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News Breaks
October 16, 2012
16:22 EDTPRKPark National: loan could require the recording of a charge-off up to $13M
Park National management reviewed with the Board of Directors details pertaining to a loan relationship that may require the recording of a charge-off of up to $13M, and corresponding loan loss provision. If the full charge-off and loan loss provision of $13M were to be recorded, diluted EPS are expected to be 78c for Q3 of 2012 and $3.82 for the nine months ended Sept. 30, 2012. If no charge-off or loan loss provision were required to be recorded for this specific loan relationship, diluted EPS for Q3 and first nine months of 2012 are expected to be $1.33 and $4.37, respectively. Management is working to gain additional information regarding this specific loan relationship prior to releasing earnings for the periods ended Sept. 30, 2012.
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