Park National Corp Files 8-K for Financial Updates

Ticker: PRK · Form: 8-K · Filed: Jul 22, 2024 · CIK: 805676

Sentiment: neutral

Topics: financial-reporting, 8-K, regulation-fd

Related Tickers: PRK

TL;DR

PRK filed an 8-K detailing financial results and other key events.

AI Summary

Park National Corporation announced on July 22, 2024, that it is filing a Form 8-K. The filing pertains to the company's results of operations and financial condition, as well as providing Regulation FD disclosures and other events. It also includes financial statements and exhibits.

Why It Matters

This filing provides crucial updates on Park National Corporation's financial performance and operational status, which are important for investors to assess the company's health.

Risk Assessment

Risk Level: low — This is a routine financial filing and does not indicate any immediate or significant risks.

Key Players & Entities

FAQ

What is the primary purpose of this Form 8-K filing?

The primary purpose of this Form 8-K filing is to report on Park National Corporation's results of operations and financial condition, provide Regulation FD disclosures, and announce other events, along with submitting financial statements and exhibits.

When was this Form 8-K filed?

This Form 8-K was filed on July 22, 2024.

What is the principal executive office address for Park National Corporation?

The principal executive office address for Park National Corporation is 50 North Third Street, P.O. Box 3500, Newark, Ohio 43058-3500.

What is the SIC code for Park National Corporation?

The Standard Industrial Classification (SIC) code for Park National Corporation is 6021, which corresponds to NATIONAL COMMERCIAL BANKS.

Under which section of the Securities Exchange Act is this report filed?

This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Filing Stats: 4,785 words · 19 min read · ~16 pages · Grade level 8 · Accepted 2024-07-22 16:15:06

Key Financial Figures

Filing Documents

02 - Results of Operations and Financial Condition

Item 2.02 - Results of Operations and Financial Condition On July 22, 2024, Park National Corporation ("Park") issued a news release (the "Financial Results News Release") announcing financial results for the three and six months ended June 30, 2024. 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 one impacting compar

01 - Regulation FD Disclosure

Item 7.01 - Regulation FD Disclosure Financial Results Net income for the three months ended June 30, 2024 of $39.4 million represented a $7.8 million, or 24.6%, increase compared to $31.6 million for the three months ended June 30, 2023. Pre-tax, pre-provision net income for the three months ended June 30, 2024 of $51.4 million represented a $10.7 million, or 26.4%, increase compared to $40.7 million for the three months ended June 30, 2023. Net income for the six months ended June 30, 2024 of $74.6 million represented a $9.3 million, or 14.2%, increase compared to $65.3 million for the six months ended June 30, 2023. Pre-tax, pre-provision net income for the six months ended June 30, 2024 of $96.0 million represented a $15.2 million, or 18.9%, increase compared to $80.8 million for the six months ended June 30, 2023. Net income for each of the three months ended June 30, 2024, March 31, 2024 and June 30, 2023 and for the six months ended June 30, 2024 and June 30, 2023, included several items of income and expense that impacted comparability of period results. These items are detailed in the "Financial Reconciliations" section within the Financial Results News Release. The following discussion provides additional information regarding Park. 3 Park National Corporation (Park) The following table reflects the net income for the first and second quarters of 2024, for the first half of 2024 and 2023 (the six months ended June 30) and for the year ended December 31, 2023. (In thousands) Q2 2024 Q1 2024 Six months YTD 2024 Six months YTD 2023 2023 Net interest income $ 97,837 $ 95,623 $ 193,460 $ 183,770 $ 373,113 Provision for credit losses 3,113 2,180 5,293 2,675 2,904 Other income 28,794 26,200 54,994 49,402 92,634 Other expense 75,189 77,228 152,417 152,388 309,239 Income before income taxes $ 48,329 $ 42,415 $ 90,744 $ 78,109 $ 153,604 Income tax expense 8,960 7,211 16,171 12,792 26,870 Net income $ 39,369 $ 35,204 $ 74,573 $ 65,317 $ 126,73

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