<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 17, 2000
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Park National Corporation
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(Exact name of registrant as specified in its charter)
Ohio 1-13006 31-1179518
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
50 North Third Street, P.O. Box 3500, Newark, Ohio 43058-3500
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (740) 349-8451
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Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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On April 17, 2000, Park National Corporation ("Park") issued a
News Release reporting earnings for the first quarter ended March 31, 2000 and
the declaration of a second quarter cash dividend of $.65 per share payable June
9, 2000 to shareholders of record on May 26, 2000. The News Release also
addresses the status of the pending mergers of U.B. Bancshares, Inc. and SNB
Corp. into Park. A copy of the News Release is included as Exhibit 99.
Item 7. Financial Statements and Exhibits.
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(a) and (b) Not applicable.
(c) Exhibits:
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Exhibit No. Description
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99 News Release dated April 17, 2000
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PARK NATIONAL CORPORATION
Date: April 17, 2000 By: /s/ David C. Bowers
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Printed Name: David C. Bowers
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Its: Secretary
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<PAGE> 4
INDEX TO EXHIBITS
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Exhibit No. Description Page No.
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99 News Release dated April 17, 2000 *
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*Filed herewith.
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<PAGE> 1
Exhibit 99
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NEWS RELEASE
For Release: April 17, 2000
Contact: David C. Bowers, EVP (740) 349-3708 or Jerry Nethers, Vice
President/Director of Marketing (740) 349-3710
PARK NATIONAL CORPORATION REPORTS EARNINGS
FOR THE QUARTER ENDED MARCH 31, 2000 AND DECLARES DIVIDEND
NEWARK, OHIO - Park National Corporation (AMEX/PRK), today announced earnings
for the first quarter of 2000. Net income for the quarter totaled $12.434
million or $1.27 per share compared to net income of $11.598 million or $1.18
per share for the first quarter of 1999. First quarter 2000 net income and net
income per share increased 7.2% and 7.6%, respectively, from the first quarter
of last year.
The Board of Directors of Park declared a second quarter dividend of
$.65 per share payable June 9, 2000 to shareholders of record on May 26, 2000.
All per share amounts reflect a five percent stock dividend, paid on
December 15, 1999.
Pending mergers of U.B. Bancshares, Inc., Bucyrus, Ohio and SNB Corp.,
Greenville, Ohio into Park National Corporation have been approved by banking
regulators. The mergers are subject to the adoption of the merger agreements by
the respective shareholders of U.B. Bancshares, Inc. and SNB Corp. The U.B.
Bancshares, Inc. special meeting of shareholders will be held on April 19, 2000
and the SNB Corp. special meeting of shareholders will be held on April 25,
2000. If the merger agreements are adopted, the mergers are expected to be
consummated shortly after the SNB Corp. special meeting.
Park National Corporation is a $2.7 billion asset, Ohio-based bank holding
company headquartered in Newark, Ohio whose 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, Scope
Leasing, Inc. and Guardian Finance. Park has sixty full-service banking offices
and a network of sixty-five automatic teller machines in sixteen central and
southern Ohio counties.
<PAGE> 2
PARK NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
MARCH 31, 2000
<TABLE>
<CAPTION>
INCOME STATEMENT PERCENT
THREE MONTHS ENDED MARCH 31, 2000 1999 CHANGE
---- ---- ------
<S> <C> <C> <C>
NET INTEREST INCOME $29,510 $27,898 5.78%
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PROVISION FOR LOAN LOSSES 1,634 1,545 5.76%
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OTHER INCOME 6,797 6,379 6.55%
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GAIN (LOSS) ON SALE OF SECURITIES - -
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OTHER EXPENSE 17,258 16,208 6.48%
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INCOME BEFORE TAXES 17,415 16,524 5.39%
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NET INCOME 12,434 11,598 7.21%
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NET INCOME PER SHARE-BASIC 1.28 1.19 7.56%
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NET INCOME PER SHARE-DILUTED 1.27 1.18 7.63%
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CASH DIVIDENDS PER SHARE 0.65 0.57 14.04%
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RATIOS
RETURN ON AVERAGE ASSETS 1.90% 1.93%
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RETURN ON AVERAGE EQUITY 21.30% 20.03%
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NET INTEREST MARGIN 4.89% 5.09%
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EFFICIENCY RATIO 46.61% 46.36%
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NET CHARGE-OFFS AS A PERCENT OF LOANS 0.14% 0.02%
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BALANCE SHEET
AT MARCH 31,
INVESTMENTS $626,440 $658,068 -4.81%
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LOANS 1,858,359 1,643,215 13.09%
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LOAN LOSS RESERVE 42,257 39,457 7.10%
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TOTAL ASSETS 2,650,109 2,449,134 8.21%
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DEPOSITS 2,061,559 1,912,307 7.80%
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BORROWINGS 325,074 275,474 18.01%
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EQUITY 238,523 238,989 -0.19%
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BOOK VALUE PER SHARE 24.61 24.46 0.61%
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RATIOS
LOANS/ASSETS 70.12% 67.09%
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LOAN LOSS RESERVE/LOANS 2.27% 2.40%
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EQUITY/ASSETS 9.00% 9.76%
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</TABLE>
All per share amounts have been restated for the 5% stock dividend paid on
December 15, 1999.
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PARK NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
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2000 1999
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<S> <C> <C>
Interest income:
Interest and fees on loans $40,399 $36,105
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Interest on:
Obligations of U.S. Government, its agencies
and other securities 9,013 8,780
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Obligations of states and political subdivisions 1,312 1,343
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Other interest income 7 13
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TOTAL INTEREST INCOME 50,731 46,241
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Interest expense:
Interest on deposits:
Demand and savings deposits 3,466 3,301
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Time deposits 13,116 12,184
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Interest on short-term borrowings 3,558 2,738
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Interest on long-term debt 1,081 120
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TOTAL INTEREST EXPENSE 21,221 18,343
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NET INTEREST INCOME 29,510 27,898
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Provision for loan losses 1,634 1,545
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NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 27,876 26,353
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Other income 6,797 6,379
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Gain (Loss) on sale of securities - -
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Other expense:
Salaries and employee benefits 9,492 8,584
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Occupancy expense 963 941
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Furniture and equipment expense 899 986
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Other expense 5,904 5,697
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TOTAL OTHER EXPENSE 17,258 16,208
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INCOME BEFORE FEDERAL INCOME TAXES 17,415 16,524
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Federal income taxes 4,981 4,926
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NET INCOME $12,434 $11,598
====================================================================================================================
PER SHARE:
NET INCOME - BASIC $1.28 $1.19
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NET INCOME - DILUTED $1.27 $1.18
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</TABLE>
All per share amounts have been restated for the 5% stock dividend paid on
December 15, 1999.
<PAGE> 4
PARK NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)
<TABLE>
<CAPTION>
MARCH 31,
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2000 1999
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ASSETS
<S> <C> <C>
Cash and due from banks $87,047 $80,489
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Federal funds sold 0 0
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Investment securities 626,440 658,068
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Loans (net of unearned interest) 1,858,359 1,643,215
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Allowance for possible loan losses 42,257 39,457
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LOANS, NET 1,816,102 1,603,758
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Bank premises and equipment, net 26,076 26,314
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Other assets 94,444 80,505
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TOTAL ASSETS $2,650,109 $2,449,134
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $281,304 $262,144
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Interest-bearing 1,780,255 1,650,163
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TOTAL DEPOSITS 2,061,559 1,912,307
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Short-term borrowings 199,999 275,397
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Long-term debt 125,075 77
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Other liabilities 24,953 22,364
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TOTAL LIABILITIES 2,411,586 2,210,145
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STOCKHOLDERS' EQUITY:
Common stock (No par value; 20,000,000 shares authorized in 2000 and 1999;
10,031,135 shares issued in 2000
and 10,031,729 in 1999) 68,383 68,420
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Accumulated other comprehensive income, net of taxes (9,721) 5,549
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Retained earnings 205,846 183,063
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Treasury stock (337,872 shares in 2000 and 262,355 shares in 1999) (25,985) (18,043)
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TOTAL STOCKHOLDERS' EQUITY 238,523 238,989
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,650,109 $2,449,134
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</TABLE>
All share amounts have been restated for the 5% stock dividend paid on December
15, 1999.
