Overview

• U.S. regional bank's Q1 net income and EPS declined slightly, impacted by merger-related expenses

• Loans and deposits grew sharply, driven by First Citizens acquisition

• Company completed previously announced merger with First Citizens Bancshares in Q1

Outlook

• Company did not provide specific guidance or outlook for current or future periods

Result Drivers

• MERGER IMPACT - Co said Q1 results reflected merger-related expenses and expanded income and expense base from First Citizens acquisition

• LOAN AND DEPOSIT GROWTH - Co attributed sharp increases in loans and deposits to First Citizens acquisition

• MARKET EXPANSION - Co said expansion into Tennessee supports growth strategy

Company press release: ID:nGNX5GMX2k

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$2.39
Q1 Net Income		$41.69 mln
Q1 Net Interest Income		$125.78 mln
Q1 Net Interest Margin		4.80%

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Park National Corp is $180.00, about 4% above its April 23 closing price of $173.15

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago

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