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Last $84.47 USD
Change Today +0.03 / 0.04%
Volume 30.6K
PRK On Other Exchanges
Symbol
Exchange
NYSE Amex
As of 8:04 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

park national corp (PRK) Key Developments

Park National Corp. and The Park National Bank Inc. Announces Directorate Changes

On January 22, 2015, William T. McConnell, who currently serves in the class of directors of Park National Corp. whose terms expire at the 2015 annual meeting of shareholders, notified the company that he had decided to retire and not stand for re-election to the board of directors. Mr. McConnell's term as a director of the company will expire immediately prior to the 2015 annual meeting, which will be held on April 27, 2015. In addition, Mr. McConnell will retire as a director of the company’s national banking association subsidiary, The Park National Bank, effective April 27, 2015. Mr. McConnell has served as a director of the company since 1986 and as a member of the board of directors of Park National Bank since 1977, a span of nearly five decades. On January 26, 2015, upon the recommendation of its nominating and corporate governance committee, the board of directors of Park elected James R. DeRoberts to fill the vacancy in the class of directors whose terms are to expire at the 2017 annual meeting of shareholders. Mr. DeRoberts' election will be effective February 16, 2015. On January 27, 2015, the board of directors of Park National Bank also elected Mr. DeRoberts as a director, effective February 16, 2015. Mr. DeRoberts is a partner at Gardiner Allen DeRoberts Insurance located in Columbus, Ohio. On January 26, 2015, the Park board of directors also appointed Mr. DeRoberts to serve on the investment committee and the risk committee of the board, effective upon his becoming a director of Park.

Park National Corporation Declares Quarterly Cash Dividend, Payable on March 10, 2015; Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Park National Corporation declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2015 to common shareholders of record as of February 20, 2015. The company reported earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $57,294,000 against $55,900,000 for the same period in the last year. Income before income taxes was $33,040,000 against $22,617,000 for the same period in the last year. Net income was $24,341,000 or $1.58 per basic and diluted share against $17,454,000 or $1.13 per basic and diluted share for the same period in the last year. Book value per common share was $45.39 as at December 31, 2014 against $42.29 as at December 31, 2013. Return on average assets was 1.35% against 1.03% for the same period in the last year. Return on average equity was 13.81% against 10.87% for the same period in the last year. Total interest income was $67,816,000 against $66,066,000 for the same period in the last year. For the year, the company reported net interest income of $225,044,000 against $221,025,000 for the same period in the last year. Income before income taxes was $112,692,000 against $102,358,000 for the same period in the last year. Net income was $84,090,000 or $5.46 per basic and diluted share against $77,227,000 or $5.01 per basic and diluted share for the same period in the last year. Return on average assets was 1.22% against 1.15% for the same period in the last year. Return on average equity was 12.32% against 11.96% for the same period in the last year. Total interest income was $265,143,000 against $262,947,000 for the same period in the last year.

Park National Corporation Prepays Full $35.25 Million Outstanding Aggregate Principal Amount of 10% Subordinated Notes Due December 23, 2019

Park National Corporation prepaid in full the $35.25 million outstanding aggregate principal amount of the 10% subordinated notes due December 23, 2019, plus accrued interest on the 2019 notes in the aggregate amount of $802,917. The 2019 notes were originally issued on December 23, 2009 to 38 purchasers, all of whom were accredited investors. The 2019 note paid interest at the rate of 10% per annum. December 24, 2014 was the earliest repayment date allowable under terms of the note purchase agreement, dated December 23, 2009, under which the 2019 notes were originally issued.

Park National Corp., Board Meeting, Dec 16, 2014

Park National Corp., Board Meeting, Dec 16, 2014. Agenda: To determine the 2015 base salary for each of Park's executive officers, the incentive compensation for the twelve-month period ended September 30, 2014.

Park National Corporation Announces Demise of Harry O. Egger III, Vice Chairman of its Board of Directors

Park National Corporation announced with sadness that the vice chairman of its board of directors, Harry O. Egger III, passed away December 1, 2014. He had been chairman of Security National Bank's Board of Directors since 1997 and Vice Chairman of Park National Corporation's Board of Directors since 2001.

 

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PRK

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Valuation PRK Industry Range
Price/Earnings 15.5x
Price/Sales 4.2x
Price/Book 1.9x
Price/Cash Flow 15.4x
TEV/Sales NM Not Meaningful
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