Profile: Park National Corp (PRK.A)
Park National Corporation (Park), incorporated on March 24, 1992, is a financial holding company. The Company's banking operations are conducted through The Park National Bank. The Company's segments include Park National Bank, Guardian Financial Services Company (Guardian Finance) and SE Property Holdings, LLC (SEPH). The Park National Bank is engaged in the commercial banking and trust business, generally in small and medium population Ohio communities. Park's principal business consists of owning and supervising its subsidiaries. The Park National Bank operates over 120 banking offices in Ohio through approximately 10 banking divisions with a network of over 140 automated teller machines. Guardian Finance provides consumer finance services in the central Ohio area. Guardian Finance includes over five financial service offices spanning approximately five counties in Ohio, which includes Clark, Fairfield, Franklin, Licking and Montgomery. SEPH is engaged in lending activities and has operations in Ohio. The Company owns interest in Park Title Agency, LLC. (Park Title Agency), which is a traditional title agency serving primarily residential and commercial customers of Park National Bank and other property owners in counties served by Park National Bank
The Park National Bank deals with consumers, as well as with a cross-section of businesses and corporations located primarily in over 30 Ohio counties served by the financial service offices of Park National Bank. Park's subsidiaries has approximately $2,072 million in commercial loans (commercial, financial and agricultural loans and commercial real estate loans) and commercial leases outstanding, representing approximately 40.9% of their total aggregate loan portfolio. Of this amount, approximately $956 million represents commercial, financial and agricultural loans, over $1,114 million represents commercial real estate loans and approximately $3 million represents commercial leases. The commercial real estate loans include mortgage loans to developers and owners of commercial real estate. Commercial loans are made for a range of general corporate purposes, including financing for industrial and commercial properties, financing for equipment, inventories and accounts receivable, acquisition financing, commercial leasing, and to consumer finance companies. Scope Leasing, Inc., which specializes in aircraft financing has outstanding approximately $230 million in loans primarily secured by aircraft. The Company's subsidiaries has outstanding consumer loans (including automobile loans and leases and home equity lines of credit) in an aggregate amount of approximately $967 million, constituting approximately 19.1% of their aggregate total loan portfolio. Of this amount, GFSC has outstanding consumer loans of over $28.1 million. Park's subsidiaries has outstanding approximately $2,030 million in construction real estate loans and residential real estate loans, representing approximately 40.0% of total loans outstanding. Construction loans include commercial construction loans, as well as residential construction loans.
The Company classifies its investment securities as held-to-maturity and available-for-sale. Its investment securities include Obligations of the United States Treasury and other the United States Government sponsored entities, Obligations of states and political subdivisions, the United States Government asset-backed securities, Federal Home Loan Bank stock, Federal Reserve Bank stock and equities. Its available-for-sale securities portfolio is over $1436.7 million. Park's held-to-maturity securities portfolio is over $150 million. Its average taxable investment securities are over $1,472 million and the total investment securities are approximately $1,640 million.
Sources of Funds
The Company's source of funds is deposits from individuals, businesses and local government entities. These deposits consist of non-interest bearing and interest bearing deposits. The average total deposits are approximately $5,470 million. Its short-term borrowings consist of securities sold under agreements to repurchase, Federal Home Loan Bank advances, federal funds purchased and other borrowings. The short-term borrowings are over $390 million. Its long-term debt primarily consists of borrowings from the Federal Home Loan Bank and repurchase agreements with investment banking firms. The average long-term debt is approximately $790 million.
Park National Corp
50 N 3rd St
NEWARK OH 43055-5523