Park National Corporation reports financial results for fourth quarter and full year 2016
January 23, 2017
NEWARK, Ohio – Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the fourth quarter and the year ended 2016 (three and twelve months ended December 31, 2016). Park’s Chief Accounting Officer Matthew R. Miller was named executive vice president of Park and its community banking subsidiary The Park National Bank, effective April 1, 2017. Vice President Kelly A. Edds was appointed to assume the chief accounting officer role on the same date.
Park’s board of directors declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2017 to common shareholders of record as of February 17, 2017. The board also approved a share repurchase program authorizing Park to repurchase up to 500,000 of Park’s common shares.
“We ended 2016 as we hoped, increasing loans, deposits, assets under management and net income over 2015,” said Park Chief Executive Officer David L. Trautman. “We are grateful to our associates for another excellent year, and we look forward to finding new ways to serve our clients and communities in 2017.”
Park reported $20.0 million in net income for the fourth quarter of 2016, a 4.2 percent decrease from $20.9 million for the same period in 2015. Net income per diluted common share for the fourth quarter of 2016 was $1.30, compared to $1.36 in the fourth quarter of 2015.
Park’s net income for the 2016 year was $86.1 million, a 6.3 percent increase over $81.0 million for the 2015 year. Net income per diluted common share for the 2016 year was $5.59, compared to $5.26 for the 2015 year.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $16.1 million for the fourth quarter of 2016, compared to $23.1 million for the fourth quarter of 2015. The bank’s 2016 net income was $84.5 million, compared to $84.3 million for 2015. The bank had total assets of $7.4 billion at December 31, 2016, rising from $7.2 billion at December 31, 2015.
In 2016, the bank grew consumer loans by $152.5 million (15.6 percent) and commercial loans by $82.2 million (3.2 percent). Total loans for the bank were $5.23 billion at December 31, 2016, a $205.8 million (4.1 percent) increase over $5.03 billion at December 31, 2015.
The board of directors appointed Matthew R. Miller to serve as executive vice president, effective April 1, 2017. Miller joined Park in 2009. In his current role as a senior vice president and chief accounting officer, he is involved in Park’s financial performance, overall growth and ongoing community support. As executive vice president, Miller will provide additional focus on strategic opportunities, such as merger and acquisition options, specific business initiatives, and enhancing relationships throughout Park’s communities and industry.
“Matt exemplifies the best attributes of a Park National banker,” Trautman said. “He welcomes responsibility and the opportunity to serve others. He is humble and dedicated to helping his colleagues, our clients and our communities thrive.”
Miller began his financial career at Deloitte & Touche, LLP after graduating summa cum laude from the University of Akron. He is a graduate of the Ohio Bankers League Bank Leadership Institute. He has completed the Chicago Booth Executive Education program in Strategic Business Leadership, as well as the Licking County Chamber of Commerce Community Leadership Program. Miller is a member of the Ohio Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He is vice-chair of the Next Generation Advisory Board for the Ohio Bankers League, and has been part of that board since 2014.
Miller has extensive experience in community leadership, serving currently as president of the Licking County YMCA board (board member since 2009) and chair of the annual giving committee for The Works. He is a member of the development councils for The Works and Licking Memorial Hospital, respectively. He is a member of the Granville chapter of Rotary International. Previously, he served as a board member for Big Brothers and Big Sisters of Licking and Perry Counties, and as campaign chair for the United Way of Licking County. He also has led the event and finance committees for The Works HATSOFF! event.
Kelly A. Edds will become chief accounting officer for Park on April 1, 2017. She joined Park in 2010 and currently serves as a vice president and financial reporting manager in the accounting department. Prior to Park, she worked six years at Deloitte & Touche, LLP in Columbus, Ohio. She earned bachelor’s degrees from Ohio University in accounting and management information systems. Edds has served as board treasurer for Pathways of Central Ohio since 2013. She was a campaign ambassador twice for United Way of Licking County and has been a planning committee member for Licking County’s Relay for Life event.
About Park National Corporation:
Headquartered in Newark, Ohio, Park National Corporation had $7.5 billion in total assets (as of December 31, 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