Park National sells $291M in AFS securities, expects $3.8M net income boost in 2024

PARK NATIONAL CORP /OH/

Sold $291M in AFS debt securities, incurring net loss of $7.9M ($6.3M after tax).
$207M sold to reduce borrowings (yield 3.41%, borrowings expense saved 5.50%; earn-back ~1.7 years).
$84M sold to fund new loans (yield 7.00%, new loan yield 8.17%; earn-back ~1.5 years).
Overall yield on sold securities 4.44%; net yield benefit 1.83% with earn-back ~1.6 years.
Anticipates $3.8M net income addition in 2024; NIM up 15 bps, ROA up 7 bps; helps stay below $10B assets.

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