loans excluded from collectively evaluated loans | — | 360,056 | 548,436 | 225,029 | — | ||||||||||||
| Individually evaluated loans | 100,407 | 108,407 | 77,459 | 48,135 | 56,545 | ||||||||||||
| Collectively evaluated loans | $ | 7,058,054 | $ | 6,698,169 | $ | 5,861,178 | $ | 5,415,025 | $ | 5,315,938 | |||||||
| Asset Quality Ratios: | |||||||||||||||||
| Net charge-offs (recoveries) as a % of average loans (annualized) | — | % | (0.24 | ) | % | 0.02 | % | 0.12 | % | 0.17 | % | ||||||
| Allowance for credit losses as a % of period end loans | 1.21 | % | 1.19 | % | 0.87 | % | 0.90 | % | 0.93 | % | |||||||
| Allowance for credit losses as a % of period end loans (excluding PPP loans) (k) | 1.28 | % | 1.25 | % | . | N.A | . | N.A | . | N.A | |||||||
| General reserve as a % of collectively evaluated loans | 1.16 | % | 1.19 | % | 0.87 | % | 0.91 | % | 0.93 | % | |||||||
| General reserves as a % of collectively evaluated loans (excluding PPP loans) (k) | 1.22 | % | 1.24 | % | . | N.A | . | N.A | . | N.A | |||||||
| Nonperforming assets: | |||||||||||||||||
| Nonaccrual loans | $ | 114,708 | $ | 117,368 | $ | 90,080 | $ | 67,954 | $ | 72,056 | |||||||
| Accruing troubled debt restructurings | 14,817 | 20,788 | 21,215 | 15,173 | 20,111 | ||||||||||||
| Loans past due 90 days or more | 802 | 1,458 | 2,658 | 2,243 | 1,792 | ||||||||||||
| Total nonperforming loans | $ | 130,327 | $ | 139,614 | $ | 113,953 | $ | 85,370 | $ | 93,959 | |||||||
| Other real estate owned - Park National Bank | 250 | 837 | 3,100 | 2,788 | 6,524 | ||||||||||||
| Other real estate owned - SEPH | 594 | 594 | 929 | 1,515 | 7,666 | ||||||||||||
| Other nonperforming assets - Park National Bank | 3,164 | 3,164 | 3,599 | 3,464 | 4,849 | ||||||||||||
| Total nonperforming assets | $ | 134,335 | $ | 144,209 | $ | 121,581 | $ | 93,137 | $ | 112,998 | |||||||
| Percentage of nonaccrual loans to period end loans | 1.60 | % | 1.64 | % | 1.39 | % | 1.19 | % | 1.34 | % | |||||||
| Percentage of nonperforming loans to period end loans | 1.82 | % | 1.95 | % | 1.75 | % | 1.50 | % | 1.75 | % | |||||||
| Percentage of nonperforming assets to period end loans | 1.87 | % | 2.01 | % | 1.87 | % | 1.64 | % | 2.10 | % | |||||||
| Percentage of nonperforming assets to period end total assets | 1.35 | % | 1.55 | % | 1.42 | % | 1.19 | % | 1.50 | % | |||||||
| Note: Explanations for footnotes (a) - (l) are included at the end of the financial tables in the "Financial Reconciliations" section. | |||||||||||||||||
| PARK NATIONAL CORPORATION | |||||||||||||||
| Asset Quality Information (continued) | |||||||||||||||
| Year ended December 31, | |||||||||||||||
| (in thousands, except ratios) | March 31, 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||
| New nonaccrual loan information: | |||||||||||||||
| Nonaccrual loans, beginning of period | $ | 117,368 | $ | 90,080 | $ | 67,954 | $ | 72,056 | $ | 87,822 | |||||
| New nonaccrual loans | 12,540 | 103,386 | 81,009 | 76,611 | 58,753 | ||||||||||
| Resolved nonaccrual loans | 15,200 | 76,098 | 58,883 | 80,713 | 74,519 | ||||||||||
| Nonaccrual loans, end of period | $ | 114,708 | $ | 117,368 | $ | 90,080 | $ | 67,954 | $ | 72,056 | |||||
| Impaired commercial loan portfolio information (period end): | |||||||||||||||
| Unpaid principal balance | $ | 100,996 | $ | 109,062 | $ | 78,178 | $ | 59,381 | $ | 66,585 | |||||
| Prior charge-offs | 589 | 655 | 719 | 11,246 | 10,040 | ||||||||||
| Remaining principal balance | 100,407 | 108,407 | 77,459 | 48,135 | 56,545 | ||||||||||
| Specific reserves | 4,962 | 5,434 | 5,230 | 2,273 | 684 | ||||||||||
| Book value, after specific reserves | $ | 95,445 | $ | 102,973 | $ | 72,229 | $ | 45,862 | $ | 55,861 | |||||
| PARK NATIONAL CORPORATION | ||||||||||||
| Financial Reconciliations | ||||||||||||
| NON-GAAP RECONCILIATIONS | ||||||||||||
| THREE MONTHS ENDED | ||||||||||||
| (in thousands, except share and per share data) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||
| Net interest income | $ | 80,734 | $ | 86,321 | $ | 76,283 | ||||||
| less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions | 1,131 | 919 | 1,378 | |||||||||
| less interest income on former Vision Bank relationships | 105 | 102 | 77 | |||||||||
| Net interest income - adjusted | $ | 79,498 | $ | 85,300 | $ | 74,828 | ||||||
| (Recovery of) provision for credit losses | $ | (4,855 | ) | $ | (19,159 | ) | $ | 5,153 | ||||
| less recoveries on former Vision Bank relationships | (257 | ) | (20,496 | ) | (764 | ) | ||||||
| (Recovery of) provision for credit losses - adjusted | $ | (4,598 | ) | $ | 1,337 | $ | 5,917 | |||||
| Other income | $ | 34,089 | $ | 35,656 | $ | 22,486 | ||||||
| less other service income related to former Vision Bank relationships | 58 | 503 | — | |||||||||
| less rebranding initiative related expenses | — | (298 | ) | — | ||||||||
| Other income - adjusted | $ | 34,031 | $ | 35,451 | $ | 22,486 | ||||||
| Other expense | $ | 67,865 | $ | 85,661 | $ | 66,276 | ||||||
| less merger-related expenses related to NewDominion and Carolina Alliance acquisitions | 12 | 9 | 243 | |||||||||
| less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions | 479 | 525 | 606 | |||||||||
| less direct expenses related to collection of payments on former Vision Bank loan relationships | 107 | 4,051 | — | |||||||||
| less FHLB prepayment penalty | — | 8,736 | 1,793 | |||||||||
| less rebranding initiative related expenses | 618 | 229 | 270 | |||||||||
| less Foundation contribution | — | 3,000 | — | |||||||||
| less severance and restructuring charges | 108 | 4,039 | 88 | |||||||||
| less COVID-19 related expenses (j) | 634 | 738 | 262 | |||||||||
| Other expense - adjusted | $ | 65,907 | $ | 64,334 | $ | 63,014 | ||||||
| Tax effect of adjustments to net income identified above (i) | $ | 85 | $ | (83 | ) | $ | 219 | |||||
| Net income - reported | $ | 42,831 | $ | 45,200 | $ | 22,372 | ||||||
| Net income - adjusted | $ | 43,153 | $ | 44,888 | $ | 23,196 | ||||||
| Diluted EPS | $ | 2.61 | $ | 2.75 | $ | 1.36 | ||||||
| Diluted EPS, adjusted (h) | $ | 2.62 | $ | 2.73 | $ | 1.41 | ||||||
| Annualized return on average assets (a)(b) | 1.81 | % | 1.93 | % | 1.04 | % | ||||||
| Annualized return on average assets, adjusted (a)(b)(h) | 1.82 | % | 1.92 | % | 1.07 | % | ||||||
| Annualized return on average tangible assets (a)(b)(e) | 1.84 | % | 1.97 | % | 1.06 | % | ||||||
| Annualized return on average tangible assets, adjusted (a)(b)(e)(h) | 1.85 | % | 1.95 | % | 1.10 | % | ||||||
| Annualized return on average shareholders' equity (a)(b) | 16.63 | % | 17.37 | % | 9.16 | % | ||||||
| Annualized return on average shareholders' equity, adjusted (a)(b)(h) | 16.76 | % | 17.25 | % | 9.50 | % | ||||||
| Annualized return on average tangible equity (a)(b)(c) | 19.84 | % | 20.76 | % | 11.09 | % | ||||||
| Annualized return on average tangible equity, adjusted (a)(b)(c)(h) | 19.98 | % | 20.61 | % | 11.50 | % | ||||||
| Efficiency ratio (g) | 58.74 | % | 69.82 | % | 66.61 | % | ||||||
| Efficiency ratio, adjusted (g)(h) | 57.69 | % | 52.97 | % | 64.27 | % | ||||||
| Annualized net interest margin (g) | 3.76 | % | 4.07 | % | 3.93 | % | ||||||
| Annualized net interest margin, adjusted (g)(h) | 3.70 | % | 4.02 | % | 3.86 | % | ||||||
| PARK NATIONAL CORPORATION | |||||||||
| Financial Reconciliations (continued) | |||||||||
| (a) Reported measure uses net income | |||||||||
| (b) Averages are for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, as appropriate | |||||||||
| (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. | |||||||||
| RECONCILIATION OF AVERAGE SHAREHOLDERS' EQUITY TO AVERAGE TANGIBLE EQUITY: | |||||||||
| THREE MONTHS ENDED | |||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||
| AVERAGE SHAREHOLDERS' EQUITY | $ | 1,044,412 | $ | 1,035,493 | $ | 981,976 | |||
| Less: Average goodwill and other intangible assets | 168,690 | 169,199 | 170,909 | ||||||
| AVERAGE TANGIBLE EQUITY | $ | 875,722 | $ | 866,294 | $ | 811,067 | |||
| (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders' equity less goodwill and other intangible assets, in each case at the end of the period. | |||||||||
| RECONCILIATION OF TOTAL SHAREHOLDERS' EQUITY TO TANGIBLE EQUITY: | |||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||
| TOTAL SHAREHOLDERS' EQUITY | $ | 1,041,271 | $ | 1,040,256 | $ | 981,877 | |||
| Less: Goodwill and other intangible assets | 168,376 | 168,855 | 170,512 | ||||||
| TANGIBLE EQUITY | $ | 872,895 | $ | 871,401 | $ | 811,365 | |||
| (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equals average assets less average goodwill and other intangible assets, in each case during the applicable period. | |||||||||
| RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS | |||||||||
| THREE MONTHS ENDED | |||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||
| AVERAGE ASSETS | $ | 9,612,542 | $ | 9,316,499 | $ | 8,679,789 | |||
| Less: Average goodwill and other intangible assets | 168,690 | 169,199 | 170,909 | ||||||
| AVERAGE TANGIBLE ASSETS | $ | 9,443,852 | $ | 9,147,300 | $ | 8,508,880 | |||
| (f) Tangible equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangible assets, in each case at the end of the period. | |||||||||
| RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS: | |||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||
| TOTAL ASSETS | $ | 9,914,069 | $ | 9,279,021 | $ | 8,719,291 | |||
| Less: Goodwill and other intangible assets | 168,376 | 168,855 | 170,512 | ||||||
| TANGIBLE ASSETS | $ | 9,745,693 | $ | 9,110,166 | $ | 8,548,779 | |||
| (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a | |||||||||
| RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME | |||||||||
| THREE MONTHS ENDED | |||||||||
| March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||
| Interest income | $ | 85,173 | $ | 91,800 | $ | 88,909 | |||
| Fully taxable equivalent adjustment | 714 | 712 | 725 | ||||||
| Fully taxable equivalent interest income | $ | 85,887 | $ | 92,512 | $ | 89,634 | |||
| Interest expense | 4,439 | 5,479 | 12,626 | ||||||
| Fully taxable equivalent net interest income | $ | 81,448 | $ | 87,033 | $ | 77,008 | |||
| (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, (recovery of) provision for loan losses, other income and other expense. | |||||||||
| (i) The tax effect of adjustments to net income was calculated assuming a | |||||||||
| (j) COVID-19 related expenses include calamity pay and special one-time bonuses to certain associates. | |||||||||
| (k) Excludes | |||||||||
| (l) Park adopted ASU 2016-13 effective January 1, 2021. The allowance for credit losses as of March 31, 2021 and the related (recovery of) provision for credit losses for the three months ended March 31, 2021 was calculated utilizing this new guidance. | |||||||||
FAQ
What were Park National's earnings for Q1 2021?
Park National reported net income of $42.8 million for the first quarter of 2021.
How much did Park National's EPS increase in Q1 2021?
The diluted earnings per share (EPS) increased to $2.61 from $1.36 in Q1 2020.
What is the cash dividend amount declared by Park National?
Park National declared a quarterly cash dividend of $1.03 per common share.
What was the mortgage origination volume for Park National in Q1 2021?
The mortgage origination volume was $304 million in Q1 2021, up from $178 million in the same period last year.
When will Park National's dividend be paid?
The dividend will be payable on June 10, 2021, to shareholders of record as of May 21, 2021.
Park National Corporation
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Park National Corporation reports financial results for second quarter and first half of 2024
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