Park National Corp. Files 10-Q for Q1 2024

TL;DR

<b>Park National Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

PARK NATIONAL CORP /OH/ (PRK) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company name is PARK NATIONAL CORP /OH/. Standard Industrial Classification is NATIONAL COMMERCIAL BANKS [6021]. Filing date is May 2, 2024. Fiscal year ends December 31.

Why It Matters

For investors and stakeholders tracking PARK NATIONAL CORP /OH/, this filing contains several important signals. This filing provides investors with the company's financial performance and position for the first quarter of 2024. It allows for comparison with previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — PARK NATIONAL CORP /OH/ shows low risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• PARK NATIONAL CORP /OH/ (company) — Filer
• 0000805676 (company) — Central Index Key
• 6021 (regulator) — Standard Industrial Classification
• 311179518 (company) — IRS Number
• OH (company) — State of Incorporation
• 001-13006 (company) — SEC File Number
• 2024-05-02 (date) — Filing Date
• 2024-03-31 (date) — Period of Report

FAQ

Industry Context

Park National Corp. operates within the National Commercial Banks sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Park National Corp. is subject to SEC regulations and reporting requirements, including the filing of Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue trends and profitability.
3. Examine the cash flow statement for liquidity and operational funding.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported is as of this date.
• 2024-05-02: Filing Date — Official date the 10-Q was submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, so direct comparison to a prior 10-Q for the same period in the previous year is not yet available in this snippet.

Filing Documents

• prk-20240331.htm (10-Q) — 4514KB
• prk-ex311x20240331x10q.htm (EX-31.1) — 11KB
• prk-ex312x20240331x10q.htm (EX-31.2) — 11KB
• prk-ex321x20240331x10q.htm (EX-32.1) — 7KB
• prk-ex322x20240331x10q.htm (EX-32.2) — 7KB
• 0000805676-24-000081.txt (&nbsp;) — 25203KB
• prk-20240331.xsd (EX-101.SCH) — 70KB
• prk-20240331_cal.xml (EX-101.CAL) — 112KB
• prk-20240331_def.xml (EX-101.DEF) — 756KB
• prk-20240331_lab.xml (EX-101.LAB) — 985KB
• prk-20240331_pre.xml (EX-101.PRE) — 940KB
• prk-20240331_htm.xml (XML) — 6339KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets a t March 31, 2024 and December 31, 20 2 3 (unaudited) 5 Consolidated Condensed Statements of Income for the three months ended March 31 , 202 4 and 20 2 3 (unaudited) 7 Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31 , 202 4 and 20 2 3 (unaudited) 9 Consolidated Condensed Statements of Changes in Shareholders' Equity for the three months ended March 31 , 202 4 and 20 2 3 (unaudited) 10 Consolidated Condensed Statements of Cash Flows for the three months ended March 31 , 202 4 and 20 2 3 (unaudited) 11 Notes to Unaudited Consolidated Condensed Financial Statements 13

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 61

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 85

Controls and Procedures

Item 4. Controls and Procedures 85

OTHER INFORMATION

PART II. OTHER INFORMATION 86

Legal Proceedings

Item 1. Legal Proceedings 86

Risk Factors

Item 1A. Risk Factors 86

Unregistered Sales of Equity Securities , U se of Proceeds , and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities , U se of Proceeds , and Issuer Purchases of Equity Securities 86

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 87

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 87

Other Information

Item 5. Other Information 87

Exhibits

Item 6. Exhibits 87

SIGNATURES

SIGNATURES 89 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. ACH Automated clearing house LDA Loss driver analysis ACL Allowance for credit losses LGD Loss given default AFS Available-for-sale LTIP Long-Term Incentive Plan Allowance Allowance for credit losses MSRs Mortgage servicing rights ASC Accounting Standards Codification NAV Net asset value ASU Accounting Standards Update NewDominion NewDominion Bank ATM Automated teller machine NSF Non-sufficient funds Carolina Alliance CAB Financial Corporation and its subsidiaries OREO Other real estate owned Company Park National Corporation and its subsidiaries Park Park National Corporation and its subsidiaries Corporation Park National Corporation and its subsidiaries Park National Bank The Park National Bank COVID-19 Novel coronavirus PBRSUs Performance-based restricted stock units DCF Discounted cash flow PCD Purchased credit deteriorated DDA Demand deposit account PD Probability of default EPS Earnings per common share PNB The Park National Bank FASB Financial Accounting Standards Board PPP CARES Act Paycheck Protection Program FDIC Federal Deposit Insurance Corporation PTPP Pre-tax, pre-provision FFIEC Federal Financial Institutions Examination Council Registrant Park National Corporation FHLB Federal Home Loan Bank ROU Right-of-use FRB Federal Reserve Bank SARs Stock appreciation rights FTE Fully taxable equivalent SEC U.S. Securities and Exchange Commission GDP Gross domestic product SERP Supplemental Executive Retirement Plan HELOC Home equity line of credit TBRSUs Time-based restricted stock units HPI Home price index TDRs Troubled debt restructurings ICS Insured Cash Sweep U.S. United State

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PARK NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Unaudited) (in thousands, except common share and per common share data) March 31, 2024 December 31, 2023 Assets: Cash and due from banks $ 112,117 $ 160,477 Money market instruments 193,964 57,791 Cash and cash equivalents 306,081 218,268 Investment securities: Debt securities available-for-sale, at fair value (amortized cost of $ 1,334,973 and $ 1,418,770 at March 31, 2024 and December 31, 2023, respectively, and no allowance for credit losses at March 31, 2024 or at December 31, 2023) 1,248,787 1,332,842 Other investment securities 90,960 96,302 Total investment securities 1,339,747 1,429,144 Loans 7,525,005 7,476,221 Allowance for credit losses ( 85,084 ) ( 83,745 ) Net loans 7,439,921 7,392,476 Bank owned life insurance 233,245 231,631 Prepaid assets 167,488 165,879 Goodwill 159,595 159,595 Other intangible assets 4,332 4,652 Premises and equipment, net 73,818 74,211 Affordable housing tax credit investments 60,565 62,703 OREO 1,674 983 Accrued interest receivable 38,052 39,236 Operating lease ROU asset 15,786 15,715 Mortgage loan servicing rights 14,435 14,656 Other 26,338 27,304 Total assets $ 9,881,077 $ 9,836,453 5 Table of Contents PARK NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Unaudited) (Continued) (in thousands, except common share and per common share data) March 31, 2024 December 31, 2023 Liabilities and Shareholders' Equity: Deposits: Non-interest bearing $ 2,587,152 $ 2,628,234 Interest bearing 5,718,880 5,414,332 Total deposits 8,306,032 8,042,566 Short-term borrowings 105,859 328,182 Subordinated notes 189,271 189,147 Unfunded commitments in affordable housing tax credit investments 24,674 28,768 Operating lease liability 16,510 16,605 Allowance for credit losses on off-balance sheet commitments 5,021 5,103 Accrued interest payable 5,494 6,860 Other

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View this 10-Q filing on SEC EDGAR