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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, 2022
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 Number1-13006
 
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 3500Newark,Ohio43058-3500
(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 classTrading Symbol(s)Name of each exchange on which registered
Common shares, without par valuePRKNYSE 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 filerAccelerated filer
Non-accelerated filerSmaller 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: 16,253,794 Common Shares, no par value per share, outstanding at July 29, 2022.




PARK NATIONAL CORPORATION
 
CONTENTS
 Page
PART I.   FINANCIAL INFORMATION 
  
Item 1.  Financial Statements 
  
  
  
  
  
  
  
  
  
  
103 
  
  
  
  
  
  
  
  

3


Glossary of Abbreviations and Acronyms

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

AFSAvailable-for-saleLIBORLondon Inter-Bank Offered Rate
ACLAllowance for credit lossesMSRsMortgage servicing rights
AllowanceAllowance for credit lossesNAVNet asset value
AOCIAccumulated other comprehensive (loss) incomeNewDominionNewDominion Bank
ASCAccounting Standards CodificationOCIOther comprehensive (loss) income
ASUAccounting Standards UpdateOREOOther real estate owned
AUCLAllowance for unfunded credit lossesOWSOne-way sell
CARES ActCoronavirus Aid, Relief, and Economic Security ActParkPark National Corporation and its subsidiaries
Carolina AllianceCAB Financial Corporation and its subsidiariesPBRSUsPerformance-based restricted stock units
CECLCurrent expected credit lossPCDPurchased credit deteriorated
COVID-19Novel coronavirusPDProbability of default
DCFDiscounted cash flowPNBThe Park National Bank
FASBFinancial Accounting Standards BoardPPPCARES Act Paycheck Protection Program
FHLBFederal Home Loan BankROURight-of-use
FRBFederal Reserve BankSARsStock appreciation rights
GDPGross domestic productSBASmall Business Administration
GFSCGuardian Financial Services CompanySECU.S. Securities and Exchange Commission
HPIHome price indexSEPHSE Property Holdings, LLC
HTMHeld-to-maturityTBRSUsTime-based restricted stock units
IRLCInterest rate lock commitmentTDRsTroubled debt restructurings
KSOPPark's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) planU.S. GAAPUnited States Generally Accepted Accounting Principles
LDALoss driver analysisU.S.United States
LGDLoss given default

4

Table of Contents


PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except share and per share data)    
                
June 30,
2022
December 31, 2021
Assets:  
Cash and due from banks$171,114 $144,507 
Money market instruments75,327 74,673 
Cash and cash equivalents246,441 219,180 
Investment securities:  
Debt securities available-for-sale, at fair value (amortized cost of $1,939,877 and $1,727,363 at June 30, 2022 and December 31, 2021, respectively, and no allowance for credit losses at June 30, 2022 and December 31, 2021)
1,839,103 1,754,140 
Other investment securities81,621 61,268 
Total investment securities1,920,724 1,815,408 
Commercial loans held for sale6,321  
Loans6,958,685 6,871,122 
Allowance for credit losses(81,448)(83,197)
Net loans6,877,237 6,787,925 
Bank owned life insurance219,579 215,792 
Prepaid assets152,573 144,124 
Goodwill159,595 159,595 
Other intangible assets6,657 7,462 
Premises and equipment, net85,531 89,008 
Affordable housing tax credit investments54,751 58,711 
OREO1,354 775 
Accrued interest receivable26,457 23,413 
Operating lease right-of-use asset16,314 13,446 
Mortgage loan servicing rights16,470 15,264 
Other36,666 10,151 
Total assets$9,826,670 $9,560,254 

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except share and per share data)

June 30,
2022
December 31, 2021
Liabilities and Shareholders' Equity:  
Deposits:  
Non-interest bearing$3,057,977 $3,066,419 
Interest bearing5,239,677 4,838,109 
Total deposits8,297,654 7,904,528 
Short-term borrowings171,799 238,786 
Subordinated notes188,435 188,210 
Unfunded commitments in affordable housing tax credit investments21,232 28,484 
Operating lease liability17,067 14,339 
Allowance for credit losses on off-balance sheet commitments4,131 4,282 
Accrued interest payable3,080 3,116 
Other73,259 67,750 
Total liabilities$8,776,657 $8,449,495 
Shareholders' equity:  
Preferred shares (200,000 shares authorized; No shares issued)
$ $ 
Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at June 30, 2022 and 17,623,118 shares issued at December 31, 2021)
460,645 461,800 
Retained earnings814,241 776,294 
Treasury shares (1,373,798 shares at June 30, 2022 and 1,403,555 shares at December 31, 2021)
(139,469)(142,490)
Accumulated other comprehensive (loss) income, net of taxes(85,404)15,155 
Total shareholders' equity1,050,013 1,110,759 
Total liabilities and shareholders’ equity$9,826,670 $9,560,254 

SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
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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,
 2022202120222021
Interest and dividend income:  
Interest and fees on loans$77,787 $81,176 $150,203 $159,913 
Interest and dividends on:  
Debt securities - taxable7,624 4,600 13,754 8,856 
Debt securities - tax-exempt2,676 2,032 5,123 4,069 
Other interest income260 186 413 329 
Total interest and dividend income88,347 87,994 169,493 173,167 
Interest expense:  
Interest on deposits:  
Demand and savings deposits1,333 401 1,684 787 
Time deposits708 1,285 1,428 2,869 
Interest on borrowings:  
Short-term borrowings190 182 434 365 
Long-term debt2,177 2,275 4,322 4,561 
Total interest expense4,408 4,143 7,868 8,582 
Net interest income83,939 83,851 161,625 164,585 
Provision for (recovery of) credit losses2,991 (4,040)(1,614)(8,895)
Net interest income after provision for (recovery of) credit losses$80,948 $87,891 163,239 173,480 
Other income:  
Income from fiduciary activities$8,859 $8,569 17,656 16,742 
Service charges on deposit accounts2,563 2,032 4,637 4,086 
Other service income4,940 7,159 9,759 16,776 
Debit card fee income6,731 6,758 12,857 12,844 
Bank owned life insurance income2,374 1,149 3,549 2,314 
ATM fees583 655 1,115 1,185 
Gain on equity securities, net709 467 3,062 2,277 
Other components of net periodic pension benefit income3,027 2,038 6,054 4,076 
Miscellaneous1,407 2,411 4,160 5,027 
Total other income$31,193 $31,238 $62,849 $65,327 
 

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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,
 2022202120222021
Other expense:  
Salaries$31,052 $30,303 $61,573 $60,199 
Employee benefits10,199 10,056 20,698 20,257 
Occupancy expense3,040 3,027 6,254 6,667 
Furniture and equipment expense2,934 2,756 5,871 5,366 
Data processing fees8,416 7,150 15,920 14,862 
Professional fees and services6,775 6,973 12,633 12,637 
Marketing1,019 1,290 2,336 2,781 
Insurance1,245 1,276 2,650 2,967 
Communication935 770 1,825 1,892 
State tax expense1,167 1,103 2,359 2,211 
Amortization of intangible assets403 479 805 958 
Foundation contribution 4,000  4,000 
Miscellaneous2,863 2,217 4,497 4,468 
Total other expense$70,048 $71,400 $137,421 $139,265 
Income before income taxes$42,093 $47,729 $88,667 $99,542 
Income taxes7,769 8,597 15,468 17,579 
Net income$34,324 $39,132 $73,199 $81,963 
Earnings per common share:
Basic$2.11 $2.39 $4.51 $5.02 
Diluted$2.10 $2.38 $4.48 $4.98 
Weighted average common shares outstanding:  
Basic16,249,307 16,340,690 16,234,598 16,327,838 
Diluted16,361,246 16,472,800 16,346,141 16,455,673 
Regular cash dividends declared per common share$1.04 $1.03 $2.08 $2.06 
Special cash dividends declared per common share$ $  $0.20 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 


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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive (Loss) Income (Unaudited)
(in thousands)

Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$34,324 $39,132 $73,199 $81,963 
Other comprehensive (loss) income, net of tax:
Unrealized net holding (loss) gain on debt securities available-for-sale, net of income tax effect of $(11,963) and $1,291 for the three months ended June 30, 2022 and 2021, respectively, and $(26,786) and $(2,323) for the six months ended June 30, 2022 and 2021, respectively.
(45,002)4,858 (100,765)(8,739)
Reclassification adjustment for losses included in net income on cash flow hedging derivatives, net of income tax effect of $14 for both the three months and six months ended June 30, 2022.
52  52  
Unrealized gain on cash flow hedging derivatives, net of income tax effect of $4 and $30 for the three months ended June 30, 2022 and 2021, respectively, and $41 and $63 for the six months ended June 30, 2022 and 2021, respectively.
15 113 154 238 
Other comprehensive (loss) income$(44,935)$4,971 $(100,559)$(8,501)
Comprehensive (loss) income$(10,611)$44,103 $(27,360)$73,462 
 
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited)
(in thousands, except share and per share data)
  
Preferred
Shares
Common
Shares
Retained
Earnings
Treasury
Shares
Accumulated
Other
Comprehensive
Income (Loss)
Balance at December 31, 2021$ $461,800 $776,294 $(142,490)$15,155 
Net income38,875 
Other comprehensive loss, net of tax(55,624)
Dividends on common shares at $1.04 per share
(17,172)
Cash payment for fractional common shares in dividend reinvestment plan(2)
Issuance of 29,757 common shares under share-based compensation awards, net of 18,658 common shares withheld to pay employee income taxes
(4,508)(964)3,021 
Share-based compensation expense1,981 
Balance at March 31, 2022$ $459,271 $797,033 $(139,469)$(40,469)
Net income$34,324 
Other comprehensive loss, net of tax$(44,935)
Dividends on common shares at $1.04 per share
$(17,116)
Share-based compensation expense1,374 
Balance at June 30, 2022$ $460,645 $814,241 $(139,469)$(85,404)

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PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited) (Continued)
(in thousands, except share and per share data)
Preferred
Shares
Common
Shares
Retained
Earnings
Treasury
Shares
Accumulated
Other
Comprehensive
Income (Loss)
Balance at December 31, 2020$ $460,687 $704,764 $(130,766)$5,571 
   Cumulative change in accounting principle(7,956)
Balance at January 1, 2021$ $460,687 $696,808 $(130,766)$5,571