PARK NATIONAL CORP OH
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended June 30, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from ______________________ to __________________________
| Commission File Number | 1-13006 |
|---|
PARK NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
| Ohio | 31-1179518 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. Employer Identification No.) |
| 50 North Third Street, | P.O. Box 3500 | Newark, | Ohio | 43058-3500 |
|---|---|---|---|---|
| (Address of principal executive offices) (Zip Code) | ||||
| (740) | 349-8451 |
| (Registrant’s telephone number, including area code) | |
|---|---|
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common shares, without par value | PRK | NYSE American |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:16,151,640 Common Shares, no par value per share, outstanding at August 1, 2024.
PARK NATIONAL CORPORATION
CONTENTS
| Page | |
|---|---|
| PART I. FINANCIAL INFORMATION | |
| Item 1. Financial Statements | |
| Consolidated Condensed Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited) | 5 |
| Consolidated Condensed Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited) | 7 |
| Consolidated Condensed Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) | 9 |
| Consolidated Condensed Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) | 10 |
| Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) | 12 |
| Notes to Unaudited Consolidated Condensed Financial Statements | 14 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 71 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 98 |
| Item 4. Controls and Procedures | 98 |
| PART II. OTHER INFORMATION | 99 |
| Item 1. Legal Proceedings | 99 |
| Item 1A. Risk Factors | 99 |
| Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 99 |
| Item 3. Defaults Upon Senior Securities | 100 |
| Item 4. Mine Safety Disclosures | 100 |
| Item 5. Other Information | 100 |
| Item 6. Exhibits | 100 |
| SIGNATURES | 102 |
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 States of America |
| IRLC | Interest rate lock commitment | U.S. GAAP | United States Generally Accepted Accounting Principles |
| KSOP | Park's qualified retirement plan that combines an employee stock ownership plan (ESOP) with a 401(k) plan | United States | United States of America |
| VOV | Verification of value | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.