4. Park National Corp.

Shares of Park National Corp. ( PRK) of Newark, Ohio, closed at $66.29 Friday, returning 3% year-to-date, after a decline of 5% in 2011.

Based on a 94-cent quarterly payout, the shares have a dividend yield of 5.67%.

The company had $7.0 billion in total assets as of Dec. 30, and its quarterly ROA ranged from 1.02% to 1.19% during 2011, according to HighlineFI.

The shares trade for 1.8 times the company's reported Dec. 30 tangible book value of $37.13 and for 13 times the consensus 2012 EPS estimate of $5.26. The consensus 2013 EPS estimate is $5.20.

On Feb. 16, Park National completed the sale of its Florida subsidiary, Vision Bank, to Home Bancshares ( HOMB) of Conway, Ark., for $27.9 million, while retaining the subsidiaries nonperforming loans. Park National said it would record a "pre-tax gain of approximately $22 million, net of anticipated expenses directly related to the transaction, and increase its already strong capital ratios by approximately 100 basis points."

Park National earned $11.7 million, or 76 cents a share, during the fourth quarter, declining from $18.9 million, or $1.23 a share, during the third quarter, but improving from a net loss of $4.9 million, or 32 cents a share, during the fourth quarter of 2010.

Vision Bank was undercapitalized, with a very high level of nonperforming loans. Removing that unit will obviously smooth the way forward for Park National, with its strong Ohio operations. Meanwhile, the company has restated its 2010 and 2011 results, "recognition of loan loss provisions and other real estate owned devaluations at Vision Bank in 2010 instead of 2011."

Net income for 2011 was $78.9 million, or $5.12 a share, compared to a revised $52.3 million, or $3.45 a share, in 2010.

The company reported a tangible common equity ratio was 8.29% as of Dec. 30, increasing from 7.69% a year earlier.

Interested in more on Park National Corp.? See TheStreet Ratings' report card for this stock.

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