Park National Corporation reports financial results for second quarter and first half of 2017
July 25, 2017
NEWARK, Ohio – Park National Corporation (Park) (NYSE American: PRK) today announced financial results for the second quarter and first half of 2017 (three and six months ended June 30, 2017). Park’s board of directors declared a quarterly cash dividend of $0.94 per common share, payable on September 8, 2017 to common shareholders of record as of August 18, 2017.
Park reported $19.0 million in net income for the second quarter of 2017, a 4.8 percent decrease from $20.0 million for the same period in 2016. Net income per diluted common share for the second quarter of 2017 was $1.24, compared to $1.30 in the second quarter of 2016.
Net income for the first six months of 2017 was $39.3 million, a 1.6 percent increase from $38.7 million for the same period in 2016. Net income per diluted common share for the first half of 2017 was $2.55, compared to $2.51 for the first half of 2016.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $20.2 million for the second quarter of 2017, compared to $21.1 million for the second quarter of 2016. Park increased its provision for loan losses this quarter, preparing for potential loss related to a specific commercial loan.
Net income for the first six months of 2017 was $41.6 million, compared to $42.8 million for the same period in 2016. The bank had total assets of $7.8 billion at June 30, 2017, rising from $7.4 billion at December 31, 2016.
“Our associates have made great effort to grow deposit relationships and match new clients up with the account services that best fit them,” Park Chief Executive Officer David L. Trautman said about Park’s six percent increase in deposit balances over the last year. “Recent enhancements to our fraud protection, mobile banking, and non-profit group accounts helped generate momentum, and we believe the new personal accounts we’ll launch later this year will attract more clients to our banks throughout 2018.”
In the first half of 2017, the bank grew consumer loans by $96.8 million (17.3 percent annualized) and commercial loans by $21.6 million (1.6 percent annualized). Total loans for the bank were $5.33 billion at June 30, 2017, a $94.3 million (3.6 percent annualized) increase over $5.23 billion at December 31, 2016.
Click here for a PDF of the news release and to see the complete financial tables.