PARK NATIONAL CORP Files 8-K on Jan 18 Event

TL;DR

**Park National Corp filed an 8-K, signaling important corporate updates are coming.**

AI Summary

PARK NATIONAL CORP /OH/ filed an 8-K on January 22, 2024, reporting an event that occurred on January 18, 2024. This filing indicates that the company is providing current information to the SEC, likely related to its operations, financial condition, or potential changes in leadership or corporate structure. For investors, this matters because it signals ongoing corporate activity and transparency, which can influence stock performance depending on the specific details that will be disclosed in the full filing.

Why It Matters

This filing indicates that PARK NATIONAL CORP is updating the market on significant events, which could impact its financial outlook or strategic direction. Investors should review the full filing for specific details that may affect the company's valuation.

Risk Assessment

Risk Level: low — This 8-K filing is a routine disclosure of an event, not an inherently risky event itself, but the details within the full filing could reveal risks.

Analyst Insight

A smart investor would immediately access the full 8-K document to understand the specific details of the reported event, as the summary alone does not provide enough information to make an informed decision.

Key Numbers

• 001-13006 — SEC File Number (identifies the company's registration with the SEC)
• 31-1179518 — IRS Employer Identification No. (identifies the company for tax purposes)
• 1-13006 — Commission File Number (identifies the company's registration with the SEC)
• 16 — Public Document Count (number of documents included in the filing)

Key Players & Entities

• PARK NATIONAL CORP /OH/ (company) — the registrant filing the 8-K
• January 18, 2024 (date) — date of the earliest event reported
• January 22, 2024 (date) — date the 8-K was filed
• NYSE American (company) — exchange where PARK NATIONAL CORP's common shares are registered
• PRK (company) — trading symbol for PARK NATIONAL CORP

Forward-Looking Statements

• The full 8-K filing will contain specific details regarding the company's financial performance or executive changes. (PARK NATIONAL CORP /OH/) — high confidence, target: Immediately upon full filing review
• The stock price of PRK may react to the specific disclosures within the full 8-K. (PRK) — medium confidence, target: Within 1-3 trading days

FAQ

Key Financial Figures

• $764.7 million — Loans Park originated an aggregate of $764.7 million in loans as part of the PPP. For its as
• $33.1 million — se loans, Park received an aggregate of $33.1 million in fees from the Small Business Adminis
• $750,000 — tive Compensation David L. Trautman 1 $750,000 $364,000 Matthew R. Miller 2 $550,000
• $364,000 M — ensation David L. Trautman 1 $750,000 $364,000 Matthew R. Miller 2 $550,000 $223,000 B
• $550,000 — $750,000 $364,000 Matthew R. Miller 2 $550,000 $223,000 Brady T. Burt 3 $400,000 $16
• $223,000 B — $364,000 Matthew R. Miller 2 $550,000 $223,000 Brady T. Burt 3 $400,000 $162,000 ____
• $400,000 — 2 $550,000 $223,000 Brady T. Burt 3 $400,000 $162,000 ____________________________
• $162,000 — 000 $223,000 Brady T. Burt 3 $400,000 $162,000 _____________________________________
• $575,000 — Executive Officer of each Park and PNB $575,000 $862,500 Matthew R. Miller President
• $862,500 M — e Officer of each Park and PNB $575,000 $862,500 Matthew R. Miller President of each Park
• $385,000 — . Miller President of each Park and PNB $385,000 $577,500 Brady T. Burt Chief Financia
• $577,500 B — President of each Park and PNB $385,000 $577,500 Brady T. Burt Chief Financial Officer, Se
• $250,000 — dent and Chief Financial Officer of PNB $250,000 $375,000 The number of PBRSUs earned
• $375,000 — Chief Financial Officer of PNB $250,000 $375,000 The number of PBRSUs earned and settl
• $5 billion — tates with total consolidated assets of $5 billion to $15 billion (the "$5B to $15B Indust

Filing Documents

• prk-20240118.htm (8-K) — 325KB
• exhibit991earningsrelease4.htm (EX-99.1) — 832KB
• exhibit992parkcodeofbusine.htm (EX-99.2) — 86KB
• image.jpg (GRAPHIC) — 18KB
• 0000805676-24-000005.txt ( ) — 1542KB
• prk-20240118.xsd (EX-101.SCH) — 2KB
• prk-20240118_def.xml (EX-101.DEF) — 16KB
• prk-20240118_lab.xml (EX-101.LAB) — 32KB
• prk-20240118_pre.xml (EX-101.PRE) — 17KB
• prk-20240118_htm.xml (XML) — 3KB

02 - Results of Operations and Financial Condition

Item 2.02 - Results of Operations and Financial Condition On January 22, 2024, Park National Corporation ("Park") issued a news release (the "Financial Results News Release") announcing financial results for the three months and the twelve months ended December 31, 2023. A copy of the Financial Results News Release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. Non-U.S. GAAP Financial Measures Item 7.01 of this Current Report on Form 8-K as well as the Financial Results News Release contain non-U.S. GAAP (generally accepted accounting principles in the United States or "U.S. GAAP") financial measures where management believes them to be helpful in understanding Park's results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, as well as the reconciliation from the comparable U.S. GAAP financial measures, can be found in the Financial Results News Release. Items Impacting Comparability of Period Results From time to time, revenue, expenses and/or taxes are impacted by items judged by management of Park to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their impact is believed by management of Park at that time to be infrequent or short-term in nature. Most often, these items impacting comparability of period results are due to merger and acquisition activities and revenue and expenses related to former Vision Bank loan relationships. In other cases, they may result from management's decisions associated with significant corporate actions outside of the ordinary course of business. Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule volatility alone does not result in the inclusion of an item as

03 - Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics

Item 5.03 - Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics . On January 22, 2024, the Board of Directors (the "Park Board") of Park approved certain amendments to Park's Code of Business Conduct and Ethics (the "Code"). The Code sets forth Park's ethical business and personal conduct expectations for all officers, directors, employees, and agents of Park and its subsidiaries. The amendments to the Code were approved and adopted by the Park Board as part of its ordinary course recurrent review of Park's codes and policies. The amended Code is effective January 22, 2024, and does not result in any waiver with respect to any officer, director, employee or agent of Park from any provision of the Code as in effect prior to Park Board's action to amend the Code. 5 The Code was amended to, among other things, improve its readability, remove unnecessary duplication, and to incorporate current governance best practices, including those related to hiring. The description of the amendments to the Code contained in this Current Report on Form 8-K is not intended to be exhaustive and is qualified in its entirety by reference to the full text of the Code, as amended, which is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.

01 - Regulation FD Disclosure

Item 7.01 - Regulation FD Disclosure Liquidity and Capital Park continues to maintain strong capital and liquidity. Funds are available from a number of sources, including the capital markets, the investment securities portfolio, the core deposit base, FHLB borrowings and the capability to securitize or package loans for sale. The most easily accessible forms of liquidity, Fed Funds Sold, unpledged investment securities and available FHLB borrowing capacity, totaled $1.95 billion at December 31, 2023. Park's debt securities portfolio is classified as available-for-sale ("AFS") and these debt securities are available to be sold in the future in response to Park's liquidity needs, changes in market interest rates, and asset-liability management strategies, among other reasons. Net unrealized losses on debt securities AFS were $85.9 million at December 31, 2023 compared to $121.2 million at December 31, 2022. Deposits Park's deposits grew during the COVID pandemic and have declined toward pre-pandemic levels throughout 2022 and 2023. In order to manage the impact of this growth on its balance sheet, Park has utilized a program where certain deposit balances are transferred off balance sheet while maintaining the customer relationship. Park is able to increase or decrease the amount of deposit balances transferred off balance sheet based on its balance sheet management strategies and liquidity needs. The balance of deposits transferred off balance sheet has declined as deposit balances have returned to pre-pandemic levels. The table below breaks out the change in deposit balances, by deposit type, for Park. (Dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 Retail deposits $ 4,080,372 $ 4,388,394 $ 4,416,228 $ 4,025,852 $ 3,748,039 Commercial deposits 3,962,194 3,846,321 3,488,300 3,546,506 3,304,573 Total deposits $ 8,042,566 $ 8,234,715 $ 7,904,528 $ 7,572,358 $ 7,052,612 Off balance sheet dep

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View this 8-K filing on SEC EDGAR