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PARK NATIONAL CORPORATION, NEWARK, OHIO REPORTS FIRST QUARTER, 1993 EARNINGS

 NEWARK, Ohio, April 19 /PRNewswire/ -- Park National Corporation (NASDAQ/NMS: PARK) today announced earnings for the first quarter of l993. Net income in l993 totaled $5.675 million or $l.60 per share compared to net income of $4.l8l million or $l.l8 per share for the first quarter of l992. Accounting rules required Park to adopt Financial Accounting Standard l09, Accounting for Income Taxes, in the first quarter of l993. This resulted in a one time increase in Net Income of $l.5 million or $ .42 per share. The increase is recorded as a Change in Accounting Principle in Park's financial statements. Income per share excluding the accounting change is $l.l8 per share in both the first quarters of 1993 and 1992.
 A second quarter cash dividend of $ .40 per share, payable on June 10, l993 to shareholders of record on May 2l, l993 was approved by Park's Board of Directors.
 William T. McConnell, CEO of Park, indicated that Park's loans were $82l million at March 3l, l993, an increase of l0.9 percent compared to loan outstandings at March 3l, l992. He indicated that this is a result of increased loan volumes from innovative loan programs as well as an improving economy in Central Ohio.
 Park National Corporation is a $l.2 billion asset, Ohio based, bank holding company, which owns Park National Bank (Newark and Columbus), Fairfield National Division (Lancaster), Richland Trust Company (Mansfield) and Mutual Federal Savings Bank (Zanesville). Park has thirty-seven, full-service banking offices and a network of 25 twenty- four hour teller machines in Central Ohio. Summary financial information is:
 PARK NATIONAL CORPORATION
 Dollar amounts in thousands (except per share)
 First Quarter l993 1992
 Income before effect of a $4,175 $4,181
 change in accounting principle
 Net income 5,675 4,181
 Income per share before effect 1.18 1.18
 of a change in accounting principle
 Income per share 1.60 1.18
 ROA 1.87 pct. 1.42 pct.
 ROE 24.06 pct. 19.90 pct.
 Net interest margin 5.12 pct. 4.89 pct.
 Net interest income $14,162 $12,995
 Noninterest income 2,621 2,548
 Security gain (loss) (15) 0
 Noninterest expense 9,760 9,021
 Loss provision 990 720
 Net charge-offs 171 513
 Balance Sheet 3/93 3/92
 Assets $1,239,119 $1,193,185
 Deposits 1,028,011 1,007,434
 Loans 821,338 740,366
 Equity 98,161 86,523
 Book value per share 27.71 24.42
 Reserve/loans 2.34 pct. 2.33 pct.
 Reserve/nonperforming loans 540.68 pct. 301.31 pct.
 Nonperforming loans/loans 0.43 pct. 0.77 pct.
 Nonperforming assets/assets 0.51 pct. 0.94 pct.
 Equity/assets 7.92 pct. 7.25 pct.
 -0- 4/19/93
 /CONTACT: Jerry Nethers, Vice President Marketing, 6l4-349-37l0, or David C. Bowers, CFO, 6l4-349-3708, both of Park National Corporation/
 (PARK)


CO: Park National Corporation ST: Ohio IN: FIN SU: ERN

LC -- CL025 -- 7561 04/19/93 15:58 EDT
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Date:Apr 19, 1993
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