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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2010
Segment Information [Abstract] |
Segment Information | 23. SEGMENT INFORMATION The Corporation is a multi-bank holding company headquartered in Newark, Ohio. The operating segments for the Corporation are its two chartered bank subsidiaries, The Park National Bank (headquartered in Newark, Ohio) ("PNB") and Vision Bank (headquartered in Panama City, Florida) ("VB"). Guardian Financial Services Company ("GFSC") is a consumer finance company and is excluded from PNB for segment reporting purposes. GFSC is included within the presentation of "All Other" in the segment reporting tables that follow. During the third quarter of 2008, Park combined the eight separately chartered Ohio-based bank subsidiaries into one national bank charter, that of The Park National Bank. Prior to the charter mergers that were consummated in the third quarter of 2008, Park considered each of its nine chartered bank subsidiaries as a separate segment for financial reporting purposes. GAAP requires management to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand a company's performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. The change to two operating segments is in line with GAAP as there are: (i) two separate and distinct geographic markets in which Park operates; (ii) discrete financial information is available for each operating segment; and (iii) the segments are aligned with internal reporting to Park's Chief Executive Officer, who is the chief operating decision maker.
Operating Results for the year ended December 31, 2010 (In thousands) |  |  |  |
|  | PNB |  |  | VB (Restated) |  |  | All Other |  |  | Total (Restated) |
Net interest income |  | $ | 237,281 |  |  | $ | 27,867 |  |  | $ | 8,896 |  |  | $ | 274,044 |
Provision for loan losses |  |  | 23,474 |  |  |  | 61,407 |  |  |  | 2,199 |  |  |  | 87,080 |
Other income (loss) |  |  | 80,512 |  |  |  | (6,023 | ) |  |  | 391 |  |  |  | 74,880 |
Other expense |  |  | 144,051 |  |  |  | 31,623 |  |  |  | 11,433 |  |  |  | 187,107 |
Income (loss) before taxes |  |  | 150,268 |  |  |  | (71,186 | ) |  |  | (4,345 | ) |  |  | 74,737 |
Income taxes (benefit) |  |  | 47,320 |  |  |  | (25,773 | ) |  |  | (4,911 | ) |  |  | 16,636 |
Net income (loss) |  | $ | 102,948 |  |  | $ | (45,413 | ) |  | $ | 566 |  |  | $ | 58,101 |
Balances at December 31, 2010: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 6,495,558 |  |  | $ | 791,945 |  |  | $ | (5,242 | ) |  | $ | 7,282,261 |
Loans |  |  | 4,074,775 |  |  |  | 640,580 |  |  |  | 17,330 |  |  |  | 4,732,685 |
Deposits |  |  | 4,622,693 |  |  |  | 633,432 |  |  |  | (160,705 | ) |  |  | 5,095,420 |
Operating Results for the year ended December 31, 2009 (In thousands) |
|  | PNB |  |  | VB |  |  | All Other |  |  | Total |
Net interest income |  | $ | 236,107 |  |  | $ | 25,634 |  |  | $ | 11,750 |  |  | $ | 273,491 |
Provision for loan losses |  |  | 22,339 |  |  |  | 44,430 |  |  |  | 2,052 |  |  |  | 68,821 |
Other income (loss) |  |  | 82,770 |  |  |  | (2,047 | ) |  |  | 467 |  |  |  | 81,190 |
Other expense |  |  | 148,048 |  |  |  | 28,091 |  |  |  | 12,586 |  |  |  | 188,725 |
Income (loss) before taxes |  |  | 148,490 |  |  |  | (48,934 | ) |  |  | (2,421 | ) |  |  | 97,135 |
Income taxes (benefit) |  |  | 47,032 |  |  |  | (18,824 | ) |  |  | (5,265 | ) |  |  | 22,943 |
Net income (loss) |  | $ | 101,458 |  |  | $ | (30,110 | ) |  | $ | 2,844 |  |  | $ | 74,192 |
Balances at December 31, 2009: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  | $ | 6,182,257 |  |  | $ | 897,981 |  |  | $ | (39,909 | ) |  | $ | 7,040,329 |
Loans |  |  | 3,950,599 |  |  |  | 677,018 |  |  |  | 12,815 |  |  |  | 4,640,432 |
Deposits |  |  | 4,670,113 |  |  |  | 688,900 |  |  | $ | (170,961 | ) |  |  | 5,188,052 |
Operating Results for the year ended December 31, 2008 (In thousands) |  |  |  |
|  | PNB |  |  | VB |  |  | All Other |  |  | Total |
Net interest income |  | $ | 219,843 |  |  | $ | 27,065 |  |  | $ | 8,965 |  |  | $ | 255,873 |
Provision for loan losses |  |  | 21,512 |  |  |  | 46,963 |  |  |  | 2,012 |  |  |  | 70,487 |
Other income |  |  | 81,310 |  |  |  | 3,014 |  |  |  | 510 |  |  |  | 84,834 |
Goodwill impairment charge |  |  | — |  |  |  | 54,986 |  |  |  | — |  |  |  | 54,986 |
Other expense |  |  | 137,295 |  |  |  | 27,149 |  |  |  | 15,071 |  |  |  | 179,515 |
Income (loss) before taxes |  |  | 142,346 |  |  |  | (99,019 | ) |  |  | (7,608 | ) |  |  | 35,719 |
Income taxes (benefit) |  |  | 47,081 |  |  |  | (17,832 | ) |  |  | (7,238 | ) |  |  | 22,011 |
Net income (loss) |  | $ | 95,265 |  |  | $ | (81,187 | ) |  | $ | (370 | ) |  | $ | 13,708 |
Balances at December 31, 2008: |
Assets |  | $ | 6,243,365 |  |  | $ | 917,041 |  |  | $ | (89,686 | ) |  | $ | 7,070,720 |
Loans |  |  | 3,790,867 |  |  |  | 690,472 |  |  |  | 9,998 |  |  |  | 4,491,337 |
Deposits |  |  | 4,210,439 |  |  |  | 636,635 |  |  |  | (85,324 | ) |  |  | 4,761,750 |
Reconciliation of financial information for the reportable segments to the Corporation's consolidated totals: |
|  | Net Interest |  |  | Depreciation |  |  | Other |  |  | Income |  |  |  |  |  |  |
(In thousands) |  | Income |  |  | Expense |  |  | Expense |  |  | Taxes |  |  | Assets |  |  | Deposits |
2010 (as restated): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Totals for reportable segments |  | $ | 265,148 |  |  | $ | 7,109 |  |  | $ | 168,565 |  |  | $ | 21,547 |  |  | $ | 7,287,503 |  |  | $ | 5,256,125 |
Elimination of intersegment items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (77,876 | ) |  |  | (160,705 | )
Parent Co. and GFC totals – not eliminated |  |  | 8,896 |  |  |  | 17 |  |  |  | 11,416 |  |  |  | (4,911 | ) |  |  | 72,634 |  |  |  | — |
Totals |  | $ | 274,044 |  |  | $ | 7,126 |  |  | $ | 179,981 |  |  | $ | 16,636 |  |  | $ | 7,282,261 |  |  | $ | 5,095,420 |
2009: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Totals for reportable segments |  | $ | 261,741 |  |  | $ | 7,451 |  |  | $ | 168,688 |  |  | $ | 28,208 |  |  | $ | 7,080,238 |  |  | $ | 5,359,013 |
Elimination of intersegment items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (114,214 | ) |  |  | (170,961 | )
Parent Co. and GFC totals – not eliminated |  |  | 11,750 |  |  |  | 22 |  |  |  | 12,564 |  |  |  | (5,265 | ) |  |  | 74,305 |  |  |  | — |
Totals |  | $ | 273,491 |  |  | $ | 7,473 |  |  | $ | 181,252 |  |  | $ | 22,943 |  |  | $ | 7,040,329 |  |  | $ | 5,188,052 |
2008: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Totals for reportable segments |  | $ | 246,908 |  |  | $ | 7,488 |  |  | $ | 211,942 |  |  | $ | 29,249 |  |  | $ | 7,160,406 |  |  | $ | 4,847,074 |
Elimination of intersegment items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (186,809 | ) |  |  | (85,324 | )
Parent Co. and GFC totals – not eliminated |  |  | 8,965 |  |  |  | 29 |  |  |  | 15,042 |  |  |  | (7,238 | ) |  |  | 97,123 |  |  |  | — |
Totals |  | $ | 255,873 |  |  | $ | 7,517 |  |  | $ | 226,984 |  |  | $ | 22,011 |  |  | $ | 7,070,720 |  |  | $ | 4,761,750 |

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- Definition This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 + Details
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