NEWARK, Ohio, Jan. 17, 2006 (PRIMEZONE) -- Park National Corporation (Park) (AMEX:PRK) today announced earnings for 2005. Net income for the year totaled $95.238 million, a 4.1 percent increase over 2004's earnings of $91.507 million. Diluted earnings per share for 2005 increased 5.1 percent from $6.32 in 2004 to $6.64 for 2005. Park also announced a regular cash dividend of $.92 per share, payable on March 10, 2006 to shareholders of record on February 22, 2006.
For the fourth quarter of 2005, Park reported net income of $22.831 million, or $1.61 in diluted earnings per share, compared to the same period's net income in 2004 of $20.897 million, or $1.44 in diluted earnings per share. The fourth quarter showed an increase of 9.3 percent in net income and 11.0 percent in diluted earnings per share.
Park National Corporation is an Ohio-based bank holding company headquartered in Newark, Ohio. It holds more than $5.4 billion in assets. Its 12 community banks and two specialty financing companies consist of 134 offices (and 137 ATMs) in 29 Ohio counties.
Its significant subsidiaries include The Park National Bank, Fairfield National Division, The Richland Trust Company, Century National Bank, The First-Knox National Bank, Farmers and Savings Division, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co., Unity National Division, The Citizens National Bank of Urbana, First Clermont Division, Scope Aircraft Finance, and Guardian Finance. For more information, visit www.parknationalcorp.com.
PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) DECEMBER 31, 2005 INCOME STATEMENT THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, PERCENT PERCENT 2005 2004 CHANGE 2005 2004 CHANGE ---- ---- ------ ---- ---- ------ NET INTEREST INCOME $55,156 $53,343 3.40% $220,564 $212,291 3.90% --------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 1,400 2,485 -43.66% 5,407 8,600 -37.13% --------------------------------------------------------------------- OTHER INCOME 14,889 12,714 17.11% 59,609 52,641 13.24% --------------------------------------------------------------------- GAIN (LOSS) ON SALE OF SECURITIES 0 (899) 96 (793) --------------------------------------------------------------------- OTHER EXPENSE 36,358 33,378 8.93% 139,438 126,290 10.41% --------------------------------------------------------------------- INCOME BEFORE TAXES 32,287 29,295 10.21% 135,424 129,249 4.78% --------------------------------------------------------------------- NET INCOME 22,831 20,897 9.25% 95,238 91,507 4.08% --------------------------------------------------------------------- NET INCOME PER SHARE - BASIC 1.62 1.46 10.96% 6.68 6.38 4.70% --------------------------------------------------------------------- NET INCOME PER SHARE - DILUTED 1.61 1.44 11.81% 6.64 6.32 5.06% --------------------------------------------------------------------- CASH DIVIDENDS PER SHARE 0.92 0.90 2.22% 3.620 3.414 6.03% --------------------------------------------------------------------- RATIOS AND OTHER INFORMATION RETURN ON AVERAGE ASSETS 1.66% 1.64% 1.71% 1.81% --------------------------------------------------------------------- RETURN ON AVERAGE EQUITY 16.33% 14.99% 17.03% 17.00% --------------------------------------------------------------------- YIELD ON EARNING ASSETS 6.41% 5.88% 6.17% 5.80% --------------------------------------------------------------------- COST OF PAYING LIABILITIES 2.46% 1.65% 2.19% 1.52% --------------------------------------------------------------------- NET INTEREST MARGIN 4.39% 4.55% 4.34% 4.56% --------------------------------------------------------------------- EFFICIENCY RATIO 51.48% 49.95% 49.32% 47.11% --------------------------------------------------------------------- NET LOAN CHARGE-OFFS $2,073 $3,346 $5,890 $7,864 --------------------------------------------------------------------- NET CHARGE-OFFS AS A PERCENT OF LOANS 0.25% 0.46% 0.18% 0.28% --------------------------------------------------------------------- BALANCE SHEET AT DECEMBER 31, PERCENT 2005 2004 CHANGE ---- ---- ------ INVESTMENTS $1,663,342 $1,926,782 -13.67% ---------------------------------------------------------- LOANS 3,328,112 3,120,608 6.65% ---------------------------------------------------------- LOAN LOSS RESERVE 69,694 68,328 2.00% ---------------------------------------------------------- GOODWILL AND OTHER INTANGIBLES 69,188 40,887 69.22% ---------------------------------------------------------- TOTAL ASSETS 5,436,048 5,412,584 0.43% ---------------------------------------------------------- DEPOSITS 3,757,757 3,689,861 1.84% ---------------------------------------------------------- BORROWINGS 1,028,858 1,074,024 -4.21% ---------------------------------------------------------- EQUITY 558,430 562,561 -0.73% ---------------------------------------------------------- BOOK VALUE PER SHARE 39.63 39.28 0.89% ---------------------------------------------------------- NONPERFORMING LOANS 22,363 23,334 -8.15% ---------------------------------------------------------- NONPERFORMING ASSETS 24,731 26,014 -8.51% ---------------------------------------------------------- PAST DUE 90 DAY LOANS 7,661 5,439 40.85% ---------------------------------------------------------- RATIOS LOANS/ASSETS 61.22% 57.65% -------------------------------------------- NONPERFORMING LOANS/LOANS 0.67% 0.75% -------------------------------------------- PAST DUE 90 DAY LOANS/LOANS 0.23% 0.17% -------------------------------------------- LOAN LOSS RESERVE/LOANS 2.09% 2.19% -------------------------------------------- EQUITY/ASSETS 10.27% 10.39% -------------------------------------------- PARK NATIONAL CORPORATION Consolidated Balance Sheets (dollars in thousands, except share data) December 31, ------------------------- 2005 2004 -------------------------------------------------------------------- Assets Cash and due from banks $169,690 $155,529 -------------------------------------------------------------------- Money market instruments 4,283 6,300 -------------------------------------------------------------------- Interest bearing deposits 300 2,096 -------------------------------------------------------------------- Investment securities 1,663,342 1,926,782 -------------------------------------------------------------------- Loans (net of unearned interest) 3,328,112 3,120,608 -------------------------------------------------------------------- Allowance for possible loan losses 69,694 68,328 -------------------------------------------------------------------- Loans, net 3,258,418 3,052,280 -------------------------------------------------------------------- Bank premises and equipment, net 47,172 43,179 -------------------------------------------------------------------- Other assets 292,843 226,418 -------------------------------------------------------------------- Total assets $5,436,048 $5,412,584 -------------------------------------------------------------------- Liabilities and Stockholders' Equity Deposits: Noninterest bearing $667,328 $630,882 -------------------------------------------------------------------- Interest bearing 3,090,429 3,058,979 -------------------------------------------------------------------- Total deposits 3,757,757 3,689,861 -------------------------------------------------------------------- Borrowings 1,028,858 1,074,024 -------------------------------------------------------------------- Other liabilities 91,003 86,138 -------------------------------------------------------------------- Total liabilities 4,877,618 4,850,023 -------------------------------------------------------------------- Stockholders' Equity: Common stock (No par value; 20,000,000 shares authorized in 2005 and 2004; 15,271,574 shares issued in 2005 and 15,269,707 in 2004) 208,365 208,251 -------------------------------------------------------------------- Accumulated other comprehensive income, net of taxes (10,143) 12,442 -------------------------------------------------------------------- Retained earnings 476,889 433,260 -------------------------------------------------------------------- Treasury stock (1,178,948 shares in 2005 and 949,480 shares in 2004) (116,681) (91,392) -------------------------------------------------------------------- Total stockholders' equity 558,430 562,561 -------------------------------------------------------------------- Total liabilities and stockholders' equity $5,436,048 $5,412,584 -------------------------------------------------------------------- PARK NATIONAL CORPORATION Consolidated Statements of Income (dollars in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, --------------------- ---------------------- 2005 2004 2005 2004 --------------------------------------------------------------------- Interest income: Interest and fees on loans $59,759 $46,791 $223,868 $178,853 --------------------------------------------------------------------- Interest on: Obligations of U.S. Government, its agencies and other securities 19,886 21,092 85,664 86,806 --------------------------------------------------------------------- Obligations of states and political subdivisions 1,037 1,211 4,486 5,115 --------------------------------------------------------------------- Other interest income 122 136 441 219 --------------------------------------------------------------------- Total interest income 80,804 69,230 314,459 270,993 --------------------------------------------------------------------- Interest expense: Interest on deposits: Demand and savings deposits 4,490 2,061 15,091 6,895 --------------------------------------------------------------------- Time deposits 11,502 8,344 41,808 33,103 --------------------------------------------------------------------- Interest on borrowings 9,656 5,482 36,996 18,704 --------------------------------------------------------------------- Total interest expense 25,648 15,887 93,895 58,702 --------------------------------------------------------------------- Net interest income 55,156 53,343 220,564 212,291 --------------------------------------------------------------------- Provision for loan losses 1,400 2,485 5,407 8,600 --------------------------------------------------------------------- Net interest income after provision for loan losses 53,756 50,858 215,157 203,691 --------------------------------------------------------------------- Other income 14,889 12,714 59,609 52,641 --------------------------------------------------------------------- Gain (loss) on sale of securities -- (899) 96 (793) --------------------------------------------------------------------- Other expense: Salaries and employee benefits 19,134 18,382 78,498 71,464 --------------------------------------------------------------------- Occupancy expense 2,097 1,757 8,641 7,024 --------------------------------------------------------------------- Furniture and equipment expense 1,287 1,351 5,278 5,749 --------------------------------------------------------------------- Other expense 13,840 11,888 47,021 42,053 --------------------------------------------------------------------- Total other expense 36,358 33,378 139,438 126,290 --------------------------------------------------------------------- Income before federal income taxes 32,287 29,295 135,424 129,249 --------------------------------------------------------------------- Federal income taxes 9,456 8,398 40,186 37,742 --------------------------------------------------------------------- Net income $22,831 $20,897 $95,238 $91,507 ===================================================================== Per Share: Net income - basic $1.62 $1.46 $6.68 $6.38 --------------------------------------------------------------------- Net income - diluted $1.61 $1.44 $6.64 $6.32 --------------------------------------------------------------------- Weighted average shares - basic 14,134,058 14,305,004 14,258,519 14,344,771 --------------------------------------------------------------------- Weighted average shares - diluted 14,199,455 14,499,782 14,348,243 14,486,327 --------------------------------------------------------------------- PARK NATIONAL CORPORATION Consolidated Average Balance Sheets (dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, ----------------------- ---------------------- 2005 2004 2005 2004 --------------------------------------------------------------------- Assets Cash and due from banks $148,566 $142,385 $148,303 $142,102 --------------------------------------------------------------------- Money market instruments 12,713 15,003 11,272 9,328 --------------------------------------------------------------------- Interest bearing deposits 305 23 986 38 --------------------------------------------------------------------- Investment securities 1,694,688 1,859,889 1,853,524 1,918,444 --------------------------------------------------------------------- Loans (net of unearned interest) 3,312,164 2,878,862 3,278,092 2,813,069 --------------------------------------------------------------------- Allowance for possible loan losses 71,050 65,220 71,052 64,676 --------------------------------------------------------------------- Loans, net 3,241,114 2,813,642 3,207,040 2,748,393 --------------------------------------------------------------------- Bank premises and equipment, net 47,331 37,436 46,418 36,540 --------------------------------------------------------------------- Other assets 302,330 207,089 290,545 194,236 --------------------------------------------------------------------- Total assets $5,447,047 $5,075,467 $5,558,088 $5,049,081 --------------------------------------------------------------------- Liabilities and Stockholders' Equity Deposits: Noninterest bearing $665,426 $605,863 $643,032 $574,560 --------------------------------------------------------------------- Interest bearing 3,135,084 2,944,791 3,187,033 2,946,360 --------------------------------------------------------------------- Total deposits 3,800,510 3,550,654 3,830,065 3,520,920 --------------------------------------------------------------------- Borrowings 1,009,117 896,193 1,091,730 921,278 --------------------------------------------------------------------- Other liabilities 82,760 73,934 77,082 68,608 --------------------------------------------------------------------- Total liabilities 4,892,387 4,520,781 4,998,877 4,510,806 --------------------------------------------------------------------- Stockholders' Equity: Common stock 208,367 124,922 208,349 110,711 --------------------------------------------------------------------- Accumulated other comprehensive income, net of taxes (10,310) 13,511 1,309 11,293 --------------------------------------------------------------------- Retained earnings 468,847 503,987 448,354 498,192 --------------------------------------------------------------------- Treasury stock (112,244) (87,734) (98,801) (81,921) --------------------------------------------------------------------- Total stockholders' equity 554,660 554,686 559,211 538,275 --------------------------------------------------------------------- Total liabilities and stockholders' equity $5,447,047 $5,075,467 $5,558,088 $5,049,081 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