Park National Corporation reports fourth quarter and full year 2015 financial results
NEWARK, Ohio – Park National Corporation (Park) (NYSE MKT: PRK) today announced financial results for the fourth quarter and the year ended 2015. The board of directors also declared a quarterly cash dividend of $0.94 per common share, payable on March 10, 2016 to common shareholders of record asof February 19, 2016.
Park’s net income for the three months ended December 31, 2015 (fourth quarter) was $20.9 million, compared to $24.3 million for the same period in 2014, a decrease of $3.4 million or 14.0 percent. Net income per diluted common sharefor the fourth quarter of 2015 was $1.36, compared to $1.58 in the same period of 2014.
Net income for the twelve months ended December 31, 2015 (the year) was $81.0 million, compared to $84.0 million for the same period in 2014. Net income per diluted common share for the year ended 2015 was $5.26, compared to $5.45 in the same period of 2014.
Park’s community-banking subsidiary, The Park National Bank, reported net income of $84.3 million for the year ended December 31, 2015, compared to net income of $82.9 million for the same period of 2014.The bank’s fourth quarter net income was $23.1 million, an increase over the $22.0 million in net income during the same period in 2014.
“We are energized by our loan and assets under management growth in 2015. As financial markets become more fragmented and uncertain, we find more customers value predictable, excellent service from bankers they know and trust,” said Park Chief Executive Officer David L. Trautman.
The Park National Bank had total assets of $7.2 billion at December 31, 2015 and $6.9 billion at December 31, 2014. This performance generated an annualized return on average assets of 1.17 percent and 1.22 percent for the bank for the year ended 2015 and 2014, respectively.
The Park National Bank grew loans in all categories in2015. Loans outstanding at December 31, 2015 were $5.03 billion, compared to $4.78 billion at December 31, 2014, an increase of $247 million or 5.2 percent. For2015 the bank reported mortgage loan growth of $27 million (2.2 percent), commercial loan growth of $143 million (5.9 percent) and consumer loan growth of $77 million (6.9 percent).
The board also expressed appreciation for 19years of service from Director Maureen Buchwald, owner of Glen Hill Orchards, LLC.Buchwald’s membership on the board expires on April 25,2016and she is not seeking another term because she is reducing her professional commitments to enjoy more time with family and friends. She will remain an advisory board member for First-Knox National Bank (a division of The Park National Bank), a role she has held for 28 years.
“Maureen’s service to our board has been significant and greatly appreciated. Since joining Park in 1997, she helped foster our growth and continued success, offering her valuable perspective as a successful business person and as a director of one of our largest affiliate banks. We are pleased she wishes to continue serving our First-Knox division. We wish Maureen the very best,” said Park Chairman C. Daniel DeLawder.
About Park National Corporation
Headquartered in Newark, Ohio, Park National Corporation had $7.4 billion in total assets (as of March 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