Park National Corporation reports first quarter 2014 financial results
April 28, 2014
Board continues quarterly cash dividend of $0.94 per common share
NEWARK, Ohio − Park National Corporation (Park) (NYSE MKT: PRK) today reported financial results for the three-months ended March 31, 2014 (first quarter). Park’s board of directors declared a quarterly cash dividend of $0.94 per common share, payable on June 10, 2014 to common shareholders of record as of May 23, 2014.
Net income for the first quarter of 2014 was $19.6 million, compared to $20.7 million for the same period in 2013, a decrease of $1.1 million, or 5.3 percent. Net income per diluted common share for the first quarter of 2014 was $1.27, compared to $1.34 in the same period of 2013.
The Park National Bank Results
Park’s community-banking subsidiary in Ohio, The Park National Bank, reported net income of $19.6 million for the first quarter, compared to net income of $19.9 million for the first quarter of 2013. The Park National Bank had total assets of $6.7 billion at March 31, 2014 and $6.6 billion at March 31, 2013. This performance generated a return on average assets of 1.19 percent and 1.23 percent for the bank for the periods ended March 31, 2014 and 2013, respectively.
“Economic recovery continues to bolster loan demand in the communities we serve and positively affect credit quality in our loan portfolio,” said Park President David L. Trautman. “We focus on lending money to local individuals, families and businesses. This focus remains a key factor of our consistent financial performance, and we are eager to lend more.”
Park National Bank’s credit metrics in the first quarter of 2014 demonstrate how the economic recovery continues to improve the financial stability of businesses and consumers in Ohio. The bank’s delinquent and accruing loans were $22.5 million (0.49 percent) of total loans at March 31, 2014, compared to $26.2 million (0.58 percent) at December 31, 2013 and $33.4 million (0.76 percent) at December 31, 2012. Park National Bank’s level of delinquent and accruing loans at March 31, 2014 was the lowest level of any quarter-end period since 2001. Park National Bank had $4.57 billion in loans outstanding at March 31, 2014, an increase of $199 million for the 12 – month period compared to $4.37 billion at March 31, 2013.
About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $7.4 billion in total assets (as of June 30, 2016). 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.
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Park National Corporation
50 N. Third Street, Newark, Ohio 43055 www.parknationalcorp.com