Park National Corp Files 10-Q for Q2 2024
Ticker: PRK · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 805676
Sentiment: neutral
Topics: 10-Q, financials, banking
Related Tickers: PRK
TL;DR
**PARK NATIONAL CORP (PRK) FILED ITS 10-Q FOR Q2 2024. FINANCIALS ARE IN.**
AI Summary
Park National Corp /OH/ filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company, which operates as a national commercial bank. Key financial data and operational information are disclosed in this report.
Why It Matters
This 10-Q filing provides investors and analysts with crucial financial performance data for Park National Corp during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) for a publicly traded company, which is standard practice and does not inherently indicate elevated risk.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 2024-08-02 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2024 Q2 — Fiscal Quarter (Specifies the financial quarter being reported.)
Key Players & Entities
- PARK NATIONAL CORP /OH/ (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240802 (date) — Filing date
- 6021 (other) — Standard Industrial Classification for National Commercial Banks
- OH (other) — State of incorporation
FAQ
What is the primary business of Park National Corp?
Park National Corp operates within the National Commercial Banks sector, as indicated by its SIC code 6021.
For what period is this 10-Q filing?
This 10-Q filing is for the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on August 2, 2024.
In which state is Park National Corp incorporated?
Park National Corp is incorporated in Ohio (OH).
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 4,555 words · 18 min read · ~15 pages · Grade level 19.9 · Accepted 2024-08-02 16:15:50
Filing Documents
- prk-20240630.htm (10-Q) — 5751KB
- prk-ex311x20240630x10q.htm (EX-31.1) — 11KB
- prk-ex312x20240630x10q.htm (EX-31.2) — 11KB
- prk-ex321x20240630x10q.htm (EX-32.1) — 7KB
- prk-ex322x20240630x10q.htm (EX-32.2) — 7KB
- 0000805676-24-000104.txt ( ) — 29268KB
- prk-20240630.xsd (EX-101.SCH) — 70KB
- prk-20240630_cal.xml (EX-101.CAL) — 111KB
- prk-20240630_def.xml (EX-101.DEF) — 757KB
- prk-20240630_lab.xml (EX-101.LAB) — 988KB
- prk-20240630_pre.xml (EX-101.PRE) — 941KB
- prk-20240630_htm.xml (XML) — 7839KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Consolidated Condensed Balance Sheets a t June 30 , 2024 and December 31, 20 23 (unaudited) 5 Consolidated Condensed Statements of Income for the three and six months ended June 30 , 2024 and 20 23 (unaudited) 7 Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 3 0 , 2024 and 20 23 (unaudited) 9 Consolidated Condensed Statements of Changes in Shareholders' Equity for the three and six months ended June 30 , 2024 and 20 23 (unaudited) 10 Consolidated Condensed Statements of Cash Flows for the six months ended June 30 , 2024 and 20 23 (unaudited) 12 Notes to Unaudited Consolidated Condensed Financial Statements 14
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 71
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 98
Controls and Procedures
Item 4. Controls and Procedures 98
OTHER INFORMATION
PART II. OTHER INFORMATION 99
Legal Proceedings
Item 1. Legal Proceedings 99
Risk Factors
Item 1A. Risk Factors 99
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 99
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 100
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 100
Other Information
Item 5. Other Information 100
Exhibits
Item 6. Exhibits 100
SIGNATURES
SIGNATURES 102 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 Stat
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) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 142,593 $ 160,477 Money market instruments 118,872 57,791 Cash and cash equivalents 261,465 218,268 Investment securities: Debt securities available-for-sale, at fair value (amortized cost of $ 1,259,498 and $ 1,418,770 at June 30, 2024 and December 31, 2023, respectively, and no allowance for credit losses at June 30, 2024 or at December 31, 2023) 1,170,706 1,332,842 Other investment securities 94,152 96,302 Total investment securities 1,264,858 1,429,144 Loans 7,664,377 7,476,221 Allowance for credit losses ( 86,575 ) ( 83,745 ) Net loans 7,577,802 7,392,476 Bank owned life insurance 241,414 231,631 Prepaid assets 169,931 165,879 Goodwill 159,595 159,595 Other intangible assets 4,012 4,652 Premises and equipment, net 72,131 74,211 Affordable housing tax credit investments 68,426 62,703 OREO 1,210 983 Accrued interest receivable 39,024 39,236 Operating lease ROU asset 17,224 15,715 Mortgage loan servicing rights 14,271 14,656 Other 28,420 27,304 Total assets $ 9,919,783 $ 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) June 30, 2024 December 31, 2023 Liabilities and Shareholders' Equity: Deposits: Non-interest bearing $ 2,542,446 $ 2,628,234 Interest bearing 5,770,059 5,414,332 Total deposits 8,312,505 8,042,566 Short-term borrowings 94,478 328,182 Subordinated notes 189,396 189,147 Unfunded commitments in affordable housing tax credit investments 31,468 28,768 Operating lease liability 17,898 16,605 Allowance for credit losses on off-balance sheet commitments 5,183 5,103 Accrued interest payable 8,812 6,860 Other 76,7