1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 1-13006
-------------------------------------------
Park National Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 31-1179518
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
50 North Third Street, Newark, Ohio 43055
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(614) 349-8451
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing require- ments for the past 90 days.
Yes X No
------- -------
7,141,532 common shares, no par value per share, outstanding at July 31, 1996.
Page 1 of 18
Exhibit Index Page 16
2
PARK NATIONAL CORPORATION
CONTENTS
--------
Page
PART I. FINANCIAL INFORMATION 3-8
Item 1. Financial Statements 3-8
Consolidated Balance Sheet as of
June 30, 1996 and December 31, 1995
(unaudited) 3
Consolidated Condensed Statement of
Income for the Three Months Ended
and for the Six Months Ended June 30,
1996 and 1995 (unaudited) 4,5
Consolidated Statement of Cash Flows
for the Six Months Ended June 30, 1996
and 1995 (unaudited) 6,7
Notes to Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial 9-15
Condition and Results of Operations
PART II. OTHER INFORMATION 16
Item 1. Legal Proceedings 16
Item 2. Changes in Securities 16
Item 3. Defaults Upon Senior Securities 16
Item 4. Submission of Matters to a Vote of Security Holders 16
Item 5. Other Information 16
Item 6. Exhibits and Reports on Form 8-K 16
SIGNATURES 17
Exhibit 27 18
2
3
PARK NATIONAL CORPORATION
Consolidated Balance Sheet (Unaudited)
(Dollars in thousands, except per share data)
June 30, December 31,
1996 1995
----------- -----------
Assets:
Cash and due from banks $ 56,729 $ 92,752
Money market investments 21,700 0
Securities available-for-sale, at fair
value (amortized cost of $314,928
and $308,298 at June 30, 1996
and December 31, 1995) 315,048 317,414
Securities held-to-maturity, at amortized
cost (fair value approximates $12,508
and $11,917 at June 30, 1996
and December 31, 1995) 12,065 11,316
Loans (net of unearned interest) 1,031,530 1,024,727
Allowance for possible loan losses 26,565 25,073
Net loans 1,004,965 999,654
Bank premises and equipment, net 16,773 17,161
Other assets 43,253 37,911
----------- -----------
Total assets $ 1,470,533 $ 1,476,208
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing $ 164,386 $ 190,014
Interest-bearing 1,050,792 1,016,526
Total deposits 1,215,178 1,206,540
Short-term borrowings 101,885 113,992
Other liabilities 14,609 19,252
Total liabilities 1,331,672 1,339,784
Stockholders' Equity:
Common stock (No par value; 20,000,000
shares authorized in 1996 and
10,000,000 authorized in 1995;
7,222,610 shares issued in 1996
and 1995) 26,819 26,819
Unrealized holding gain on
available-for-sale securities, net 78 5,926
Retained earnings 114,404 106,508
Treasury stock (79,238 shares in 1996
and 87,388 shares in 1995) (2,440) (2,829)
Total stockholders' equity 138,861 136,424
----------- -----------
Total liabilities and
stockholders' equity $ 1,470,533 $ 1,476,208
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
3
4
PARK NATIONAL CORPORATION
Consolidated Condensed Statement of Income (Unaudited)
(Dollars in thousands, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
------- ------- ------- -------
Interest Income:
Interest & fees on loans $23,941 $23,126 $48,057 $44,689
Interest on:
Obligations of U.S. Govt.,
its agencies & other
securities 5,353 4,430 10,573 8,802
Obligations of states &
political subdivisions 154 157 297 316
Other interest income 468 103 892 167
Total interest income 29,916 27,816 59,819 53,974
Interest expense:
Interest on deposits:
Demand & savings deposits 3,040 3,219 6,109 6,472
Time deposits 7,907 6,614 15,745 12,113
Non-deposit interest 1,140 1,646 2,552 3,441
Total interest expense 12,087 11,479 24,406 22,026
Net interest income 17,829 16,337 35,413 31,948
Provision for loan losses 1,005 1,000 2,010 1,910
Net interest income
after provision 16,824 15,337 33,403 30,038
4
5
PARK NATIONAL CORPORATION
Consolidated Condensed Statement of Income (Unaudited) - (Continued)
(Dollars in thousands, except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
----------- ---------- ----------- -----------
Other income $ 3,587 $ 3,175 $ 7,268 $ 6,564
Loss on sale of securities (401) 0 (695) (614)
Other expense:
Salaries & employee benefits 5,263 4,951 10,734 10,036
Occupancy 528 502 1,123 1,012
Furniture & equipment 561 520 1,121 1,043
Other expenses 3,598 4,000 7,956 7,965
Total other expense 9,950 9,973 20,934 20,056
Income before federal
income taxes 10,060 8,539 19,042 15,932
Federal income taxes 3,256 2,826 6,143 5,203
Net income $ 6,804 $ 5,713 $ 12,899 $ 10,729
=========== ========== =========== ===========
Per Share:
Net income $ 0.96 $ 0.79 $ 1.81 $ 1.49
Weighted average common
shares outstanding 7,141,679 7,178,028 7,138,858 7,183,839
Cash dividends declared $ 0.35 $ 0.30 $ 0.70 $ 0.60
SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
6
PARK NATIONAL CORPORATION
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in thousands)
Six Months Ended
June 30,
1996 1995
-------- --------
Operating activities:
Net income $ 12,899 $ 10,729
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, amortization & accretion 189 317
Provision for loan losses 2,010 1,910
Amortization of the excess of cost over
net assets of banks purchased 130 234
Realized investment security losses 695 614
Changes in assets & liabilities:
Increase in other assets (2,323) (1,244)
Decrease in other liabilities (2,146) (5,123)
Net cash provided by operating
activities 11,454 7,437
Investing activities:
Proceeds from sales of:
Available-for-sale securities 37,635 31,362
Proceeds from maturities of:
Available-for-sale securities 52,640 26,883
Held-to-maturity securities 826 929
Purchases of:
Available-for-sale securities (97,012) (50,679)
Held-to-maturity securities (1,575) (914)
Net increase in loans (7,091) (29,358)
Purchases of premises & equipment, net (619) (720)
Net cash used by investing activities (15,196) (22,497)
6
7
PARK NATIONAL CORPORATION
Consolidated Statement of Cash Flows (Unaudited) - (Continued)
(Dollars in thousands)
Six Months Ended
June 30,
1996 1995
-------- --------
Financing activities:
Net increase in deposits $ 8,638 $ 49,887
Decrease in short-term borrowings (12,107) (31,575)
Reissue (purchase) of treasury stock 389 (1,523)
Cash dividends paid (7,501) (6,465)
Net cash (used by) provided by
financing activities (10,581) 10,324
Decrease in cash and cash equivalents (14,323) (4,736)
Cash & cash equivalents at beginning of year 92,752 64,116
Cash & cash equivalents
at end of period $ 78,429 $ 59,380
======== ========
Supplemental disclosures of cash flow information:
Cash paid for:
Interest $ 24,757 $ 21,437
Income taxes 7,700 3,300
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
7
8
PARK NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Three and Six Month Periods Ended June 30, 1996 and 1995.
Note 1 - Basis of Presentation
---------------------
The consolidated financial statements included in this report have been prepared
by Park National Corporation (the "Registrant", "Corporation", or "Park")
without audit. In the opinion of management, all adjustments (consisting solely
of normal recurring accruals) necessary for a fair presentation of results of
operations for the interim periods included herein have been made. The results
of operations for the periods ended June 30, 1996 are not necessarily indicative
of the operating results to be anticipated for the fiscal year ended December
31, 1996.
The accompanying unaudited consolidated financial statements have been prepared
in accordance with the instructions for Form 10-Q, and therefore, do not include
all information and footnotes necessary for a fair presentation of the balance
sheet, condensed statement of income and statement of cash flows in conformity
with generally accepted accounting principles. These financial statements should
be read in conjunction with the financial statements included in the Annual
Report for the year ended December 31, 1995. Certain amounts in prior periods
have been reclassified to conform to the financial statement presentation used
for current periods.
8
9
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Comparison of Results of Operations for the Three and Six Month
Periods Ended June 30, 1996 and 1995
Net Interest Income
- -------------------
The Corporation's principal source of earnings is net interest income, the
difference between total interest income and total interest expense. Net
interest income increased by $1.5 million or 9.1% to $17.8 million for the three
months ended June 30, 1996 compared to $16.3 million for the second quarter of
1995. The following table indicates that the tax equivalent net interest margin
(defined as net interest income divided by average earning assets) increased to
5.34% for the second quarter of 1996 compared to 5.26% for the second quarter of
1995.
Three Months Ended June 30th
(In Thousands)
1996 1995
---------------------- ----------------------
Tax Tax
Average Equivalent Average Equivalent
Balance % Balance %
---------------------- ----------------------
Loans, Net $ 991,648 9.74% $ 980,854 9.48%
Taxable $ 315,372 6.83% $ 259,150 6.86%
Investments
Tax-Exempt
Investments $ 10,195 8.71% $ 10,422 8.74%
Money Markets $ 35,433 5.31% $ 6,656 6.24%
------------ ------ ------------ -------
Interest-Earning $1,352,648 8.93% $1,257,082 8.92%
Assets ------------ ------- ------------ -------
Interest-Bearing $1,048,154 4.20% $ 959,652 4.11%
Deposits
Borrowings $ 105,944 4.33% $ 126,823 5.21%
---------- ----- ---------- -----
Interest-Bearing $1,154,098 4.21% $1,086,475 4.24%
Liabilities ---------- ----- ---------- -----
Excess Interest- $ 198,550 4.72% $ 170,607 4.68%
Earning Assets
Net Interest
Margin 5.34% 5.26%
9
10
Average interest-earning assets increased by 7.6% to $1,353 million for the
quarter ended June 30, 1996 compared to the same quarter in 1995. Net average
loans outstanding increased by 1.1% to $992 million for the second quarter of
1996 compared to the same period in 1995. Average investment securities
including money markets increased by 30.7% to $361 million in 1996 compared to
$276 million in 1995. The growth in average net loans outstanding of 1.1% in
1996 is somewhat slower than the 10.4% loan growth rate in the second quarter of
1995. The primary reason for the slower growth in net average loan balances has
been weaker loan demand. Excess funds generated from the growth of
interest-bearing deposits, and not needed to fund loans, have increased average
investment securities and money markets by 30.7%.
Average interest-bearing liabilities increased by 6.2% to $1,154 million for the
three months ended June 30, 1996 compared to the same quarter in 1995. This
increase was due to a 9.2% increase in average interest-bearing deposits to
$1,048 million in the second quarter of 1996 compared to the same quarter in
1995. The increase in average interest-bearing deposits was primarily due to an
increase in the average balance of certificates of deposit which have been more
attractive to customers due to higher interest rates being paid on these
deposits.
For the three months ended June 30, 1996, the net interest spread improved to
4.72% compared to 4.68% for the same quarter in 1995. The average yield on
interest-earning assets increased by .01% to 8.93% and the average cost of
interest-bearing liabilities decreased by .03% to 4.21%. The net interest margin
increased to 5.34% for the second quarter of 1996 compared to 5.26% for the same
quarter in 1995. The increase in the net interest margin was due to the increase
in the net interest spread and the increase in the amount of excess
interest-earning assets.
Net interest income increased by $3.5 million or 10.8% to $35.4 million for the
six months ended June 30, 1996 compared to $31.9 million for the same period in
1995. The following table indicates that the tax equivalent net interest margin
increased to 5.32% for the first half of 1996 compared to 5.22% for the first
half of 1995.
Six Months Ended June 30th
(In Thousands)
1996 1995
---------------------- ----------------------
Tax Tax
Average Equivalent Average Equivalent
Balance % Balance %
---------------------- ----------------------
Loans, Net $ 991,928 9.77% $ 971,854 9.30%
Taxable $ 313,948 6.77% $ 256,964 6.91%
Investments
10
11
Tax-Exempt
Investments $ 9,750 8.80% $ 10,403 8.86%
Money Markets $ 33,643 5.33% $ 5,536 6.10%
------------ ------ ------------ -------
Interest-Earning $1,349,269 8.95% $1,244,757 8.79%
Assets ------------ ------- ------------ -------
Interest-Bearing $1,036,938 4.24% $ 946,835 3.96%
Deposits
Borrowings $ 113,611 4.52% $ 132,407 5.24%
---------- ----- ---------- -----
Interest-Bearing $1,150,549 4.27% $1,079,242 4.12%
Liabilities ---------- ----- ---------- -----
Excess Interest- $ 198,720 4.68% $ 165,515 4.67%
Earning Assets
Net Interest
Margin 5.32% 5.22%
Average interest-earning assets increased by 8.4% to $1,349 million for the six
months ended June 30, 1996 compared to the same period in 1995. Net average
loans outstanding increased by 2.1% to $992 million for the first half of 1996
compared to the same period in 1995. Average investment securities including
money markets increased by 30.9% to $357 million in 1996 compared to $273
million in 1995. The primary reason for the slow growth in net average loan
balances has been weaker loan demand. Excess funds generated from the growth of
interest-bearing deposits, and not needed to fund loans, have increased average
investment securities and money market by 30.9%.
Average interest-bearing liabilities increased by 6.6% to $1,151 million for the
six months ended June 30, 1996 compared to the same period in 1995. This
increase was due to a 9.5% increase in average interest-bearing deposits to
$1,037 million for the first half of 1996 compared to the same period in 1995.
The increase in average interest-bearing deposits was primarily due to an
increase in the average balance of certificates of deposit.
For the six months ended June 30, 1996, the net interest spread improved to
4.68% compared to 4.67% for the same period in 1995. The average yield on
interest-earning assets increased by .16% to 8.95% and the average cost of
interest-bearing liabilities increased by .15% to 4.27%. The net interest margin
increased to 5.32% for the first half of 1996 compared to 5.22% for the same
period in 1995. This increase was primarily due to both the increase in the
amount of excess interest-earning assets and the increase in the yield on those
assets to 8.95% in 1996 compared to 8.79% in 1995.
11
12
Provision For Loan Losses
- -------------------------
The provision for loan losses increased by $5,000 to $1,005,000 for the three
months ended June 30, 1996 and by $100,000 to $2,010,000 for the six months
ended June 30, 1996 compared to the same periods in 1995. Net charge-offs were
$317,000 and $518,000, respectively, for the three and six month periods ended
June 30, 1996 compared to net charge-offs of $230,000 and $246,000,
respectively, for the same periods in 1995. Non-performing loans, defined as
loans that are 90 days past due, renegotiated loans and non-accrual loans, were
$4.2 million or .41% of loans at June 30, 1996 compared to $4.5 million or .43%
of loans at December 31, 1995 and $5.0 million or .50% of loans at June 30,
1995. The reserve for loan losses as a percentage of outstanding loans was 2.58%
at June 30, 1996 compared to 2.45% at December 31, 1995 and 2.30% at June 30,
1995.
Non-Interest Income
- -------------------
Non-interest income increased by $412,000 or 13.0% to $3.6 million for the three
months ended June 30, 1996 and increased by $704,000 or 10.7% to $7.3 million
for the six months ended June 30, 1996 compared to the same periods in 1995. The
increase in non-interest income for both periods in 1996 compared to 1995 was
due to increases in non-yield loan fees, service charges on deposit accounts,
and fees from fiduciary activities. The increase in non-yield loan fees resulted
from increased originations and sales into the secondary market of fixed rate
mortgage loans.
Security Losses
- ---------------
Investment security losses were $401,000 for the three month period ended June
30, 1996 and $695,000 for the first half of 1996 compared to no loss for the
second quarter of 1995 and a loss of $614,000 for the first half of 1995. In
both 1996 and 1995, taxable investment securities were sold and the proceeds
reinvested into taxable investment securities with slightly longer maturities.
The average life of the taxable investment portfolio was approximately three
years at June 30, 1996 and 1995.
During the first half of 1996, longer-term taxable investment rates increased
which resulted in the net unrealized holding gain on available-for-sale
securities decreasing to $78,000 at June 30, 1996 compared to $5.9 million at
December 31, 1995. If this trend of higher interest rates were to continue, the
Corporation could realize additional investment security losses in the second
half of 1996.
Other Expense
- -------------
Total other expense decreased by $23,000 to $9.95 million for the three month
period ended June 30, 1996 compared to $9.97 million for
12
13
the same period in 1995. This decrease was due to a $402,000 decrease to $3.6
million in the subcategory other expense which exceeded the increases in
salaries and employee benefits, occupancy, and furniture & equipment expense.
The decrease in the subcategory other expense was due to a $435,000 decrease in
deposit insurance premiums as a result of the reduction in the deposit insurance
rate for banks in 1996. The subcategory other expense also includes data
processing expense, fees and service charges, marketing, telephone, postage, and
expenses pertaining to other real estate owned. Salaries and employee benefits
expense increased by $312,000 or 6.3% to $5.3 million for the quarter ended June
30, 1996 compared to the same quarter in 1995. Full time equivalent employees
were 703 at June 30, 1996 compared to 671 at June 30, 1995.
For the six months ended June 30, 1996, total other expense increased by
$878,000 or 4.4% to $20.9 million compared to the same period in 1995. This
increase was primarily due to a $698,000 or 6.9% increase to $10.7 million in
salaries and employee benefits expense for the first half of 1996 compared to
$10.0 million for the same period in 1995. In the subcategory other expense,
increases in data processing expense, fees & service charges, and miscellaneous
expense offset the decrease in deposit insurance premiums for the first six
months of 1996 compared to the same period in 1995.
Federal Income Taxes
- --------------------
Federal income tax expense increased by $430,000 to $3.3 million and by $940,000
to $6.1 million for the three and six month periods ended June 30, 1996,
respectively, compared to the same periods in 1995. The ratio of federal income
tax expense to income before taxes was approximately 32.5% for both periods in
1996 and 1995.
Net Income
- ----------
Net income increased by $1.1 million or 19.1% to $6.8 million for the three
months ended June 30, 1996 compared to $5.7 million for the same period in 1995.
For the six months ended June 30, 1996, net income increased by $2.2 million or
20.2% to $12.9 million compared to $10.7 million for the same period in 1995.
The annualized, net income to average asset ratio (ROA) was 1.87% and 1.78%,
respectively, for the three and six month periods ended June 30, 1996 compared
to 1.67% and 1.59%, respectively, for the same periods in 1995. The annualized,
net income to average equity ratios (ROE) was 20.1% and 19.0%, respectively, for
the three and six month periods ended June 30, 1996 compared to 18.7% and 18.1%,
respectively, for the same periods in 1995.
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COMPARISON OF FINANCIAL CONDITION
FOR JUNE 30, 1996 AND DECEMBER 31, 1995
Changes in Financial Condition and Liquidity
- --------------------------------------------
Total assets decreased by $5.7 million to $1,470 million at June 30, 1996
compared to $1,476 million at December 31, 1995. Cash and due from banks
decreased by $36.0 million to $56.7 million at June 30, 1996 compared to $92.7
million at December 31, 1995. This decrease was primarily due to a decrease in
noninterest-bearing deposits of $25.6 million to $164.4 million at June 30, 1996
compared to $190.0 million at December 31, 1995. Noninterest-bearing deposit
accounts had temporarily increased at year-end 1995 which caused cash and due
from banks to also temporarily increase. The average balance for cash and due
from banks was $55 million for the first half of 1996 and the average 1996
balance for noninterest-bearing deposit accounts was $156 million.
Federal funds sold and investment securities increased by $20.1 million and
loans increased by $6.8 million during the first half of 1996 which partially
offset the $36.0 million decrease in cash and due from banks. Loan balances were
70.1% of total assets at June 30, 1996 compared to 69.4% at December 31, 1995
and 72.8% of total assets at June 30, 1995.
Total liabilities decreased by $8.1 million to $1,332 million at June 30, 1996
compared to $1,340 million at December 31, 1995. This decrease was primarily due
to the $25.6 million decrease in noninterest-bearing deposit accounts and a
$12.1 million decrease in short-term borrowings. These decreases were partially
offset by the $34.3 million increase in interest-bearing deposits which resulted
primarily from an increase in certificates of deposit.
Capital Resources
- -----------------
Stockholders' equity at June 30, 1996 was $138.9 million or 9.44% of total
assets compared to $136.4 million or 9.24% of total assets at December 31, 1995
and $128.1 million or 9.23% of total assets at June 30, 1995.
Financial institution regulators have established guidelines for minimum capital
ratios and well capitalized capital ratios for banks, thrifts, and bank holding
companies. The unrealized net gain on available-for-sale securities is not
included in computing regulatory capital. The minimum leverage capital ratio
(defined as stockholders' equity less intangible assets divided by assets less
intangible assets) is 4% and the well capitalized ratio is greater than or equal
to 5%. Park's leverage capital ratio was 9.39% at June 30, 1996 and 8.91% at
December 31, 1995. The minimum Tier I risk-based capital ratio (defined as
leverage capital divided by risk-adjusted assets) is 4% and the well capitalized
ratio is greater than or equal to 6%.
14
15
Park's Tier I risk-based capital ratio was 14.05% at June 30, 1996 and 13.35% at
December 31, 1995. The minimum total risk-based capital ratio (defined as
leverage capital plus supplemental capital divided by risk-adjusted assets) is
8% and the well capitalized ratio is greater than or equal to 10%. Park's total
risk-based capital ratio was 15.31% at June 30, 1996 and 14.61% at December 31,
1995.
The financial institution subsidiaries of Park each met the applicable well
capitalized capital ratio guidelines at June 30, 1996. The following table
indicates the capital ratios for each subsidiary at June 30, 1996:
Tier I Total
Leverage Risk-Based Risk-Based
-------- ---------- ----------
Park National Bank 8.37% 12.11% 13.38%
Richland Trust Company 8.13% 12.73% 14.00%
Mutual Federal Savings Bank 7.60% 12.90% 14.16%
At the July 15, 1996 Park National Corporation Board of Directors' Meeting, a
cash dividend of $.35 per share was declared payable on September 10, 1996 to
shareholders of record on August 23, 1996.
15
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PARK NATIONAL CORPORATION
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
Park National Corporation is not engaged in any legal proceedings
of a material nature at the present time.
Item 2. Changes in Securities
---------------------
Not applicable
Item 3. Defaults Upon Senior Securities
-------------------------------
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
Not applicable
Item 5. Other Information
-----------------
Not applicable
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
a. Exhibits
--------
See Exhibit 27, Financial Data Schedule on Page 18
b. Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the quarter ended
June 30, 1996.
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SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PARK NATIONAL CORPORATION
DATE: August 9, 1996 BY: /S/ C. Daniel DeLawder
--------------- ----------------------------------
C. Daniel DeLawder
President
DATE: August 9, 1996 BY: /s/ David C. Bowers
--------------- ----------------------------------
David C. Bowers
Chief Financial Officer/Secretary
17