Park National 8K reports first quarter 2010 financial | PRK 16 Apr 10

April 16, 2010

Park National Corporation reports first quarter 2010 financial

results and declares quarterly cash dividend

NEWARK, Ohio — Park National Corporation (Park) (NYSE Amex: PRK) today reported operating results for the three months ended March 31, 2010 (first quarter). Also today, Park’s board of directors approved a $0.94 per common share quarterly cash dividend, payable on June 10, 2010 to common shareholders of record as of May 26, 2010.

Net income for the first quarter of 2010 was $20.8 million, compared to $21.4 million for the same period in 2009. Net income per diluted common share was $1.30, a 9 percent decline from the $1.43 per diluted common share reported in the first quarter of 2009. First quarter 2010 net income for Park's Ohio-based operations was $28.2 million, compared to $25.4 million in the first quarter of 2009.

“We are pleased that the most severe recession since World War II seems to be behind us, with improving economic conditions in the markets our community banks serve. While our net income is not quite as strong as a year ago, we continue to perform very favorably compared to our industry and peers,” said Park Chairman C. Daniel DeLawder.

“Continued successful performance in Ohio helps us maintain our strong level of dividends,” he said. “Great employees and strong liquidity allow us to offer financial services and loans in a consistent and prudent manner, in good times as well as challenging times.”

Total non-performing loans (including loans past due 90 days and still accruing) were $242.4 million at March 31, 2010, a 2.4 percent decline from the $248.5 million in non-performing loans at December 31, 2009.

Park's loan loss provision for the first quarter of 2010 was $16.6 million, compared to $12.3 million for the same period in 2009. Of the $16.6 million loan loss provision recorded in the first quarter of 2010, $11.3 million was recorded at Vision Bank, with the remaining $5.3 million recorded within Park's Ohio-based operations. The allowance for loan losses increased by $3.0 million during the first quarter of 2010, ending the period at $119.7 million, or 2.60 percent of period-end loans.

Net loan charge-offs for the first quarter of 2010 were $13.6 million, or an annualized 1.19 percent of average loans outstanding. Net loan charge-offs in the first quarter of 2009 were $11.1 million, or 0.99 percent of average loans.

During the 2010 first quarter, Park also completed the sale of approximately $201 million of investment securities, which resulted in a pre-tax gain of $8.3 million.

Headquartered in Newark, Ohio, Park National Corporation has $7.2 billion in total assets (as of March 31, 2010). Park consists of 13 community bank divisions and two specialty finance companies. Park’s Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers & Savings Bank Division, United Bank Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division and The Park National Bank of Southwest Ohio & Northern Kentucky Division. Park’s other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance) and Guardian Finance Company.

Complete financial tables are included below.

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Media Contacts: Bethany Lewis, Communications Specialist, 740.349.0421 or John Kozak, Chief Financial Officer, 740.349.3792

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release 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 performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation: deterioration in the asset value of Park’s loan portfolio may be worse than expected; Park’s ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and weakening in the economy, specifically, the real estate market and credit market, either national or in the states in which Park and its subsidiaries do business, may be worse than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; changes in market rates and prices may adversely impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated balance sheet; changes in consumer spending, borrowing and saving habits; our liquidity requirements could be adversely affected by changes in our assets and liabilities; competitive factors among financial institutions increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified bank professionals; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries, including changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services industry; the effect of fiscal and governmental policies of the United States federal government; demand for loans in the respective market areas served by Park and its subsidiaries, and other risk factors relating to the banking industry as detailed from time to time in Park’s reports filed with the Securities and Exchange Commission including those described in “Item 1A. Risk Factors” of Part I of Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Park National Corporation

50 N. Third Street, Newark, Ohio 43055

www.parknationalcorp.com

PARK NATIONAL CORPORATION

Financial Highlights

	2010			2009						Percent change vs.
(in thousands, except share data)	1st QTR			4th QTR			1st QTR			4Q '09			1Q '09
INCOME STATEMENT:
NET INTEREST INCOME	$	67,380		$	68,802		$	68,233			-2.07	%		-1.25	%
PROVISION FOR LOAN LOSSES		16,550			25,720			12,287			-35.65	%		34.70	%
OTHER INCOME		16,710			16,718			19,210			-0.05	%		-13.01	%
GAIN ON SALE OF SECURITIES		8,304			-			-		N.M.			N.M.
TOTAL OTHER EXPENSE		47,890			46,660			45,862			2.64	%		4.42	%
INCOME BEFORE INCOME TAXES	$	27,954		$	13,140		$	29,294			112.74	%		-4.57	%
INCOME TAXES		7,175			844			7,904			750.12	%		-9.22	%
NET INCOME	$	20,779		$	12,296		$	21,390			68.99	%		-2.86	%
PREFERRED STOCK DIVIDENDS AND ACCRETION		1,452			1,441			1,440			0.76	%		0.83	%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	19,327		$	10,855		$	19,950			78.05	%		-3.12	%

MARKET DATA:
EARNINGS PER COMMON SHARE-BASIC (b)	$	1.30		$	0.74		$	1.43			75.37	%		-9.05	%
EARNINGS PER COMMON SHARE-DILUTED (b)		1.30			0.74			1.43			75.37	%		-9.05	%
CASH DIVIDENDS PER COMMON SHARE		0.94			0.94			0.94			0.00	%		0.00	%
COMMON BOOK VALUE PER COMMON SHARE AT PERIOD END		41.94			41.71			40.10			0.55	%		4.59	%
STOCK PRICE PER COMMON SHARE AT PERIOD END		62.31			58.88			55.75			5.83	%		11.77	%
MARKET CAPITALIZATION		927,345			876,298			778,923			5.83	%		19.05	%

WEIGHTED AVERAGE COMMON SHARES - BASIC (a)		14,882,774			14,658,601			13,971,720
WEIGHTED AVERAGE COMMON SHARES - DILUTED (a)		14,882,774			14,658,601			13,971,720
COMMON SHARES OUTSTANDING AT PERIOD END		14,882,765			14,882,780			13,971,713

PERFORMANCE RATIOS:
RETURN ON AVERAGE ASSETS (a)(b)		1.11	%		0.61	%		1.15	%		81.33	%		-3.82	%
RETURN ON AVERAGE COMMON EQUITY (a)(b)		12.43	%		6.94	%		14.66	%		79.08	%		-15.22	%
YIELD ON LOANS		5.87	%		5.91	%		6.18	%		-0.68	%		-5.02	%
YIELD ON INVESTMENTS		4.43	%		4.53	%		4.97	%		-2.21	%		-10.87	%
YIELD ON EARNING ASSETS		5.45	%		5.51	%		5.81	%		-1.09	%		-6.20	%
COST OF INTEREST BEARING DEPOSITS		1.15	%		1.33	%		1.73	%		-13.53	%		-33.53	%
COST OF BORROWINGS		2.90	%		2.68	%		2.17	%		8.21	%		33.64	%
COST OF PAYING LIABILITIES		1.49	%		1.58	%		1.84	%		-5.70	%		-19.02	%
NET INTEREST MARGIN		4.22	%		4.20	%		4.26	%		0.48	%		-0.94	%
EFFICIENCY RATIO		56.63	%		54.24	%		52.10	%		4.40	%		8.68	%

OTHER RATIOS (NON GAAP):
RETURN ON AVERAGE TANGIBLE ASSETS (a)(b)(e)		1.12	%		0.62	%		1.16	%		80.48	%		-3.54	%
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (a)(b)(c)		14.27	%		8.00	%		17.33	%		78.37	%		-17.66	%
TANGIBLE COMMON BOOK VALUE PER COMMON SHARE (d)	$	36.51		$	36.22		$	34.05			0.81	%		7.23	%

PARK NATIONAL CORPORATION

Financial Highlights (continued)

	March 31,			Dec. 31,			March 31,			Percent change vs.
	2010			2009			2009			4Q '09			1Q '09
BALANCE SHEET:
INVESTMENT SECURITIES	$	1,941,465		$	1,863,560		$	2,035,622			4.18	%		-4.63	%
LOANS		4,597,304			4,640,432			4,561,508			-0.93	%		0.78	%
ALLOWANCE FOR LOAN LOSSES		119,674			116,717			101,279			2.53	%		18.16	%
GOODWILL AND OTHER INTANGIBLES		80,863			81,799			84,608			-1.14	%		-4.43	%
OTHER REAL ESTATE OWNED		45,854			41,240			34,173			11.19	%		34.18	%
TOTAL ASSETS		7,176,087			7,040,329			7,059,175			1.93	%		1.66	%
TOTAL DEPOSITS		5,268,858			5,188,052			4,920,213			1.56	%		7.09	%
BORROWINGS		996,686			1,053,850			1,378,686			-5.42	%		-27.71	%
STOCKHOLDERS' EQUITY		720,898			717,264			656,218			0.51	%		9.86	%
COMMON EQUITY		624,213			620,781			560,306			0.55	%		11.41	%
TANGIBLE COMMON EQUITY (d)		543,350			538,982			475,698			0.81	%		14.22	%
NONPERFORMING LOANS		230,558			233,686			158,866			-1.34	%		45.13	%
NONPERFORMING ASSETS		276,412			274,926			193,039			0.54	%		43.19	%
PAST DUE 90 DAY LOANS AND STILL ACCRUING		11,853			14,773			7,807			-19.77	%		51.83	%

ASSET QUALITY RATIOS:
LOANS AS A % OF PERIOD END ASSETS		64.06	%		65.91	%		64.62	%		-2.80	%		-0.86	%
NONPERFORMING LOANS AS A % OF PERIOD END LOANS		5.02	%		5.04	%		3.48	%		-0.41	%		44.00	%
PAST DUE 90 DAY LOANS AS A % OF PERIOD END LOANS		0.26	%		0.32	%		0.17	%		-19.01	%		50.64	%
NONPERFORMING ASSETS / PERIOD END LOANS + OREO		5.95	%		5.87	%		4.20	%		1.37	%		41.73	%
ALLOWANCE FOR LOAN LOSSES AS A % OF PERIOD END LOANS		2.60	%		2.52	%		2.22	%		3.50	%		17.24	%
NET LOAN CHARGE-OFFS	$	13,593		$	19,044		$	11,096			-28.62	%		22.50	%
NET LOAN CHARGE-OFFS AS A PERCENT OF AVERAGE LOANS (a)		1.19	%		1.63	%		0.99	%		-26.76	%		20.59	%

CAPITAL & LIQUIDITY:
TOTAL EQUITY / PERIOD END ASSETS		10.05	%		10.19	%		9.30	%		-1.39	%		8.07	%
COMMON EQUITY / PERIOD END ASSETS		8.70	%		8.82	%		7.94	%		-1.35	%		9.59	%
TANGIBLE COMMON EQUITY (d) / TANGIBLE ASSETS (f)		7.66	%		7.75	%		6.82	%		-1.13	%		12.28	%
AVERAGE EQUITY TO AVERAGE ASSETS (a)		10.26	%		10.14	%		9.18	%		1.25	%		11.83	%
AVERAGE EQUITY TO AVERAGE LOANS (a)		15.75	%		15.49	%		14.24	%		1.69	%		10.60	%
AVERAGE LOANS TO AVERAGE DEPOSITS (a)		88.19	%		88.65	%		94.20	%		-0.52	%		-6.39	%

N.M. - Not meaningful

(a) Averages are for the quarter ended March 31, 2010, December 31, 2009 and March 31, 2009.

(b) Reported measure uses net income available to common shareholders.

(c) Net income available to common shareholders for each period divided by average tangible common equity during the period. Average tangible common equity equals average stockholders' equity during the applicable period less (i) average preferred stock and (ii) average goodwill and other intangibles.

PARK NATIONAL CORPORATION

Financial Highlights (continued)

RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE COMMON EQUITY:

	THREE MONTHS ENDED
	March 31, 2010		Dec. 31, 2009		March 31, 2009
AVERAGE STOCKHOLDERS' EQUITY	$	727,237	$	717,268	$	647,853
Less: Average preferred stock		96,568		96,374		95,802
Average goodwill and other intangibles		81,376		82,322		85,142
AVERAGE TANGIBLE COMMON EQUITY	$	549,293	$	538,572	$	466,909

(d) Tangible common equity equals ending stockholders' equity less preferred stock and goodwill and other intangibles at the end of the period.

RECONCILIATION OF STOCKHOLDERS' EQUITY TO TANGIBLE COMMON EQUITY:

	March 31, 2010		Dec. 31, 2009		March 31, 2009
STOCKHOLDERS' EQUITY	$	720,898	$	717,264	$	656,218
Less: Preferred stock		96,685		96,483		95,912
Goodwill and other intangibles		80,863		81,799		84,608
TANGIBLE COMMON EQUITY	$	543,350	$	538,982	$	475,698

(e) Net income available to common shareholders divided by average tangible assets. Average tangible assets equals average assets less average goodwill and other intangibles.

RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS:

	THREE MONTHS ENDED
	March 31, 2010		Dec. 31, 2009		March 31, 2009
AVERAGE ASSETS	$	7,086,333	$	7,076,494	$	7,059,725
Less: Average goodwill and other intangibles		81,376		82,322		85,142
AVERAGE TANGIBLE ASSETS	$	7,004,957	$	6,994,172	$	6,974,583

(f) Tangible common equity divided by tangible assets. Tangible assets equals total assets less goodwill and other intangibles.

RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:

	March 31, 2010		Dec. 31, 2009		March 31, 2009
TOTAL ASSETS	$	7,176,087	$	7,040,329	$	7,059,175
Less: Goodwill and other intangibles		80,863		81,799		84,608
TANGIBLE ASSETS	$	7,095,224	$	6,958,530	$	6,974,567

PARK NATIONAL CORPORATION

Consolidated Statements of Income

	Three Months Ended
	March 31,
(in thousands, except share data)	2010		2009

Interest income:
Interest and fees on loans	$	66,441	$	69,088
Interest on:
Obligations of U.S. Government, its agencies
and other securities		20,475		23,828
Obligations of states and political subdivisions		217		422
Other interest income		69		27
Total interest income		87,202		93,365

Interest expense:
Interest on deposits:
Demand and savings deposits		1,775		2,905
Time deposits		10,650		14,374
Interest on borrowings		7,397		7,853
Total interest expense		19,822		25,132

Net interest income		67,380		68,233

Provision for loan losses		16,550		12,287

Net interest income after provision for loan losses		50,830		55,946

Other income		16,710		19,210

Gain on sale of securities		8,304		-

Other expense:
Salaries and employee benefits		25,171		25,487
Occupancy expense		3,117		3,158
Furniture and equipment expense		2,632		2,378
Other expense		16,970		14,839
Total other expense		47,890		45,862

Income before income taxes		27,954		29,294

Income taxes		7,175		7,904

Net income	$	20,779	$	21,390

Preferred stock dividends and accretion		1,452		1,440

Net income available to common shareholders	$	19,327	$	19,950

Per Common Share:
Net income - basic	$	1.30	$	1.43
Net income - diluted	$	1.30	$	1.43

Weighted average shares - basic		14,882,774		13,971,720
Weighted average shares - diluted		14,882,774		13,971,720

PARK NATIONAL CORPORATION

Consolidated Balance Sheets

	March 31,
(in thousands, except share data)	2010			2009
Assets

Cash and due from banks	$	104,065		$	108,523
Money market instruments		145,995			17,844
Investment securities		1,941,465			2,035,622
Loans		4,597,304			4,561,508
Allowance for loan losses		119,674			101,279
Loans, net		4,477,630			4,460,229
Bank premises and equipment, net		69,231			68,177
Goodwill and other intangibles		80,863			84,608
Other real estate owned		45,854			34,173
Other assets		310,984			249,999

Total assets	$	7,176,087		$	7,059,175

Liabilities and Stockholders' Equity

Deposits:
Noninterest bearing	$	862,143		$	746,594
Interest bearing		4,406,715			4,173,619
Total deposits		5,268,858			4,920,213
Borrowings		996,686			1,378,686
Other liabilities		189,645			104,058
Total liabilities	$	6,455,189		$	6,402,957

Stockholders' Equity:
Preferred Stock (200,000 shares authorized in 2010 and 2009;
100,000 shares issued in 2010 and 2009)	$	96,685		$	95,912
Common stock (No par value; 20,000,000 shares authorized
in 2010 and 2009; 16,151,097 shares issued in 2010
and 16,151,137 in 2009)		301,207			301,210
Common stock warrants		5,361			4,297
Accumulated other comprehensive income, net of taxes		13,757			17,144
Retained earnings		429,209			445,320
Treasury stock (1,268,332 shares in 2010 and 2,179,424 shares in 2009)		(125,321	)		(207,665	)
Total stockholders' equity		720,898			656,218

Total liabilities and stockholders' equity	$	7,176,087		$	7,059,175

PARK NATIONAL CORPORATION

Consolidated Average Balance Sheets

	Three Months Ended
	March 31,
(in thousands)	2010			2009
Assets

Cash and due from banks	$	114,895		$	128,206
Money market instruments		125,795			23,746
Investment securities		1,838,396			2,019,651
Loans		4,617,479			4,549,313
Allowance for loan losses		117,272			100,453
Loans, net		4,500,207			4,448,860
Bank premises and equipment, net		69,553			68,351
Goodwill and other intangibles		81,376			85,142
Other real estate owned		41,973			26,674
Other assets		314,138			259,095

Total assets	$	7,086,333		$	7,059,725

Liabilities and Stockholders' Equity

Deposits:
Noninterest bearing	$	869,051		$	773,512
Interest bearing		4,367,017			4,055,678
Total deposits		5,236,068			4,829,190
Borrowings		1,035,884			1,470,677
Other liabilities		87,144			112,005
Total liabilities	$	6,359,096		$	6,411,872


Stockholders' Equity:
Preferred stock	$	96,568		$	95,802
Common stock		301,208			301,210
Common stock warrants		5,361			4,297
Accumulated other comprehensive income, net of taxes		20,162			8,997
Retained earnings		429,259			445,212
Treasury stock		(125,321	)		(207,665	)
Total stockholders' equity	$	727,237		$	647,853

Total liabilities and stockholders' equity	$	7,086,333		$	7,059,725

PARK NATIONAL CORPORATION

Consolidated Statements of Income - Linked Quarters

	2010		2009		2009		2009		2009
(in thousands, except per share data)	1st QTR		4th QTR		3rd QTR		2nd QTR		1st QTR
Interest income:
Interest and fees on loans	$	66,441	$	68,676	$	69,339	$	68,496	$	69,088
Interest on:
Obligations of U.S. Government, its agencies
and other securities		20,475		21,325		22,204		23,201		23,828
Obligations of states and political subdivisions		217		286		316		393		422
Other interest income		69		78		9		2		27
Total interest income		87,202		90,365		91,868		92,092		93,365

Interest expense:
Interest on deposits:
Demand and savings deposits		1,775		2,333		2,768		2,809		2,905
Time deposits		10,650		12,269		13,362		13,800		14,374
Interest on borrowings		7,397		6,961		7,276		7,489		7,853
Total interest expense		19,822		21,563		23,406		24,098		25,132

Net interest income		67,380		68,802		68,462		67,994		68,233

Provision for loan losses		16,550		25,720		14,958		15,856		12,287

Net interest income after provision for loan losses		50,830		43,082		53,504		52,138		55,946

Other income		16,710		16,718		18,165		19,757		19,210

Gain on sale of securities		8,304		-		-		7,340		-

Other expense:
Salaries and employee benefits		25,171		24,815		25,589		25,334		25,487
Occupancy expense		3,117		2,740		2,772		2,882		3,158
Furniture and equipment expense		2,632		2,395		2,463		2,498		2,378
Other expense		16,970		16,710		15,228		19,437		14,839
Total other expense		47,890		46,660		46,052		50,151		45,862

Income before income taxes		27,954		13,140		25,617		29,084		29,294

Income taxes		7,175		844		6,418		7,777		7,904

Net income	$	20,779	$	12,296	$	19,199	$	21,307	$	21,390

Preferred stock dividends and accretion		1,452		1,441		1,440		1,441		1,440

Net income available to common shareholders	$	19,327	$	10,855	$	17,759	$	19,866	$	19,950

Per Common Share:
Net income - basic	$	1.30	$	0.74	$	1.25	$	1.42	$	1.43
Net income - diluted	$	1.30	$	0.74	$	1.25	$	1.42	$	1.43

PARK NATIONAL CORPORATION

Asset Quality Information

	QTR ended
	March 31,			Year ended December 31,
(in thousands, except ratios)	2010			2009			2008			2007			2006
Allowance for loan losses:
Allowance for loan losses, beginning of period	$	116,717		$	100,088		$	87,102		$	70,500		$	69,694
Charge-offs		15,578			59,022			62,916			27,776			10,772
Recoveries		1,985			6,830			5,415			5,568			6,853
Net charge-offs		13,593			52,192			57,501			22,208			3,919
Provision for loan losses		16,550			68,821			70,487			29,476			3,927
Allowance for loan losses of acquired bank		-			-			-			9,334			798
Allowance for loan losses, end of period	$	119,674		$	116,717		$	100,088		$	87,102		$	70,500

Asset Quality Ratios:
Net charge-offs as a % of average loans		1.19	%		1.14	%		1.32	%		0.55	%		0.12	%
Allowance for loan losses as a % of period end loans		2.60	%		2.52	%		2.23	%		2.06	%		2.03	%

Nonperforming Assets:
Nonaccrual loans	$	230,498		$	233,544		$	159,512		$	101,128		$	16,004
Renegotiated loans		60			142			2,845			2,804			9,113
Loans past due 90 days or more		11,853			14,773			5,421			4,545			7,832
Total nonperforming loans	$	242,411		$	248,459		$	167,778		$	108,477		$	32,949
Other real estate owned		45,854			41,240			25,848			13,443			3,351
Total nonperforming assets	$	288,265		$	289,699		$	193,626		$	121,920		$	36,300
Percentage of nonperforming loans to period end loans		5.27	%		5.35	%		3.74	%		2.57	%		0.95	%
Percentage of nonperforming assets to period end loans		6.27	%		6.24	%		4.31	%		2.89	%		1.04	%
Percentage of nonperforming assets to period end assets		4.02	%		4.11	%		2.74	%		1.88	%		0.66	%

New nonaccrual loan information:
Nonaccrual loans, beginning of period	$	233,544		$	159,512		$	101,128		$	16,004		$	14,922
New nonaccrual loans		30,252			184,181			141,749			113,720			4,949
Resolved nonaccrual loans		33,298			110,149			83,365			28,596			3,867
Nonaccrual loans, end of period	$	230,498		$	233,544		$	159,512		$	101,128		$	16,004

Impaired Commercial Loan Portfolio Information:
Unpaid principal balance	$	244,822		$	245,092		$	171,310		$	100,307		$	21,926
Prior charge-offs		46,175			43,949			29,967			10,226			2,446
Remaining principal balance		198,647			201,143			141,343			90,081			19,480
Specific reserves		38,739			36,721			8,875			3,492			2,002
Book value, after specific reserves	$	159,908		$	164,422		$	132,468		$	86,589		$	17,478

Vision Bank Commercial Land & Development (CL&D) Loan Portfolio Information:
CL&D loans, period end	$	200,112		$	218,205		$	251,443		$	295,743
Performing CL&D loans, period end		116,672			132,788			191,712			260,195
Impaired CL&D loans, period end		83,440			85,417			59,731			35,548
Specific reserve on impaired CL&D loans		24,404			21,706			3,134			1,184
Book value of impaired CL&D loans, after specific reserve	$	59,036		$	63,711		$	56,597		$	34,364

Cumulative prior charge-offs on impaired Vision Bank CL&D loans, period end	$	26,334		$	24,931		$	18,839		$	7,399

Park National (PRK) 8-KPark National Corporation reports first quarter 2010 financial