Park National Corporation reports first quarter 2017 financial results
NEWARK, Ohio – Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the first quarter of 2017 (three months ended March 31, 2017). Park’s board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on June 9, 2017 to common shareholders of record as of May 19, 2017.
Park reported $20.3 million in net income for the first quarter of 2017, an 8.5 percent increase from $18.7 million for the same period in 2016. Net income per diluted common share for the first quarter of 2017 was $1.31, compared to $1.21 in the first quarter of 2016.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $21.5 million for the first quarter of 2017, compared to $21.7 million for the first quarter of 2016. The bank had total assets of $7.7 billion at March 31, 2017, rising from $7.4 billion at December 31, 2016.
In the first quarter of 2017, the bank grew consumer loans by $59.7 million (21.5 percent annualized). Total loans for the bank were $5.28 billion at March 31, 2017, a $42 million (3.2 percent annualized) increase over $5.23 billion at December 31, 2016.
About Park National Corporation:
Headquartered in Newark, Ohio, Park National Corporation had $7.7 billion in total assets (as of March 31, 2017). The Park organization principally consists of 11 community bank divisions, a non-bank subsidiary and two specialty finance companies. Park’s Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions, which include Fairfield National Bank Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers Bank Division, United Bank, N.A. Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division, and The Park National Bank of Southwest Ohio & Northern Kentucky Division; and Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance). The Park organization also includes Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.