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Park National Corporation (NYSE American: PRK) is a diversified financial services company based in Newark, Ohio. It operates as the bank holding company for Park National Bank, providing an extensive range of commercial banking and trust services across Ohio, northern Kentucky, North Carolina, and South Carolina.
Park National's banking services include deposits for demand, savings, and time accounts, trust and wealth management services, cash management, and safe deposit operations. The company offers electronic funds transfers, internet and mobile banking solutions with bill pay service, credit cards, and various additional banking-related services for individual customers.
The company also provides commercial loans, including financing for industrial and commercial properties, equipment, inventory and accounts receivable, acquisition financing, commercial leasing, and loans for consumer finance companies. Additionally, Park National offers commercial real estate loans, consumer loans such as automobile loans and leases, home equity lines of credit, and consumer finance services.
Headquartered in Newark, Ohio, Park National Corporation has a robust presence with 11 community banking divisions and more than 100 offices in Ohio and Kentucky. As of September 30, 2023, it holds $10.0 billion in total assets. Its banking operations are conducted through its subsidiary, The Park National Bank, with other subsidiaries including Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company), and SE Property Holdings, LLC.
Recent financial reports have shown mixed results. For the third quarter of 2023, Park National reported a net income of $36.9 million, marking a 12.2 percent decrease from the third quarter of 2022. However, The Park National Bank, its community-banking subsidiary, reported a significant net income increase of 29.4 percent for the same period. Over the first nine months of 2023, the company's total loans increased by 2.0 percent (7.8 percent annualized), showcasing disciplined loan growth amidst a challenging economic environment.
The company has exhibited strong financial fundamentals, evidenced by a solid capital position and a disciplined approach to managing interest rate risk. This has allowed Park National to maintain a robust net interest margin, which is crucial for its long-term stability and growth.
Park National continues to focus on building personal relationships and providing tailored financial solutions to its customers and communities. Despite the economic uncertainties, the company remains committed to its core values and strategic initiatives, ensuring consistent and reliable service.
Park National Corporation's forward-looking statements emphasize its objective to maintain financial strength and stability, even as it navigates through various market conditions. The company's leadership, led by Chairman and CEO David L. Trautman, underscores the importance of predictability, consistency, and customer-centric banking in achieving these goals.
Park National (PRK) reported strong financial results for Q3 2024, with net income reaching $38.2 million, up 3.5% from Q3 2023. The company's earnings per share increased to $2.35 from $2.28 year-over-year. For the first nine months of 2024, net income grew 10.3% to $112.8 million, with EPS of $6.95. Total loans increased by 3.4% during the first nine months of 2024, while deposits grew 2.1%. The net interest margin improved to 4.45% in Q3 2024, compared to 4.12% in Q3 2023. The board declared a quarterly dividend of $1.06 and a special one-time dividend of $0.50 per share.
Park National (NYSE American: PRK) reported strong financial results for Q2 and H1 2024. Net income for Q2 2024 was $39.4 million, up 24.6% from Q2 2023. Earnings per share for Q2 2024 reached $2.42, compared to $1.94 in Q2 2023. For H1 2024, net income increased 14.2% to $74.6 million, with EPS of $4.60.
The company saw solid loan growth, with total loans up 2.5% in H1 2024 and 6.3% year-over-year. Deposits increased 3.4% in H1 2024. The net interest margin improved to 4.39% in Q2 2024, up from 4.07% in Q2 2023. Park's total assets reached $9.9 billion as of June 30, 2024.
Park's board declared a quarterly cash dividend of $1.06 per common share, payable on September 10, 2024.
Park National (NYSE American: PRK) announced the election of Karen Morrison and Kelly Gratz to its board of directors, effective July 1, 2024. Morrison, president of the OhioHealth Foundation, and Gratz, CEO of G2O, will also join The Park National Bank's board. Their addition expands Park's board to 16 directors. Morrison has over 30 years of experience in healthcare and extensive nonprofit board service. Gratz has over 35 years in executive roles across various industries. Both bring valuable expertise to Park as it continues to grow and serve stakeholders.
Park National Corporation (NYSE American: PRK) reported a 13.2% decrease in net income for Q1 2023, totaling $33.7 million, down from $38.9 million in Q1 2022. Diluted earnings per share were $2.07, compared to $2.38 in the same quarter last year. The Park National Bank, a subsidiary, also experienced a 12.5% decline in net income, recording $36.3 million versus $41.5 million in Q1 2022. Despite the challenges in the financial sector, the company maintains a strong capital position and liquidity. A quarterly dividend of $1.05 per share has been declared, payable on June 9, 2023. Park's total assets were $9.9 billion as of March 31, 2023.
Park National Bank has reached an agreement with the U.S. Department of Justice to enhance home lending efforts in Columbus, Ohio. This resolution follows a DOJ review of the bank's lending practices from 2015 to 2021. Park strongly disagrees with any allegations of intentional discrimination but is committed to ensuring equal access to credit. The bank has initiated various home lending programs, including down payment assistance and community development loans. Since 1991, Park has invested over $188 million in low-income housing tax credits and contributed more than $5.2 million to local organizations in 2022.
Park National Corporation (PRK) announced its financial results for Q4 and the full year of 2022. For Q4, net income was $33.1 million, down 9.5% from $36.5 million in Q4 2021, with earnings per diluted share at $2.02, compared to $2.23 the previous year. Full-year net income totaled $148.4 million, a decline of 3.6% from $153.9 million in 2021, with earnings per share of $9.06 versus $9.37. The board declared a quarterly cash dividend of $1.05 per share, payable on March 10, 2023. Park's total assets reached $9.9 billion as of December 31, 2022, reflecting the company’s commitment to serving its customers amidst economic uncertainty.
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