Park National Corporation · AMEX:PRK
Park National — Investor Presentation (June 2009)
35 slides from Park National's investor presentation, Jun 24, 2009
Slide 1: Investor Presentation June 24, 2009
Investor Presentation June 24, 2009
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 financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future perfor
Slide 3: Table of Contents
Table of Contents Park National Overview Appendix: Profiles of PRK Affiliate Banks
Slide 4: I. Park National Overview
I. Park National Overview
Slide 5: Park National overview
Park National Corporation (Park) is a $7.1 billion bank holding company headquartered in Newark, Ohio. Park has two bank subsidiaries and 154 full-service offices: The Park National Bank (12 bank affiliates in Ohio) Vision Bank, which has bank divisions in Florida and Alabama. Established in 1908, T
Slide 6: 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 community and our associates; Providing financial products and services of such high value that our customers view us as unique; Operating our banks so as to assu
Slide 7: Timeline
1908 1908 The Park National Bank is established Park National Corporation - Timeline 1985 1985 Acquisition of Fairfield National Bank 1987 1987 Park National Corporation holding company is established Acquisition of Richland Trust Company 1990 1990 Acquisition of Century National Bank 1994 1994 Acqu
Slide 8: Park affiliate bank brands
Park National Corporation PARK NATIONAL BANK NATIONAL } Vision Bank ® PARK NATIONAL BANK hited Bank Farmers(:)<i15 SECOND NATIONAL BANK CENTURY NATIONAL BANK GUARDIAN FINANCE COMPANY se = ‘Scope Aireraft Finance Richland eis UnityNationalBank FarrieL 1 NatioNaL BANK
Slide 9: Park Executive Management Team
Park Executive Management Team C. Daniel DeLawder - Chairman and Chief Executive Officer - Age: 59 - Chairman, Chief Executive Officer and Board Member of The Park National Bank and the Park National Corporation headquartered in Newark, Ohio. He served previously as President of the bank and the cor
Slide 10: Experienced and Committed Senior Leadership
Experienced and Committed Senior Leadership Proven local market experience Senior leadership team consists of 15 executives Average years of banking experience is approximately 25 years Average tenure with Park National is approximately 23 years
Slide 11: Balance Sheet
Park National Corporation - Balance Sheet (in millions) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Total Investment Securities $ 2,035.6 $ 2,059.1 $ 1,703.1 Total Loans 4,561.5 4,491.3 4,224.1 Total Assets 7,059.2 7,070.7 6,501.1 Total Deposits 4,920.2 4,761.8 4,439.2 Total Liabilities 6,403.0 6,428
Slide 12: Income Statement
Park National Corporation - Income Statement (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006 Net interest income 68,233 255,873 234,677 213,244 Provision for loan losses 12,287 70,487 29,476 3,927 Net Interest Income after Provision 55,946 185,386 205,201 209,317 Non Interest
Slide 13: Income Statement, excluding Vision Bank
Park National Corporation, excluding Vision Bank - Income Statement (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006 Net interest income $ 60,918 $ 228,808 $ 210,921 $ 213,244 Provision for loan losses 3,787 23,524 10,051 3,927 Net Interest Income after Provision 57,131 205,28
Slide 14: Vision Bank - Income Statement
Vision Bank - Income Statement (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006 Net interest income $ 7,315 $ 27,065 $ 23,754 N/A Provision for loan losses 8,500 46,963 19,425 N/A Net Interest Income after Provision (1,185) (19,898) 4,329 N/A Non Interest Income 1,069 3,014 3,
Slide 15: Investment information
Park National Corporation - Investment information March 31, 2009 - Securities Available-for-Sale (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Estimated Fair Value Obligations of U.S. Treasury and Other U.S. Government Sponsored Entities $ 126,577 $ 98
Slide 16: Loan information
(in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Commercial, financial and agricultural $ 715,566 $ 714,296 $ 613,282 Real estate construction 520,931 533,788 536,389 Residential real estate 1,576,757 1,560,198 1,481,174 Commercial real estate 1,091,252 1,035,725 993,101 Consumer, net 653,2
Slide 17: Non-performing assets
Park National Corporation - Non-performing assets (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Non-accrual loans 158,718 159,512 101,128 Renegotiated loans 148 2,845 2,804 Loans past due 90 days or more 7,807 5,421 4,545 Total nonperforming loans 166,673 167,778 108,477 Other real estat
Slide 18: ALLL Summary
Park National Corporation - ALLL Summary (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Average loans $ 4,549,313 $ 4,354,520 $ 4,011,307 ALLL - beginning balance 100,088 87,102 70,500 Charge-offs 13,228 62,916 27,776 Recoveries 2,132 5,415 5,568 Provision for loan losses 12,287 70,487 29
Slide 19: Deposits
Park National Corporation - Deposits (in thousands) March 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Demand $ 746,593 $ 782,625 $ 695,466 Transaction accounts 1,349,937 1,204,530 1,338,491 Savings 737,662 694,721 531,049 Time deposits 2,082,708 2,078,372 1,872,440 Other 3,313 1,502 1,793 Total Deposits $
Slide 20: Deposit Growth
Deposit Growth 2005 2006 2007 2008 March 31, 2009 (annualized) Percentage Growth 1.84% 1.80% 16.04% 7.27% 13.50%
Slide 21: Loan Growth
Loan Growth 2005 2006 2007 2008 March 31, 2009 (annualized) Percentage growth 6.65% 4.58% 21.36% 6.33% 6.34%
Slide 22: Asset Growth
Asset Growth 2005 2006 2007 2008 March 31, 2009 (annualized) Percentage growth 0.43% 0.64% 18.83% 8.76% -0.66%
Slide 23: Dividend Growth
Dividend Growth The Park Board of Directors declared a $0.94 per share regular quarterly cash dividend in respect of Park's common shares for the first and second quarter of 2009. The second quarter dividend is payable on June 10, 2009 to common shareholders of record as of the close of business on
Slide 24: Peer Group Comparison
Peer Group Comparison Park's peer group consists of bank holding company's with consolidated assets between $3 billion and $10 billion. Peer information contained herein is obtained from the Bank Holding Company Performance Report as of March 31, 2009, as provided by the Board of Governors of the Fe
Slide 25: Peer Group Comparison
Peer Group Comparison Park National Corporation PRK Peer Group Median March 31, 2009 March 31, 2009 Fee income as a % of average assets 1.09% 1.04% Operating expense as a % of average assets 2.60% 2.82% ALLL as a % of total loans 2.22% 1.85% ALLL as a % of non-accrual assets 63.81% 93.04% Tier I lev
Slide 26: Capital Ratios
Capital Ratios Capital Ratios @ March 31, 2009 Capital Ratios @ March 31, 2009 Capital Ratios @ March 31, 2009 ($ in thousands) Leverage Ratio Tier I Risk Based Capital Risk Based Capital Park National Corporation 8.13% 11.88% 13.67% Park National Bank 5.91% 8.99% 11.05% Vision Bank 9.27% 11.55% 12.
Slide 27: At-The-Market (ATM) Offering
At-The-Market (ATM) Offering Park National Corporation initiated an ATM common stock offering on May 28, 2009 through Sandler O'Neill & Partners. ATM program is designed to offer and sell common shares with aggregate sales proceeds of up to $70,000,000 from time to time, provided, that in no event s
Slide 28: Appendix: Profiles of PRK Affiliate Banks
Appendix: Profiles of PRK Affiliate Banks
Slide 29: Ohio Bank Affiliates
Ohio Bank Affiliates Bank Affiliates 2008 Average Assets (in millions) Park National Bank $ 1,839.0 Century National Bank 711.2 Security National Bank 670.0 First-Knox National Bank 658.2 Richland Bank 527.0 Second National Bank 423.1 PNB Southwest 416.4 Fairfield National Bank 337.4 United Bank 214
Slide 30: Affiliate bank presidents: Park National, Century, Security
President: David T. Trautman Age: 47 Years with Park National Bank: 26 Park National Bank first opened for business in 1908 Largest of Park's banking operations Total assets at March 31, 2009: $6,216.2 million (including all divisions of The Park National Bank) President: Thomas M. Lyall Age: 63 Mr.
Slide 31: Affiliate bank presidents: Richland, Fairfield, PNB Southwest
President: David J. Gooch Age: 40 Mr. Gooch graduated from Miami University in 1991 with a Bachelor of Science in Business Administration with a major in finance and he graduated in 2004 from the Wisconsin Graduate School of Banking. Years with Richland Bank: 5 (12 total years with Park) Richland Ba
Slide 32: Affiliate bank presidents: United, Unity, Citizens
President: Donald R. Stone Age: 51 He has been President of United Bank since January 2001. He received his undergraduate degree from Ohio State with a Bachelors of Science in Business and a MBA from University of Toledo in (84) and is a graduate of the Graduate School of Banking (91), Central State
Slide 33: Affiliate presidents: Scope Aircraft Finance, Guardian Finance
President: Bob Kent Age: 51 He has spent 6 years at PRK focusing on Aircraft Lending, Finance Company Lending, Corporate Loan Committee, Vision Bank Alabama Credit Liaison. Years with Park/Scope: 6 Scope Aircraft Finance first opened for business in 1975 President: Earl W. Osborne Age: 55 Mr. Osborn
Slide 34: Florida Bank Affiliates
Florida Bank Affiliates Vision Bank ("Vision Bank"), a Florida state-chartered bank with its main office in Panama City, Florida and financial service offices in Baldwin County, Alabama and in Bay, Gulf, Leon, Okaloosa, Santa Rosa and Walton Counties in the panhandle of Florida. Bank Affiliates 2008
Slide 35: Vision Bank President
President: Joey W. Ginn Age: 50 Mr. Ginn received a B.S. in Finance and M.B.A, with concentration in Accounting, both from the University of South Alabama. He is also a graduate of the Graduate School of Banking of the South at LSU Mr. Ginn has 25 years of banking experience Years with Vision Bank: