Park National Corporation reports 2nd quarter 2015 financial results and declares dividend
Bank reports continued success with loan growth strategies
NEWARK, Ohio − Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the second quarter and first half of 2015, which included loan growth in all loan categories. The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on September 10, 2015 to common shareholders of record as of August 21, 2015.
Park’s net income for the three months ended June 30, 2015 (second quarter) was $21.0 million, compared to $21.8 million for the same period in 2014, a decrease of $0.8 million or 3.5 percent. Net income per diluted common share for the second quarter of 2015 was $1.37, compared to $1.42 in the same period of 2014. Net income for the six months ended June 30, 2015 (first half) was $40.1 million, compared to $41.4 million for the same period in 2014, a decrease of $1.3 million or 3.2 percent. Net income per diluted common share for the first half of 2015 was $2.60, compared to $2.69 in the same period of 2014.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $40.5 million for the six months ended June 30, 2015, compared to net income of $41.7 million for the same period of 2014. The Park National Bank had total assets of $7.2 billion at June 30, 2015 and $6.7 billion at June 30, 2014. This performance generated an annualized return on average assets of 1.14 percent and 1.26 percent for the bank for first half periods of 2015 and 2014, respectively.
The Park National Bank loan portfolio expanded during the second quarter of 2015. Loans outstanding at June 30, 2015 were $4.86 billion, compared to $4.79 billion at March 31, 2015, an increase of $73 million or an annualized 6.15 percent. The bank reported growth in the second quarter across all loan categories: mortgage loan growth of $13 million (4.4 percent annualized), commercial loan growth of $23 million (3.8 percent annualized) and consumer loan growth of $37 million (16.4 percent annualized).
“We remain energized by business owners and individuals who value excellent service, which is what they receive from their Park affiliate bankers. Our local lenders stand ready to help anyone who wants practical and creative banking solutions,” said Park Chief Executive Officer David L. Trautman.
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