Park National (PRK) 8-K Park National Corporation reports first quarter 2005 earnings and declares regular cash dividend

Exhibit 99.1

April 18, 2005 FOR IMMEDIATE RELEASE

Park National Corporation reports first quarter 2005 earnings and declares regular cash dividend

NEWARK, Ohio— The Park National Corporation (“Park”) (AMEX:PRK) today announced earnings for the first quarter of 2005. Net income for the first quarter of 2005 totaled $23.342 million or $1.61 per diluted share, compared to net income of $22.978 million or $1.58 per diluted share in the same period of 2004, increases of 1.58 percent in net income and 1.90 percent in earnings per diluted share.

Park’s Board of Directors declared a cash dividend of $0.90 per share payable to stockholders of record as of May 24, 2005. The dividend will be paid on June 10, 2005.

The Park National Bank, a Park subsidiary, recently announced three office location changes resulting from growth in customer demand in metropolitan areas. This month, the bank will open a new facility in West Chester (in Butler County, north of Cincinnati) to serve businesses and individuals in the Beckett Ridge Area. Adrian Breen is responsible for the bank’s southwest Ohio market. Also, the bank’s Dayton office, led by Doug Compton, focuses on the needs of business owners and is moving from a small suite in downtown Dayton to a building near Centerville. In May, the bank’s Worthington office (Franklin County), under the leadership of Mike Shannon, will move from a suite on the second floor of an office building into a newly constructed 12,000-square-foot building owned by the bank and featuring drive-through lanes and an ATM.

Headquartered in Newark, Ohio, Park is a bank-holding company with $5.7 billion in consolidated total assets. Its family of 12 community banks and 2 specialty finance companies operate 133 offices throughout 29 Ohio counties. They include The Park National Bank, Fairfield National Division, The Richland Trust Company, Century National Bank, The First-Knox National Bank, Farmers and Savings Division, United Bank, N.A., Second National Bank, The Security National Bank and Trust Co., Unity National Division, The Citizens National Bank of Urbana, First Clermont Division, Scope Aircraft Finance (Scope Leasing Inc.), and Guardian Financial Services.

For more information visitwww.parknationalcorp.com. Financial tables are below.

Media contacts:
Bethany White, Comm. Specialist 740.349.3754
John Kozak, Chief Financial Officer, 740.349.3792

Safe Harbor Statement

Except for the historical and present factual information contained in this press release, the matters discussed in this press release, including statements identified by words such as “will” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those set forth in the forward-looking statements, including: the impact of competition; changes in economic conditions in Park’s market area; changes in policies by regulatory agencies; fluctuations in interest rates; demand for loans in Park’s market area; and other risk factors relating to our industry as detailed from time to time in Park’s reports filed with the SEC. Park wishes to caution readers not to place undue reliance on any such forward-looking statements,

Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

which speak only as of the date made. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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Park National Corporation
50 N. Third Street, Newark, Ohio 43055
www.parknationalcorp.com

PARK NATIONAL CORPORATION
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
MARCH 31, 2005

INCOME STATEMENT

	THREE MONTHS ENDED
	MARCH 31,
							PERCENT
	2005			2004			CHANGE
NET INTEREST INCOME	$	54,445		$	52,616			3.48	%
PROVISION FOR LOAN LOSSES		1,082			1,465			-26.14	%
OTHER INCOME		14,112			12,872			9.63	%
GAIN (LOSS) ON SALE OF SECURITIES		0			106
OTHER EXPENSE		34,404			31,525			9.13	%
INCOME BEFORE TAXES		33,071			32,604			1.43	%
NET INCOME		23,342			22,978			1.58	%
NET INCOME PER SHARE-BASIC		1.63			1.59			2.52	%
NET INCOME PER SHARE-DILUTED		1.61			1.58			1.90	%
CASH DIVIDENDS PER SHARE		0.90			0.84			7.39	%
RATIOS AND OTHER INFORMATION
RETURN ON AVERAGE ASSETS		1.70	%		1.86	%
RETURN ON AVERAGE EQUITY		16.92	%		16.99	%
YIELD ON EARNING ASSETS		5.97	%		5.84	%
COST OF PAYING LIABILITIES		1.93	%		1.49	%
NET INTEREST MARGIN		4.35	%		4.61	%
EFFICIENCY RATIO		49.68	%		47.55	%
NET LOAN CHARGE-OFFS	$	936		$	673
NET CHARGE-OFFS AS A PERCENT OF LOANS		0.12	%		0.10	%

BALANCE SHEET
AT MARCH 31,

							PERCENT
	2005			2004			CHANGE
INVESTMENTS	$	2,016,859		$	1,921,506			4.96	%
LOANS		3,249,914			2,775,146			17.11	%
LOAN LOSS RESERVE		70,322			63,934			9.99	%
GOODWILL AND OTHER INTANGIBLES		71,099			12,589			464.77	%
TOTAL ASSETS		5,676,842			4,995,957			13.63	%
DEPOSITS		3,838,563			3,523,163			8.95	%
BORROWINGS		1,212,477			865,027			40.17	%
EQUITY		556,303			558,377			-0.37	%
BOOK VALUE PER SHARE		38.79			38.77			0.05	%
NONPERFORMING LOANS		22,672			19,279			17.60	%
NONPERFORMING ASSETS		25,407			21,478			18.29	%
PAST DUE 90 DAY LOANS		7,078			4,877			45.13	%
RATIOS
LOANS/ASSETS		57.25	%		55.55	%
NONPERFORMING LOANS/LOANS		0.70	%		0.69	%
PAST DUE 90 DAY LOANS/LOANS		0.22	%		0.18	%
LOAN LOSS RESERVE/LOANS		2.16	%		2.30	%
EQUITY/ASSETS		9.80	%		11.18	%

PARK NATIONAL CORPORATION
Consolidated Statements of Income
(dollars in thousands, except per share data)

	Three Months Ended
	March 31,
	2005		2004
Interest income:
Interest and fees on loans	$	52,240	$	43,613
Interest on:
Obligations of U.S. Government, its agencies and other securities		21,444		21,810
Obligations of states and political subdivisions		1,174		1,347
Other interest income		101		17
Total interest income		74,959		66,787
Interest expense:
Interest on deposits:
Demand and savings deposits		2,968		1,523
Time deposits		9,337		8,510
Interest on borrowings		8,209		4,138
Total interest expense		20,514		14,171
Net interest income		54,445		52,616
Provision for loan losses		1,082		1,465
Net interest income after provision for loan losses		53,363		51,151
Other income		14,112		12,872
Gain (loss) on sale of securities		—		106
Other expense:
Salaries and employee benefits		20,001		18,148
Occupancy expense		2,280		1,729
Furniture and equipment expense		1,368		1,581
Other expense		10,755		10,067
Total other expense		34,404		31,525
Income before federal income taxes		33,071		32,604
Federal income taxes		9,729		9,626
Net income	$	23,342	$	22,978
Per Share:
Net income - basic	$	1.63	$	1.59
Net income - diluted	$	1.61	$	1.58
Weighted average shares - basic		14,331,261		14,443,898
Weighted average shares - diluted		14,475,634		14,553,019

PARK NATIONAL CORPORATION
Consolidated Balance Sheets
(dollars in thousands, except share data)

	March 31,
	2005			2004
Assets
Cash and due from banks	$	134,917		$	146,398
Federal funds sold		23,329			11,800
Interest bearing deposits		1,598			50
Investment securities		2,016,859			1,921,506
Loans (net of unearned interest)		3,249,914			2,775,146
Allowance for possible loan losses		70,322			63,934
Loans, net		3,179,592			2,711,212
Bank premises and equipment, net		44,581			36,033
Other assets		275,966			168,958
Total assets	$	5,676,842		$	4,995,957
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing	$	609,064		$	575,541
Interest-bearing		3,229,499			2,947,622
Total deposits		3,838,563			3,523,163
Borrowings		1,212,477			865,027
Other liabilities		69,499			49,390
Total liabilities		5,120,539			4,437,580
Stockholders’ Equity:
Common stock (No par value; 20,000,000 shares authorized in 2005 and 2004; 15,271,213 shares issued in 2005 and 15,269,452 in 2004)		208,346			105,895
Accumulated other comprehensive income, net of taxes		(6,151	)		29,572
Retained earnings		443,700			497,633
Treasury stock (928,421 shares in 2005 and 868,147 shares in 2004)		(89,592	)		(74,723	)
Total stockholders’ equity		556,303			558,377
Total liabilities and stockholders’equity	$	5,676,842		$	4,995,957

PARK NATIONAL CORPORATION
Consolidated Average Balance Sheets
(dollars in thousands)

	Three Months Ended
	March 31,
	2005			2004
Assets
Cash and due from banks	$	154,164		$	138,473
Federal funds sold		7,999			4,793
Interest bearing deposits		1,763			50
Investment securities		1,892,717			1,943,873
Loans (net of unearned interest)		3,253,379			2,744,130
Allowance for possible loan losses		71,174			64,008
Loans, net		3,182,205			2,680,122
Bank premises and equipment, net		44,714			36,547
Other assets		278,232			178,178
Total assets	$	5,561,794		$	4,982,036
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing	$	620,212		$	553,206
Interest-bearing		3,209,914			2,927,157
Total deposits		3,830,126			3,480,363
Borrowings		1,094,636			890,590
Other liabilities		77,651			67,236
Total liabilities		5,002,413			4,438,189
Stockholders’ Equity:
Common stock		208,297			105,895
Accumulated other comprehensive income, net of taxes		11,477			23,030
Retained earnings		430,088			484,865
Treasury stock		(90,481	)		(69,943	)
Total stockholders’ equity		559,381			543,847
Total liabilities and stockholders’ equity	$	5,561,794		$	4,982,036