Park National Corporation · AMEX:PRK

Park National — Sandler O'Neill Investor Conference 2011

38 slides from Park National's conference presentation, Nov 10, 2011

1. Slide 1: Sandler O'Neill Investor Conference November 10, 2011

   Sandler O’Neill Investor Conference November 10, 2011 1

2. Slide 2: Forward-looking Statements

   Forward - looking Statements This presentation contains forward - looking statements that are provided to assist in the understanding of anticipated future fin ancial performance. Forward looking statements provide current expectations or forecasts of future events and are not guarantees of future p

3. Slide 3: Table of Contents

   Table of Contents I. PRK Overview II. Leadership Team III. Selected Financial Data IV. Why invest in Park National Corporation? Appendix: Profiles of PRK Affiliate Banks 3

4. Slide 4: Company Profile

   Company Profile • Park National Corporation (Park) is a $7.1 billion bank holding company headquartered in Newark, Ohio. – Park has two bank subsidiaries and 147 financial service offices: • The Park National Bank (11 bank divisions in Ohio and Kentucky) • Vision Bank (2 bank divisions in Florida an

5. Slide 5: Our Mission

   Our Mission  Maximize long - term return to our shareholders by: – Acting at all times with integrity and concern for the well - being of our customers, our communities and our associates – Providing financial products and services of such high value that our customers view us as unique – Operating

6. Slide 6: Company Overview September 30, 2011

   Company Overview September 30, 2011  Headquarters: Newark, OH – Assets: $7.1 billion – Loans: $4.7 billion – Deposits: $5.1 billion – TC Equity: $585 million – TARP: $100 million – Market Cap: $814 million  147 financial service offices between two bank subsidiaries across 4 states – Park National

7. Slide 7: A Successful History of Disciplined Strategic Growth in Ohio

   A Successful History of Disciplined Strategic Growth in Ohio (11 acquisitions; 2 De Novos) 7 1908 1908 ▪ The Park National Bank is established 1985 1985 ▪ Acquisition of Fairfield National Bank 1987 1987 ▪ Park National Corporation holding company is established ▪ Acquisition of Richland Trust Compa

8. Slide 8: Vision Bancshares, Inc. Acquisition

   Vision Bancshares, Inc. Acquisition  On March 9, 2007, Park acquired all the stock and outstanding stock options of Vision Bancshares, Inc. for $87.8 million in cash and 792,937 shares of Park common stock valued at $83.3 million or $105.00 per share.  Since the time of acquisition, net losses at

9. Slide 9: History of the Corporation

   (in thousands) Total Assets Loans Deposits Net Income 2010 $ 7,298,377 $ 4,732,685 $ 5,095,420 $ 74,217 Percent of Total Assets 64.8% 69.8% 1.02% 2005 5,436,048 3,328,112 3,757,757 95,238 Percent of Total Assets 61.2% 69.1% 1.75% 2000 3,211,068 2,278,186 2,415,575 55,405 Percent of Total Assets 70.9

10. Slide 10: Park Executive Management

    Park Executive Management  C. Daniel DeLawder – Chairman and Chief Executive Officer – Age: 62 Chairman, Chief Executive Officer (1999) and Board Member of The Park National Bank and Park National Corporation (Corporation or Park) headquartered in Newark, Ohio. He served previously as President of

11. Slide 11: Park Executive Management (continued)

    Park Executive Management (continued)  John W. Kozak – Chief Financial Officer – Age: 56 Chief Financial Officer of Park (1998); Senior Vice President since January 1999, a Member of the Board of Directors since December 2006, and Vice President from 1991 to 1998, of The Park National Bank; Chief F

12. Slide 12: Experienced Leadership Team

    12 Experienced Leadership Team Name Position Age Years with PRK Years In Industry C. Daniel DeLawder Chairman & CEO 62 40 40 David L. Trautman President 50 28 28 John W. Kozak Chief Financial Officer 56 31 31  Senior leadership consists of executives with proven local market experience  Leadership

13. Slide 13: Leadership Team – continued

    13 Leadership Team – continued Name Position Age Years with PRK Years In Industry Brady T. Burt VP – Chief Accounting Officer 39 4 10 Thomas J. Button SVP – Chief Credit Officer 51 14 25 Thomas M. Cummiskey SVP – Trust 42 12 14 Lynn B. Fawcett SVP – Operations 52 21 21 Robert N. Kent President – Sco

14. Slide 14: Affiliate Leadership

    14 Affiliate Leadership Name Position Age Years with PRK/Affiliate Years In Industry John A. Brown President – Richland Bank 42 20 20 James A. Carr President – Unity National Bank 63 6 41 William C. Fralick President – Security National Bank 57 35 35 Joey W. Ginn Chairman – Vision Bank 52 9 30 David

15. Slide 15: Park National Bank: The Bank of Choice

    Bank Division Name Year joined Park Our bank deposits Total county deposits Park % of market share Rank in market Park National 1908 $ 1,300,371 $ 2,169,768 59.9% 1 Fairfield National 1985 364,719 1,714,925 21.3% 1 Richland Bank 1987 449,246 1,695,857 26.5% 1 Century National 1990 342,490 1,159,446

16. Slide 16: Customer Loyalty Leads to Core Profitability

    Customer Loyalty Leads to Core Profitability  Dominant market share  Favorable pricing 16 Yield on Earning Assets % PRK Peers 5.06 4.64 + 42 bps Cost of Funds % PRK Peers 1.10 1.08 + 2 bps Net Interest Margin % PRK Peers 4.16 3.83 + 33 bps ROAA % PRK Peers 1.02 0.69 + 33 bps Efficiency Ratio % PRK

17. Slide 17: Park Net Interest Margin History

    Park Net Interest Margin History PRK Net Interest Margin Peer Net Interest Margin PRK Advantage Over Peers Avg. 2 YR Treasury Rate Avg. 10 YR Treasury Rate YTD 3Q 2011 4.16% 3.83% 0.33% 0.51% 3.02% 2010 4.26% 3.70% 0.56% 0.70% 3.21% 2009 4.22% 3.57% 0.65% 0.96% 3.26% 2008 4.16% 3.59% 0.57% 2.00% 3.6

18. Slide 18: Park Earnings History

    Park Earnings History Diluted EPS Dividends Per Share Stock Price Common Book Value Per Share Tangible Common Book Value Per Share Price to Common Book % Price to Tangible Common Book % Price to Earnings YTD 3Q 2011 3.61 2.82 52.88 42.97 38.01 123% 139% 10.96 2010 4.51 3.76 72.67 42.12 37.03 173% 19

19. Slide 19: Results Count - ROA and ROE History

    Results Count - ROA and ROE History Park ROA Park ROA, excluding Vision Peer median ROA Park ROE * Park ROE, excluding Vision ** Peer median ROE YTD 3Q 2011 Annualized 1.02% 1.69% 0.69% 11.34% 20.67% 6.56% 2010 0.97% 1.58% 0.27% 10.53% 18.27% 1.23% 2009 0.97% 1.61% - 0.18% 11.81% 20.80% - 2.51% 2008

20. Slide 20: Increase / (decrease) in loans

    20 184,007 (156,082) (94,956) 45,215 171,784 53,600 99,316 126,005 351,277 199,909 152,466 22,149 (200,000) (100,000) 0 100,000 200,000 300,000 400,000 500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sept 30, 2011 Increase / (decrease) in loans (in thousands) Source: Company Filings t

21. Slide 21: Park National Corporation Statements of Income

    (in thousands) Nine months ended Sept. 30, 2011 Year ended Dec. 31, 2010 Year ended Dec. 31, 2009 Net interest income $ 206,955 $ 274,044 $ 273,491 Provision for loan losses 55,925 64,902 68,821 Net interest income after provision 151,030 209,142 204,670 Non interest income 43,334 65,632 73,850 Gain

22. Slide 22: Vision Bank Statements of Operation

    (in thousands) Nine months ended Sept. 30, 2011 Year ended Dec. 31, 2010 Year ended Dec. 31, 2009 Net interest income $ 20,248 $ 27,867 $ 25,634 Provision for loan losses 35,400 39,229 44,430 Net interest loss after provision (15,152) (11,362) (18,796) Non interest loss (4,337) (3,407) (2,047) Gain

23. Slide 23: Park National Corporation, excluding Vision Statements of Income

    (in thousands) Nine months ended Sept. 30, 2011 Year ended Dec. 31, 2010 Year ended Dec. 31, 2009 Net interest income $ 186,707 $ 246,177 $ 247,857 Provision for loan losses 20,525 25,673 24,391 Net interest income after provision 166,182 220,504 223,466 Non interest income 47,671 69,039 75,897 Gain

24. Slide 24: Park National Corporation Forecasted Statements of Income

    (in thousands) Dec. 31, 2011 (forecasted) * Dec. 31, 2010 (actual) Net interest income $ 272,000 $ 274,044 Provision for loan losses 67,500 64,902 Net interest income after provision 205,500 209,142 Non interest income 61,000 65,632 Gain on sale of securities 25,462 11,864 Non interest expense 185,0

25. Slide 25: Park National Corporation Statements of Condition

    Park National Corporation Statements of Condition (in millions) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Investment securities $ 1,709 $ 2,040 $ 1,864 Loans 4,681 4,733 4,640 Allowance for loan losses (100) (121) (117) Other assets 810 646 653 Total assets $ 7,100 $ 7,298 $ 7,040 Non - interest be

26. Slide 26: Earning Assets Composition

    26 Securities, $1,916,601 Loans, $4,726,074 Other, $49,877 Earning Assets Composition Average Earning Assets by Type YTD through Sept. 30, 2011 Source: SNL Financial; Company Filings  Commercial lending focus on small, closely held businesses within our markets  Consumer mortgage and home equity p

27. Slide 27: Investment Portfolio Composition

    Investment Portfolio Municipals 0.3% Equity Securities 0.1% Agency 13.7% Agency MBS 85.8% 27 Investment Portfolio Composition Conservative Portfolio  Net unrealized gain position of $42.0 million as of September 30, 2011  No Private Label MBS  No Single - Issuer or Pooled Trust Preferreds  As of

28. Slide 28: Park National Corporation Loans by Type

    (in thousands) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Commercial and industrial $756,888 $737,902 $ 751,277 Real estate construction Commercial land & development 232,295 328,495 406,753 1 - 4 family construction 68,446 77,985 88,765 Total real estate construction 300,741 406,480 495,518 Residen

29. Slide 29: Allowance for loan and lease losses and new nonaccrual loans

    (in thousands) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Total ALLL $100,248 $121,397 $116,717 Specific Reserves 33,275 43,459 36,721 General Reserves $66,973 $77,938 $79,996 Total loans $4,680,575 $4,732,685 $4,640,432 Impaired commercial loans 192,363 250,933 201,001 Non - impaired loans $4,488,2

30. Slide 30: PRK Nonperforming loans and assets

    (in thousands) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2008 Nonaccrual loans $214,366 $289,268 $233,544 $159,512 Renegotiated loans 15,448 - 142 2,845 Loans past due 90 days or more (still accruing) 2,162 3,590 14,773 5,421 Total nonperforming loans $231,976 $292,858 $248,459 $167,778 Ot

31. Slide 31: Vision Bank Nonperforming loans and assets

    (in thousands) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2008 Nonaccrual loans $106,000 $171,453 $148,347 $91,207 Renegotiated loans 1,743 - - 2,845 Loans past due 90 days or more (still accruing) - 364 11,277 644 Total nonperforming loans $107,743 $171,817 $159,624 $94,696 Other real esta

32. Slide 32: PRK excluding Vision Nonperforming loans and assets

    (in thousands) Sept. 30, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2008 Nonaccrual loans $108,366 * $117,815 * $85,197 * $68,305 * Renegotiated loans 13,705 - 142 - Loans past due 90 days or more (still accruing) 2,162 3,226 3,496 4,777 Total nonperforming loans $124,233 $121,041 $88,835 $73,082 Oth

33. Slide 33: Vision Bank Commercial Land & Development Loans

    (in thousands) Sept. 30, 2011 Dec, 31, 2010 Dec. 31, 2009 Dec. 31, 2008 CL&D loans $102,271 $170,989 $ 218,263 $ 251,443 Performing CL&D loans 60,240 84,498 132,380 191,712 Impaired CL&D loans 42,031 86,491 85,883 59,731 Specific reserve on impaired CL&D loans 12,135 23,585 21,802 3,134 Cumulative c

34. Slide 34: Capital Ratios – September 30, 2011

    Capital Ratios – September 30, 2011 ($ in thousands) Leverage Ratio Tier I Risk Based Capital Risk Based Capital Park National Corporation 9.73% 14.04% 16.52% Park National Bank 6.67% 9.81% 11.76% Vision Bank 16.30% 22.19% 23.48% Minimum capital ratio 4.00% 4.00% 8.00% Well capitalized requirement 5

35. Slide 35: Capital Raising Activities

    Capital Raising Activities 2Q 2009 183,200 common shares; net proceeds of $10.5 million 3Q 2009 105,072 common shares; net proceeds of $6.2 million 4Q 2009 500,000 common shares; net proceeds of $29.8 million 4Q 2009 115,800 common shares, to the PRK Defined Benefit Pension Plan; proceeds of $7 mill

36. Slide 36: Tangible Common Equity and Shares Outstanding

    Tangible Common Equity TCE Ratio Shares outstanding 3Q 2011 8.33% 15,398,904 2010 7.90% * 15,398,934 2009 7.75% ** 14,882,780 2008 6.61% 13,971,727 2007 6.85% 13,964,576 2006 9.13% 13,921,529 2005 9.12% 14,092,626 2004 9.71% 14,320,227 2003 10.56% 14,455,027 2002 11.13% 14,481,564 2001 9.83% 14,637,

37. Slide 37: Why invest in Park National Corporation?

    IV. Why invest in Park National Corporation?  Unique, localized business model makes us the bank of choice for customers.  Stable, low cost deposit funding, coupled with superior lending rates, contributes to outstanding profitability.  Favorably positioned to take advantage of excellent growth o

38. Slide 38: Appendix: Profiles of PRK Affiliate Banks

    Appendix: Profiles of PRK Affiliate Banks Please visit www.parknationalcorp.com for a profile of the PRK affiliate banks. 38

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