Due to Park National Corporation’s (PRK) current balance sheet positioning, the net interest margin will be mostly stable this year following the sharp interest rate plunge in March 2020. A simulation run by the management shows that a 200bps cut in interest rates can increase net interest income by 0.5% over twelve months. Partly based on the results of this simulation, I’m expecting the margin to remain mostly unchanged throughout 2020. The margin stability and low loan growth will likely drive earnings this year. Moreover, non-interest expenses will likely decline, which will further