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10 Bank Dividend Stocks: 2010 Roundup

4. Park National Corporation

Company Profile

Shares of Park National Corporation (PRK) of Newark, Ohio closed at $74.39 Monday, up 34% year-to-date. Based on a quarterly payout of 94 cents, the shares have a dividend yield of 5.05%.

Income Statement

Net income to common shareholders for the third quarter was $18.1 million, or $1.19 a share, declining from $19.7 million, or $1.30 a share, a year earlier, mainly because the results in the third quarter of 2009 included $3.5 million in gains on the sale of securities.

The third-quarter ROA was 1.11%, which was the highest among these 10 holding companies, despite Park National's payment of $1.5 million in dividends and accretion on $100 million in preferred shares held by the government for TARP assistance received in December 2008. Park National is the only company listed here that still owes TARP money.

The company's third-quarter dividend payout ratio was 79%.

Balance Sheet

Total assets were $7.1 billion as of September 30 and the nonperforming assets ratio was 4.24%, increasing from 3.71% a year earlier. The net charge-off ratio for the third quarter was 1.54% and loan loss reserves covered 2.52% of total loans as of September 30.

The Tier 1 leverage ratio was 9.67% and the total risk-based capital ratio was 15.98% as of September 30. The tangible common equity ratio was 8.28% according to SNL Financial.

Park National raised $27.6 million in common equity from the through the exercise of warrants through the first three quarters and another $4.8 million through the sale of shares to two institutional investors in December.

Stock Ratios

The shares trade for two times tangible book value according to SNL and 15 times the 2011 consensus earnings estimate of $5 a share. The forward P/E declines to 12 based on the 2012 consensus earnings estimate of $6.32 a share.

Analyst Ratings

Three of the six analysts covering Park National Corporation rate the shares a buy, while the other three analysts recommend investors hold the shares.

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