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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 Corporation (NYSE: PRK) reported Q3 2022 net income of $42.1 million, an 18.7% increase from Q3 2021, with diluted EPS rising to $2.57. For the first nine months, net income decreased 1.8% to $115.3 million, with diluted EPS at $7.05. The board declared a quarterly dividend of $1.04 per share and a special dividend of $0.50 per share, payable December 9, 2022. Notably, the company saw a 7.05% growth in installment loans and $17 million in asset recoveries.
Park National Corporation (NYSE American: PRK) reported a net income of $34.3 million for Q2 2022, a 12.3% decrease from $39.1 million in Q2 2021. The diluted EPS for Q2 was $2.10, down from $2.38. For the first half of 2022, net income was $73.2 million, a 10.7% decline from $82.0 million year-over-year. The Park National Bank, a subsidiary, reported a second-quarter net income of $34.9 million, a 14.6% decrease compared to the same period last year. A quarterly cash dividend of $1.04 will be paid on September 9, 2022.
Park National Corporation (NYSE: PRK) reported its first-quarter 2022 financial results, showing a net income of $38.9 million, down 9.2% from $42.8 million in Q1 2021. Earnings per diluted share fell to $2.38 from $2.61 year-over-year. The Park National Bank's net income also decreased by 8.1% to $41.5 million. In response to the ongoing pandemic, many employees returned to the office, with management expressing optimism about strengthening customer relationships and fostering growth in their commercial loan portfolio.
Park National Corporation (PRK) reported mixed financial results for the fourth quarter and full year of 2021. In Q4, net income fell by 19.1% to $36.5 million, translating to $2.23 per diluted share, down from $2.75 in Q4 2020. However, for the full year, net income increased by 20.3% to $153.9 million, with earnings per share rising to $9.37. The Park National Bank also saw Q4 net income rise by 8.2% to $37.0 million. A cash dividend of $1.04 per share was declared, payable on March 10, 2022.
Park National Corporation (NYSE American: PRK) has elected D. Byrd Miller III as a director, effective January 1, 2022. Miller, who has served on the advisory board for the Carolina Division, brings extensive banking experience, including a past role as senior vice president at Bank of America. He will also join the Audit Committee of Park's Board of Directors. With total assets of $10 billion as of September 30, 2021, Park National aims to leverage Miller's financial insight to enhance its operations and community service.
Park National Corporation (NYSE American: PRK) reported strong financial results for Q3 and the first nine months of 2021. Net income rose by 14.9% to $35.4 million in Q3, while year-to-date net income reached $117.4 million, a 41.9% increase from 2020. The board declared a quarterly dividend of $1.03 and a special dividend of $0.20, both payable on December 10, 2021. Additionally, the company will raise its minimum wage to $15 per hour and provide one-time bonuses of $1,000 and $750 for full-time and part-time associates, respectively.
Park National Corporation (NYSE American: PRK) announced the election of Dr. Frederic Bertley to its board of directors, effective September 1, 2021. Dr. Bertley, currently the CEO of COSI in Columbus, Ohio, is recognized for his innovative leadership and community engagement. He will also join the board of The Park National Bank. The chairman, David Trautman, emphasized Bertley's potential to drive the company's mission of serving communities. Dr. Bertley's extensive background in science and education enhances Park's strategic vision, aiming for long-term success.
Park National Corporation (NYSE American: PRK) reported strong financial results for Q2 and H1 2021, with net income increasing by 32.6% to $39.1 million for Q2 and by 58.0% to $82.0 million for H1 compared to the same periods in 2020. Diluted earnings per share rose to $2.38 for Q2 and $4.98 for H1. The company's community-banking subsidiary, The Park National Bank, also saw a net income surge of 33.0% for Q2. Additionally, a quarterly cash dividend of $1.03 per share was declared, payable on September 10, 2021, to shareholders of record as of August 20, 2021.
Dan DeLawder, a long-serving leader at Park National Corporation, announced his retirement effective June 30, 2021, after 50 years. Under his leadership, the bank expanded from $91 million in assets and 7 offices to $9.9 billion in assets with 97 branches across four states. DeLawder will continue serving on the board and as chairman of key committees. His tenure included significant mergers, regulatory changes, and community involvement, contributing to both the bank's growth and the Ohio banking industry's development. His retirement follows a long tradition of planned leadership transitions at Park.
Park National Corporation (PRK) reported impressive first quarter 2021 financial results, with net income soaring by 91.4% to $42.8 million, up from $22.4 million in Q1 2020. The diluted earnings per share reached $2.61, compared to $1.36 in the prior year. The growth was fueled by steady increases in consumer and commercial lending, with mortgage origination volume hitting $304 million, up from $178 million in Q1 2020. A quarterly cash dividend of $1.03 per share was declared, payable on June 10, 2021.
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