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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, 2023
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________________ to __________________________
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Commission File Number | 1-13006 |
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PARK NATIONAL CORPORATION |
(Exact name of registrant as specified in its charter) |
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Ohio | | 31-1179518 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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50 North Third Street, | P.O. Box 3500 | Newark, | Ohio | 43058-3500 |
(Address of principal executive offices) (Zip Code) |
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(740) | 349-8451 |
(Registrant’s telephone number, including area code) |
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N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common shares, without par value | PRK | NYSE American |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 16,153,425 Common Shares, no par value per share, outstanding at July 31, 2023.
PARK NATIONAL CORPORATION
CONTENTS | | | | | |
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PART I. FINANCIAL INFORMATION | |
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Item 1. Financial Statements | |
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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.
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ACL | Allowance for credit losses | | MSRs | Mortgage servicing rights |
AFS | Available-for-sale | | NAV | Net asset value |
Allowance | Allowance for credit losses | | NewDominion | NewDominion Bank |
ASC | Accounting Standards Codification | | OREO | Other real estate owned |
ASU | Accounting Standards Update | | OWS | One-way sell |
ATM | Automated teller machine | | Park | Park National Corporation and its subsidiaries |
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | | Park National Bank | The Park National Bank |
Carolina Alliance | CAB Financial Corporation and its subsidiaries | | PBRSUs | Performance-based restricted stock units |
CECL | Current expected credit loss | | PCD | Purchased credit deteriorated |
Company | Park National Corporation and its subsidiaries | | PD | Probability of default |
Corporation | Park National Corporation and its subsidiaries | | PNB | The Park National Bank |
COVID | Novel coronavirus | | PPP | CARES Act Paycheck Protection Program |
DCF | Discounted cash flow | | PTPP | Pre-tax, pre-provision |
EPS | Earnings per common share | | Registrant | Park National Corporation |
FASB | Financial Accounting Standards Board | | ROU | Right-of-use |
FHLB | Federal Home Loan Bank | | SARs | Stock appreciation rights |
FRB | Federal Reserve Bank | | SBA | Small Business Administration |
FTE | Fully taxable equivalent | | SEC | U.S. Securities and Exchange Commission |
GDP | Gross domestic product | | SEPH | SE Property Holdings, LLC |
GFSC | Guardian Financial Services Company | | TBRSUs | Time-based restricted stock units |
HELOC | Home equity line of credit | | TDRs | Troubled debt restructurings |
HPI | Home price index | | U.S. | United States of America |
IRLC | Interest rate lock commitment | | U.S. GAAP | United States Generally Accepted Accounting Principles |
KSOP | Park's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) plan | | United States | United States of America |
LDA | Loss driver analysis | | Vision | Vision Bancshares, Inc. |
LGD | Loss given default | | VOV | Verification of value |
LIBOR | London Inter-Bank Offered Rate | | | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited)
(in thousands, except common share and per common share data)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Assets: | | | |
Cash and due from banks | $ | 159,552 | | | $ | 156,750 | |
Money market instruments | 70,845 | | | 32,978 | |
Cash and cash equivalents | 230,397 | | | 189,728 | |
| | | |
Investment securities: | | | |
Debt securities available-for-sale, at fair value (amortized cost of $1,782,922 and $1,854,852 at June 30, 2023 and December 31, 2022, respectively, and no allowance for credit losses at June 30, 2023 or at December 31, 2022) | 1,668,864 | | | 1,733,696 | |
Other investment securities | 88,089 | | | 87,091 | |
Total investment securities | 1,756,953 | | | 1,820,787 | |
| | | |
Loans | 7,208,109 | | | 7,141,891 | |
Allowance for credit losses | (87,206) | | | (85,379) | |
Net loans | 7,120,903 | | | 7,056,512 | |
| | | |
Bank owned life insurance | 224,248 | | | 220,072 | |
Prepaid assets | 158,482 | | | 153,579 | |
Goodwill | 159,595 | | | 159,595 | |
Other intangible assets | 5,320 | | | 5,975 | |
Premises and equipment, net | 78,933 | | | 82,126 | |
Affordable housing tax credit investments | 56,774 | | | 60,968 | |
OREO | 2,267 | | | 1,354 | |
Accrued interest receivable | 36,416 | | | 34,704 | |
Operating lease ROU asset | 16,609 | | | 17,600 | |
Mortgage loan servicing rights | 15,237 | | | 15,792 | |
Other | 37,417 | | | 36,201 | |
Total assets | $ | 9,899,551 | | | $ | 9,854,993 | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets (Unaudited) (Continued)
(in thousands, except common share and per common share data)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Liabilities and Shareholders' Equity: | | | |
Deposits: | | | |
Non-interest bearing | $ | 2,796,009 | | | $ | 3,074,276 | |
Interest bearing | 5,562,967 | | | 5,160,439 | |
Total deposits | 8,358,976 | | | 8,234,715 | |
| | | |
Short-term borrowings | 143,914 | | | 227,342 | |
Subordinated notes | 188,904 | | | 188,667 | |
Unfunded commitments in affordable housing tax credit investments | 22,556 | | | 28,132 | |
Operating lease liability | 17,917 | | | 19,291 | |
Allowance for credit losses on off-balance sheet commitments | 5,452 | | | 5,214 | |
Accrued interest payable | 4,048 | | | 3,486 | |
Other | 69,027 | | | 78,920 | |
Total liabilities | $ | 8,810,794 | | | $ | 8,785,767 | |
| | | |
Shareholders' equity: | | | |
Preferred shares (No par value; 200,000 shares authorized; No shares issued) | $ | — | | | $ | — | |
Common shares (No par value; 20,000,000 shares authorized; 17,623,104 common shares issued at June 30, 2023 and at December 31, 2022) | 460,578 | | | 462,404 | |
Retained earnings | 876,830 | | | 847,235 | |
Treasury shares (1,469,679 common shares at June 30, 2023 and 1,359,521 common shares at December 31, 2022) | (151,865) | | | (138,019) | |
Accumulated other comprehensive loss, net of taxes | (96,786) | | | (102,394) | |
Total shareholders' equity | 1,088,757 | | | 1,069,226 | |
Total liabilities and shareholders’ equity | $ | 9,899,551 | | | $ | 9,854,993 | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited)
(in thousands, except common share and per common share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest and dividend income: | | | | | | | |
| | | | | | | |
Interest and fees on loans | $ | 96,428 | | | $ | 77,787 | | | $ | 188,042 | | | $ | 150,203 | |
| | | | | | | |
Interest and dividends on: | | | | | | | |
Debt securities - taxable | 13,431 | | | 7,624 | | | 26,410 | | | 13,754 | |
Debt securities - tax-exempt | 2,906 | | | 2,676 | | | 5,818 | | | 5,123 | |
Other interest income | 1,909 | | | 260 | | | 5,305 | | | 413 | |
Total interest and dividend income | 114,674 | | | 88,347 | | | 225,575 | | | 169,493 | |
| | | | | | | |
Interest expense: | | | | | | | |
| | | | | | | |
Interest on deposits: | | | | | | | |
Demand and savings deposits | 18,068 | | | 1,333 | | | 32,280 | | | 1,684 | |
Time deposits | 1,966 | | | 708 | | | 3,313 | | | 1,428 | |
| | | | | | | |
Interest on borrowings: | | | | | | | |
Short-term borrowings | 728 | | | 190 | | | 1,552 | | | 434 | |
Subordinated notes and long-term debt | 2,340 | | | 2,177 | | | 4,660 | | | 4,322 | |
| | | | | | | |
Total interest expense | 23,102 | | | 4,408 | | | 41,805 | | | 7,868 | |
| | | | | | | |
Net interest income | 91,572 | | | 83,939 | | | 183,770 | | | 161,625 | |
| | | | | | | |
Provision for (recovery of) credit losses | 2,492 | | | 2,991 | | | 2,675 | | | (1,614) | |
Net interest income after provision for (recovery of) credit losses | $ | 89,080 | | | $ | 80,948 | | | $ | 181,095 | | | $ | 163,239 | |
| | | | | | | |
Other income: | | | | | | | |
Income from fiduciary activities | $ | 8,816 | | | $ | 8,859 | | | $ | 17,431 | | | $ | 17,656 | |
Service charges on deposit accounts | 2,041 | | | 2,563 | | | 4,282 | | | 4,637 | |
Other service income | 2,639 | | | 4,940 | | | 5,336 | | | 9,759 | |
Debit card fee income | 6,830 | | | 6,731 | | | 13,287 | | | 12,857 | |
Bank owned life insurance income | 1,332 | | | 2,374 | | | 2,517 | | | 3,549 | |
ATM fees | 553 | | | 583 | | | 1,086 | | | 1,115 | |
Gain on the sale of OREO, net | 12 | | | 4 | | | 3 | | | 4 | |
OREO valuation markup | — | | | — | | | 15 | | | 30 | |
Gain (loss) on equity securities, net | 25 | | | 709 | | | (380) | | | 3,062 | |
Other components of net periodic pension benefit income | 1,893 | | | 3,027 | | | 3,786 | | | 6,054 | |
Miscellaneous | 874 | | | 1,403 | | | 2,039 | | | 4,126 | |
Total other income | $ | 25,015 | | | $ | 31,193 | | | $ | 49,402 | | | $ | 62,849 | |
| | | | | | | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Income (Unaudited) (Continued)
(in thousands, except common share and per common share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Other expense: | | | | | | | |
Salaries | $ | 33,649 | | | $ | 31,052 | | | $ | 68,520 | | | $ | 61,573 | |
Employee benefits | 10,538 | | | 10,199 | | | 21,354 | | | 20,698 | |
Occupancy expense | 3,214 | | | 3,040 | | | 6,567 | | | 6,254 | |
Furniture and equipment expense | 3,103 | | | 2,934 | | | 6,349 | | | 5,871 | |
Data processing fees | 9,582 | | | 8,416 | | | 18,332 | | | 15,920 | |
Professional fees and services | 7,365 | | | 6,775 | | | 14,586 | | | 12,633 | |
Marketing | 1,239 | | | 1,019 | | | 2,558 | | | 2,336 | |
Insurance | 1,960 | | | 1,245 | | | 3,774 | | | 2,650 | |
Communication | 1,045 | | | 935 | | | 2,082 | | | 1,825 | |
State tax expense | 1,096 | | | 1,167 | | | 2,374 | | | 2,359 | |
Amortization of intangible assets | 328 | | | 403 | | | 655 | | | 805 | |
Miscellaneous | 2,766 | | | 2,863 | | | 5,237 | | | 4,497 | |
Total other expense | $ | 75,885 | | | $ | 70,048 | | | $ | 152,388 | | | $ | 137,421 | |
| | | | | | | |
Income before income taxes | $ | 38,210 | | | $ | 42,093 | | | 78,109 | | | 88,667 | |
| | | | | | | |
Income taxes | 6,626 | | | 7,769 | | | 12,792 | | | 15,468 | |
| | | | | | | |
Net income | $ | 31,584 | | | $ | 34,324 | | | $ | 65,317 | | | $ | 73,199 | |
| | | | | | | |
Earnings per common share: | | | | | | | |
Basic | $ | 1.95 | | | $ | 2.11 | | | $ | 4.03 | | | $ | 4.51 | |
Diluted | $ | 1.94 | | | $ | 2.10 | | | $ | 4.01 | | | $ | 4.48 | |
| | | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 16,165,119 | | | 16,249,307 | | | 16,203,736 | | | 16,234,598 | |
Diluted | 16,240,600 | | | 16,361,246 | | | 16,282,693 | | | 16,346,141 | |
| | | | | | | |
Regular cash dividends declared per common share | $ | 1.05 | | | $ | 1.04 | | | $ | 2.10 | | | $ | 2.08 | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 31,584 | | | $ | 34,324 | | | $ | 65,317 | | | $ | 73,199 | |
| | | | | | | |
Other comprehensive (loss) income, net of tax: | | | | | | | |
Unrealized net holding (loss) gain on debt securities available-for-sale, net of income tax effect of $(1,795) and $(11,963) for the three months ended June 30, 2023 and 2022, respectively, and $1,490 and $(26,786) for the six months ended June 30, 2023 and 2022, respectively. | (6,753) | | | (45,002) | | | 5,608 | | | (100,765) | |
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 for the three months ended June 30, 2022 and $41 for the six months ended June 30, 2022. | — | | | 15 | | | — | | | 154 | |
Other comprehensive (loss) income | $ | (6,753) | | | $ | (44,935) | | | $ | 5,608 | | | $ | (100,559) | |
| | | | | | | |
Comprehensive income (loss) | $ | 24,831 | | | $ | (10,611) | | | $ | 70,925 | | | $ | (27,360) | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited)
(in thousands, except common share and per common share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Preferred Shares | | Common Shares | | Retained Earnings | | Treasury Shares | | Accumulated Other Comprehensive Loss |
Balance at December 31, 2022 | | $ | — | | | $ | 462,404 | | | $ | 847,235 | | | $ | (138,019) | | | $ | (102,394) | |
Cumulative effect of a change in accounting principle | | | | | | (303) | | | | | |
Balance at January 1, 2023 | | $ | — | | | $ | 462,404 | | | $ | 846,932 | | | $ | (138,019) | | | $ | (102,394) | |
Net income | | | | | | 33,733 | | | | | |
Other comprehensive income, net of tax | | | | | | | | | | 12,361 | |
Dividends on common shares at $1.05 per common share | | | | | | (17,285) | | | | | |
Issuance of 34,484 common shares under share-based compensation awards, net of 21,981 common shares withheld to pay employee income taxes | | | | (5,309) | | | (862) | | | 3,564 | | | |
Share-based compensation expense | | | | 2,336 | | | | | | | |
Repurchase of 124,000 common shares to be held as treasury shares | | | | | | | | (15,308) | | | |
Balance at March 31, 2023 | | $ | — | | | $ | 459,431 | | | $ | 862,518 | | | $ | (149,763) | | | $ | (90,033) | |
Net income | | | | | | 31,584 | | | | | |
Other comprehensive loss net of tax | | | | | | | | | | (6,753) | |
Dividends on common shares at $1.05 per common share | | | | | | (17,187) | | | | | |
Issuance of 4,358 common shares under share-based compensation awards, net of 1,992 common shares withheld to pay employee income taxes | | | | (602) | | | (85) | | | $ | 450 | | | |
Share-based compensation expense | | | | 1,749 | | | | | | | |
Repurchase of 25,000 common shares to be held as treasury shares | | | | | | | | (2,552) | | | |
Balance at June 30, 2023 | | $ | — | | | $ | 460,578 | | | $ | 876,830 | | | $ | (151,865) | | | $ | (96,786) | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited) (Continued)
(in thousands, except common share and per common 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 income | | | | | | 38,875 | | | | | |
Other comprehensive loss, net of tax | | | | | | | | | | (55,624) | |
Dividends on common shares at $1.04 per common 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 expense | | | | 1,981 | | | | | | | |
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 common share | | | | | | (17,116) | | | | | |
Share-based compensation expense | | | | 1,374 | | | | | | | |
Balance at June 30, 2022 | | $ | — | | | $ | 460,645 | | | $ | 814,241 | | | $ | (139,469) | | | $ | (85,404) | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
Operating activities: | | | |
Net income | $ | 65,317 | | | $ | 73,199 | |
| | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for (recovery of) credit losses | 2,675 | | | (1,614) | |
Accretion of loan fees and costs, net | (4,400) | | | (7,132) | |
Depreciation of premises and equipment | 7,122 | | | 6,943 | |
Amortization of investment securities, net | 1,722 | | | 1,704 | |
Net amortization (accretion) of purchase accounting adjustments | 263 | | | (241) | |
Loss (gain) on equity securities, net | 380 | | | (3,062) | |
Loan originations to be sold in secondary market | (32,720) | | | (128,306) | |
Proceeds from sale of loans in secondary market | 32,008 | | | 135,241 | |
Gain on sale of loans in secondary market | (625) | | | (3,227) | |
Share-based compensation expense | 4,085 | | | 3,355 | |
Gain on sale of OREO, net | (3) | | | (4) | |
OREO valuation markup | (15) | | | (30) | |
Bank owned life insurance income | (2,517) | | | (3,549) | |
Investment in qualified affordable housing tax credits amortization | 4,194 | | | 3,960 | |
| | | |
Changes in assets and liabilities: | | | |
Increase in prepaid dealer premiums | (244) | | | (4,795) | |
Increase in other assets | (7,312) | | | (2,178) | |
Decrease in other liabilities | (12,261) | | | (13,802) | |
Net cash provided by operating activities | $ | 57,669 | | | $ | 56,462 | |
| | | |
Investing activities: | | | |
Proceeds from the redemption/repurchase of Federal Home Loan Bank stock | $ | 3,605 | | | $ | — | |
Proceeds from calls and maturities of: | | | |
Debt securities AFS | 71,116 | | | 102,660 | |
Purchases of: | | | |
Debt securities AFS | (908) | | | (316,878) | |
Equity securities | (2,195) | | | (2,630) | |
FHLB stock | (1,407) | | | — | |
Net decrease in other investments | 1,114 | | | 339 | |
Net loan originations, portfolio loans | (62,384) | | | (90,952) | |
Investment in qualified affordable housing tax credits | (5,576) | | | (7,252) | |
Proceeds from the sale of OREO | 57 | | | 67 | |
Bank owned life insurance death benefits | 1,104 | | | 7,525 | |
Purchases of bank owned life insurance | (2,500) | | | (7,500) | |
Purchases of premises and equipment | (4,047) | | | (3,740) | |
Net cash used in investing activities | $ | (2,021) | | | $ | (318,361) | |
| | | |
| | | |
| | | |
| | | | | | | | | | | |
PARK NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows (Unaudited) (Continued) (in thousands) |
| Six Months Ended June 30, |
| 2023 | | 2022 |
Financing activities: | | | |
Net (decrease) increase in deposits | $ | (70,909) | | | $ | 219,870 | |
Net decrease in off-balance sheet deposits | 195,170 | | | 173,261 | |
Net decrease in short-term borrowings | (83,428) | | | (66,987) | |
Value of common shares withheld to pay employee income taxes | (2,844) | | | (2,451) | |
Repurchase of common shares to be held as treasury shares | (17,860) | | | — | |
Cash dividends paid | (35,108) | | | (34,533) | |
Net cash (used in) provided by financing activities | $ | (14,979) | | | $ | 289,160 | |
| | | |
Increase in cash and cash equivalents | 40,669 | | | 27,261 | |
| | | |
Cash and cash equivalents at beginning of year | 189,728 | | | 219,180 | |
| | | |
Cash and cash equivalents at end of period | $ | 230,397 | | | $ | 246,441 | |
| | | |
Supplemental disclosures of cash flow information: | | | |
| | | |
Cash paid for: | | | |
Interest | $ | 41,243 | | | $ | 7,904 | |
| | | |
Federal income tax | 7,350 | | 10,500 |
| | | |
Non-cash items: | | | |
Loans transferred to OREO | $ | 1,051 | | | $ | 1,409 | |
| | | |
Transfers from loans to commercial loans held for sale | — | | | 6,321 | |
| | | |
ROU assets obtained in exchange for lease obligations | 179 | | | 4,182 | |
| | | |
New commitments in other investment securities | 2,495 | | | 15,000 | |
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
PARK NATIONAL CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
Note 1 – Basis of Presentation
The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park National Corporation (sometimes also referred to as the “Registrant”) and its subsidiaries. Unless the context otherwise requires, references to "Park", the "Corporation" or the "Company" and similar terms mean Park National Corporation and its subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month and the six-month periods ended June 30, 2023 are not necessarily indicative of the operating results to be anticipated for the year ending December 31, 2023.
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Quarterly Reports on Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of the consolidated condensed balance sheets, consolidated condensed statements of income, consolidated condensed statements of comprehensive income (loss), consolidated condensed statements of changes in shareholders’ equity and consolidated condensed statements of cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements included in Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in the Annual Report on Form 10-K of Park National Corporation for the fiscal year ended December 31, 2022 ("Park's 2022 Form 10-K"). Certain prior period amounts have been reclassified to conform to the current period presentation.
Park’s significant accounting policies are described in Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2022 Form 10-K. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period.
Recent bank failures have called into question the stability of the financial services industry. While Park is well capitalized and has significant available liquidity, the effects of these failures and potential future failures may meaningfully impact significant estimates such as the allowance for credit losses, goodwill, and pension plan obligations and related expenses.
Note 2 - Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards
The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements:
Adoption of New Accounting Pronouncements
ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures: In March 2022, FASB issued ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Tr